Wall Street experienced a downturn on Wednesday, spurred by a mix of earnings reports and new anxieties over the Trump administration's potential export restrictions on China, impacting stocks produced with U.S. software.

The tech and communication sectors were hit hardest, dragging down major indices, notably the Nasdaq. These curbs come as a response to China's own export controls, reflecting the continued strain in trade relations between the two powerful economies.

Despite this, U.S. President Donald Trump expressed optimism about a forthcoming meeting with Chinese President Xi Jinping, although its occurrence remains uncertain. Investors are advised to maintain their course amid an earnings season where most companies have exceeded Wall Street's predictions.

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