Wall Street kicks off with Nasdaq down more than 2%

The New York Stock Exchange started Wednesday's session in negative territory, with special emphasis on the Nasdaq, which lost more than 2%.

Thus, the Dow Jones lost 0.98% to 40,130.48 points, the S&P 500 lost 1.68% to 5,467.43 points, and the technological Nasdaq fell 2.38% to 17,045.34 points.

Wall Street fell sharply on Wednesday after moderate gains on Tuesday. The drop followed the release of GDP figures, which showed a 0.3% decline in the first quarter as imports surged ahead of the tariffs.

The March PCE consumer deflator, the Federal Reserve's preferred inflation measure, will also be released. The core rate is expected to have moderated to 2.2% from 2.5% in March, while the core rate is expected to be 2.6%, compared with 2.8% the previous month.

Likewise, private employment data from consultancy firm ADP was released, which came to a sharp halt in April with the creation of 62,000 jobs, down from the 147,000 jobs created in March (revised downwards from 155,000) and consensus estimates, which anticipated a reduction to 108,000.