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Nvidia hit with $5.5B charge as U.S. tightens AI chip exports to China, global tech stocks tumble
U.S. stock futures point lower on tech sector weakness as Nvidia shares fall on new trade restrictions on Chinese chip exports, while investors prepare for remarks from Fed Chair Jerome Powell and updated retail sales data. Here's what investors need to know today.
U.S. stock futures point lower on declines by U.S. tech firms in the face of new trade restrictions; Nvidia ( NVDA) shares tumble in premarket trading on new U.S. restrictions of its H20 AI chip exports to China; Fed Chair Jerome Powell is scheduled to speak this afternoon; U.S. retail sales are expected to improve in March; and ASML Holding ( ASML) shares fall on worse-than-expected first-quarter net bookings and a soft current-quarter sales outlook. U.S. stock futures are pointing lower as tech firm shares weigh on markets amid tighter trade restrictions and investors prepare for fresh retail sales data. Taking out automobile sales, the increase is expected to be flat from February's modest 0.2% rise, according to economists surveyed by The Wall Street Journal and Dow Jones Newswires.
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