US stock futures weaker after Nvidia warning due to US export ban
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JPMorgan's stock traders see record revenue in Q1
JPMorgan Chase's stock traders took in a record haul in the first quarter as the biggest US bank boosted equities markets revenue 48% to $3.81 billion. Sonali Basak reports on Bloomberg Television.
Bloomberg
U.S. stock futures are pointing to a lower open, with a warning from chip maker Nvidia weighing on the market.
Nvidia said it will record a $5.5 billion charge due to the U.S. export ban on its H20 chip for China.
The U.S. government said it would require export licenses for some artificial-intelligence chips made by Nvidia and AMD, including "NVIDIA H20, AMD MI308, and their equivalents."
AMD shares also fell on the requirement as well as first-quarter orders that fell below analysts' expectations. The company warned that President Donald Trump's erratic tariff policies were creating uncertainty for the industry and companies were holding back spending.
The decline comes after stocks drifted lower on Tuesday as investors remained on edge over tariffs.
Even though Trump showed signs of softening his aggressive tariff plan with an exemption last week for smartphones, computers and other electronics and floated a temporary exemption for autos, the administration continues to be amadamant more tariffs are coming soon.
At 7:58 a.m. ET, futures tied to the blue-chip Dow index fell 0.02%, ro 10 points, to 40,565.00, while broad S&P 500 futures dropped 0.65%, or 35.25 points, to 5,393.00; and tech-heavy Nasdaq futures slipped 1.27%, 241.50 points, to 18,718.75.
More earnings reports are due on Wednesday. Travelers, U.S. Bancorp, Abbott Labs, and Citizens Financial are among the companies are slated to report results.
Investors will also get to see March retail sales data. Economists polled by Dow Jones expect, on average, a 1.2% increase, up from a 0.2% increase in February. Lately, survey data have shown consumers growing increasingly gloomy about the economy and inflation so investors will be looking to see if that poor outlook has translated into less spending.
Corporate news
United Airlines reported adjusted earnings in the first three months of the year that topped analysts' forecasts.
J.B. Hunt Transport Services' results in the first quarter beat analysts' expectations.
Interactive Brokers missed earnings forecasts in the first three months of the year.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
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