Nvidia is eating $5.5 billion as the U.S. restricts chip sales to China
Futures on the tech-heavy Nasdaq-100 Index (NDX) are down 287 points ahead of the open, as chip stocks weigh on the market. Nvidia (NVDA) was last seen down 6.4%, after the chip giant said it will take a $5.5 billion charge due to U.S. restrictions on chip sales to China.
Meanwhile, Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures are sitting with much quieter deficits as investors unpack this morning's retail sales data. Consumer spending rose 1.4% in March, topping estimates of 1.2% and February's 0.2% increase. Excluding autos, sales still rose a higher-than-expected 0.5%.
Continue reading for more on today's market, including:
- Watch out for potential headwinds after the holiday weekend, per Schaeffer's Senior Quantitative Analyst Rocky White.
- In case you missed it: a look at Lockheed Martin stock ahead of earnings.
- Plus, stocks moving after quarterly results.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and over 1.1 million put contracts exchanged on Tuesday. The single-session equity put/call ratio came in at 0.72, while the 21-day moving average rose to 0.60.
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Abbott Laboratories (NYSE:ABT) stock is down 0.8% premarket, after mixed first-quarter results. Earnings of $1.09 per share beat estimates by 2 cents, while revenue of $10.36 billion fell short of expectations. Year-to-date, the equity is up 11.6% coming into today.
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Interactive Brokers Group Inc (NASDAQ:IBKR) is down 6.7% before the bell, after a first-quarter earnings miss. The company also announced a 4-for-1 stock split and a 7-cent dividend increase to 32 cents per share.
IBKR is down a slim 1.8% in 2025 and up 58.9% year-over-year.
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Shares of United Airlines Holdings Inc (NASDAQ:UAL) are up 6.3% in electronic trading, after the airline's better-than-expected first-quarter results. The company also issued two full-year outlooks, calling the economy "impossible to predict."
- This week will bring plenty more economic data, including housing starts.
U.K. Inflation Lower Than Expected
Asian markets finished mostly lower Wednesday, as investors reacted to a weak session on Wall Street and continued tariff tensions. Hong Kong’s Hang Seng led regional losses with a 1.9% dip, while Japan’s Nikkei dropped 1%, and South Korea’s Kospi shed 1.2%. Bucking the trend, China’s Shanghai Composite rose 0.3% after the country’s first-quarter gross domestic product (GDP) grew a stronger-than-expected 5.4%, though analysts still downgraded full-year growth forecasts amid tariff pressures.
European stocks are in the red this afternoon, weighed down by lingering uncertainty around U.S. trade policy. Germany’s DAX is down 0.4%, France’s CAC 40 has slipped 0.6%, and London’s FTSE 100 is off 0.2% at last check. Investors are digesting a sharp drop in ASML (ASML) shares amid weak bookings, as well as U.K. inflation data for March, which came in at lower-than-expected 2.6%.