FX.co ★ US Futures Lower, Nvidia Sinks

On Wednesday, U.S. stock futures indicated a downturn, with S&P 500 futures falling by 1.3%, Nasdaq 100 futures dropping 2.1%, and the Dow Jones slipping approximately 280 points. This decline is attributed to escalating trade tensions. Nvidia's shares notably plummeted over 6% in premarket trading after it disclosed that the U.S. government had restricted the sale of specific AI chips to China unless licensed. Nvidia anticipates this will result in a $5.5 billion revenue shortfall this quarter. Furthermore, traders are poised to examine additional corporate developments, including earnings releases from Abbott and Travelers. On the macroeconomic front, reports on U.S. retail sales and industrial production will be closely watched, alongside remarks from Fed Chair Powell at the Economic Club of Chicago.