U.S. equities saw a downturn during afternoon trading as the market considered the onset of the earnings season, the unpredictability of President Donald Trump's policies, and mixed signals from economic indicators. Both the S&P 500 and the Nasdaq declined by 0.3%, while the Dow Jones Industrial Average dropped over 300 points. Initial gains dissipated after a transient rise driven by softer core Consumer Price Index (CPI) data, which bolstered prospects of Federal Reserve interest rate cuts later this year. Compounding market anxiety were renewed critiques of Federal Reserve Chair Jerome Powell and new tariff threats linked to Iran. The financial sector bore the brunt of the decline, with JPMorgan experiencing a near 4% drop despite posting solid quarterly results; the decline was attributed to weaker investment banking fees and concerns regarding a proposed 10% cap on credit card interest rates. Visa and Mastercard also fell more than 4%, exerting additional pressure on banks and payment companies within the sector. Additionally, Delta Air Lines fell over 2% following a forecast for adjusted earnings that fell short of analysts' expectations.