U.S. stocks ended sharply lower on Wednesday as Nvidia warned about steep charges from new U.S. curbs on its chip exports to China and as Federal Reserve Chair Jerome Powell said U.S. economic growth appears to be slowing. Powell, in remarks for the Economic Club of Chicago, said larger-than-expected tariffs likely mean higher inflation and slower growth. But he noted that the U.S. economy is still in a solid position, and that the Fed is waiting for greater clarity before considering policy changes. Stocks added to declines from earlier in the day after Powell’s comments, with Nvidia (NVDA.O) , opens new tab and other chipmaker stocks among the biggest decliners. “Powell is confirming what investors have been worried about, and that is the likelihood of slowing economic growth and more stubborn inflation as a result of the tariffs,” said Sam Stovall, chief investment strategist at CFRA Research.