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After Powell's speech, the stock market shrank, but shortly after the State Department announced visa restrictions on some Chinese party and government officials, it reversed its trend and fell further.
The move heightens tensions ahead of this week's Sino-US lead-level trade talks in Washington and heightens today's pessimism. Earlier, the U.S. government blacklisted more Chinese companies, including some top AI start-ups.
"The stock market fell because of the negative news before the Sino-US negotiations began. Powell hasn't changed his wording, and it's reasonable for the market to be sold when there are more signs of worsening trade, "said Keith Lerner, chief market strategist at Sun Trust Advisory Services.
Stock markets generally fell, led by the interest-rate-sensitive S&P 500 financial index, which plunged by 2%. The Philadelphia Semiconductor Index fell 3.1%.
Bloomberg reported Tuesday, citing sources, that the Trump administration is pushing forward discussions about possible restrictions on U.S. capital inflows into China, especially the investment of U.S. government pension funds. In addition, the Hong Kong South China Morning Post reported that China had lowered its expectations of progress in trade negotiations held in Washington this week and would shorten the stay of the Chinese delegation by one night.
In his speech, Powell also said that it was time for the Federal Reserve to start expanding its balance sheet again and that the Federal Reserve would "soon announce measures to gradually increase the supply of reserves".

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