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U.S. stock futures moved lower Wednesday as investors braced for another wave of geopolitical and earnings headlines. S&P 500 futures were down 0.5%, the Dow hovered near flat, and Nasdaq futures dropped more than 1%.
These are the stocks most likely to shape the news.
Chipmakers down on Nvidia hit
Wednesday’s most closely watched story centers on Nvidia (NVDA+0.54%), which disclosed a $5.5 billion charge tied to new U.S. government restrictions on exporting its H20 AI chips to China. The Biden administration initially crafted the export controls to limit China’s access to advanced semiconductors — but under Trump, the policy has sharpened.
Nvidia’s stock is down nearly 7% premarket. Given its rank as the third-largest U.S. company by market value, the fallout could be wide. Chipmaker AMD (AMD+2.02%) also dropped 6% premarket.
In Europe, semiconductor equipment giant ASML (ASML+1.37%) reported first-quarter sales of €7.7 billion — just below analyst forecasts — and warned of “greater uncertainty” ahead due to U.S.-China tariff tensions. ASML, which makes the machines used in cutting-edge chip manufacturing, has seen its shares fall 28% over the past year despite the AI boom.
Abbott Labs ensures a healthy quarter
Also before the bell, Abbott Labs (ABT+0.90%) — best known for developing medical devices and consumer health staples like Pedialyte and Ensure — topped earnings expectations, reporting adjusted EPS of $1.09 on 4% reported sales growth. Its medical devices segment surged nearly 13% on an organic basis, driven by a 20% jump in diabetes care.
Shares were flat to modestly higher ahead of the open.
World’s warehouses keep humming
Prologis (PLD+2.62%), the world’s largest industrial REIT, posted first-quarter core FFO of $1.27 per share, meeting estimates. The company, which operates logistics hubs crucial to global supply chains, highlighted solid rent growth and occupancy, even as leasing cooled.
“Policy uncertainty is making customers more cautious,” said CEO Hamid Moghadam. “But over the long term, limited new supply and high construction costs support continued rent growth.”
A full earnings slate for Wednesday
Kinder Morgan (KMI+1.25%), CSX (CSX+1.23%), and U.S. Bancorp (USB+1.35%) are also set to report Wednesday, offering insight into the state of energy infrastructure, transportation, and regional banking.
Later in the day, Federal Reserve Chair Jerome Powell is scheduled to speak on the economic outlook, while March retail sales data is due, offering a window into consumer behavior before the latest tariff escalation.
The CNN (WBD+0.75%) Fear & Greed Index remains stuck in “extreme fear” territory, a mood that’s proven hard to shake since President Trump’s early April tariff blitz. And for good reason: Even amid the hard numbers of earnings season, markets are now being driven less by fundamentals and more by policy whiplash. Mixed signals, selective leaks, and sudden reversals — often delivered via social media or offhand remarks — are proving just as influential as official actions. It’s not just the policy that’s unpredictable. The choreography is, too.