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postUS stocks fell on Wednesday after Nvidia (NVDA) revealed costly new curbs on chip exports to China, and investors grappled with uncertainty over President Trump’s trade policy.
The benchmark S&P 500 (^GSPC) dropped more than 1% while the Dow Jones Industrial Average (^DJI) shed more than 200 points, or around 0.5%. The tech-heavy Nasdaq Composite (^IXIC) fell over 1.9% as the new chip provisions weighed on the tech sector.
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As of 9:59:41 AM EDT. Market Open.
Nvidia’s stock took a hit early, falling more than 5% after the company revealed that the US government has imposed new restrictions on its chips.
A new filing from Nvidia on Tuesday showed that the US government has required licenses for exports to China of the company’s H20 artificial intelligence chip. The chip giant said the move would result in $5.5 billion in charges. A similar filing from AMD said the company expects to incur costs up to $800 million from the new export controls, prompting shares to dive 6%.
Meanwhile, tariffs on key imports remain up in the air. Exemptions from auto duties are reportedly under consideration, while the ultimate fate of recently paused tariffs on consumer electronics is unknown. At the same time, the Trump administration is setting the stage for new levies on pharmaceutical and semiconductor imports, as well as critical minerals.
Read more: The latest on Trump’s tariffs
The future of tariffs affecting US trading partners is similarly murky. The president has touted ongoing negotiations with countries, other than China, since instituting a 90-day pause on most “reciprocal” tariffs last week.
In an exclusive interview with Yahoo Finance on Tuesday, Treasury Secretary Scott Bessett said he expects to see “substantial clarity” on tariffs with major US trading partners, excluding China, over the next 90 days. For its part, China said Wednesday it is open to US talks, but only under certain conditions.
On Wednesday, Census Bureau data showed retail sales rose more 1.4% in March, matching forecasts and serving as the best reading in over two years in the latest sign of the US economy’s resilience before this month’s sweeping reciprocal tariff announcements.
In commodities, gold (GC=F) reached a new record as the escalating trade war between the US and China pushes investors towards safe havens. Bullion pushed past $3,300 an ounce for the first time late Tuesday.
LIVE 12 updates
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Nvidia stock dives as chipmaker sees $5.5 billion hit from ‘surprise’ China chip controls
Yahoo Finance’s Laura Bratton reports:
Nvidia (NVDA) stock sank about Wednesday after the AI chipmaker disclosed that it would take a $5.5 billion hit from the US government’s surprise new controls on its semiconductor exports to China.
Nvidia said in a regulatory filing late Tuesday night that the US government informed the company that it would require a special license for exports of its H20 chips made specifically for the Chinese market.
Notably, no licenses for GPU shipments into China have ever been granted given the US government’s concern that the chips could be used to build AI supercomputers in the country. Jefferies analyst Blayne Curtis wrote in an analysis following the news the latest rule is effectively a ban.
Read more here.
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New China chip controls send tech sector sliding 2% at the open
US stock futures fell on Wednesday after Nvidia (NVDA) revealed costly new curbs on chip exports to China, and investors grappled with uncertainty over President Trump’s trade policy.
The benchmark S&P 500 (^GSPC) dropped around 0.9% while the Dow Jones Industrial Average (^DJI) about 150 points, or around 0.3%. The tech-heavy Nasdaq Composite (^IXIC) fell around 1.7% as the new chip provisions weighed on the tech sector. The Information Technology sector (XLK) fell more than 2% at the open.
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AMD stock sinks as new US export controls could cost up to $800 million
AMD stock quickly lost more than 7% in premarket trading on Wednesday as the chipmaker said the US government’s new export controls could cost it “up to approximately $800 million in inventory, purchase commitments and related reserves.”
AMD’s regulatory filing follows the likes of Nvidia, which said it could take up to a $5.5 billion hit.
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Retail sales surge 1.4% in March, most since Jan. 2023, in latest sign of US economy’s strength before tariffs
Retail sales rose more 1.4% in March, matching forecasts and serving as the best reading in over two years in the latest sign of the US economy’s resilience before this month’s sweeping reciprocal tariff announcements.
Headline retail sales rose 1.4%% in March, matching economists expectations, and well above the 0.2% increase seen in February according to Census Bureau data. This was the best monthly increase since January 2023.
The control group in Thursday’s release, which excludes several volatile categories and factors into the gross domestic product (GDP) reading for the quarter, rose 0.4%. Economists had expected a 0.6%. The metric’s February rise was revised higher to 1.3% from a prior reading of 1%.
March sales, excluding auto and gas, rose 0.8%%, above consensus estimates for a 0.6% increase.
Read more here.
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Big banks maintain ‘the sky is not falling’ amid Trump tariff turmoil. So far.
Yahoo Finance’s David Hollerith reports:
Read more here.
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United Airlines issues two profit forecasts, stock rises premarket
United Airlines (UAL) stock climbed more than 7% in premarket trading after the company beat earnings expectations and said bookings remain stable.
The airline maintained its full-year forecast and provided a secondary forecast should the economy take a turn for the worse. Like Delta (DAL), United said it would slow its capacity growth later this year.
It is “impossible to predict this year with any degree of confidence,” United said in its release.
Shares of Delta, Southwest (LUV), and American Airlines (AAL) rose in sympathy on Wednesday morning.
Read more here.
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Good morning. Here’s what’s happening today.
Economic data: Retail sales (March); NAHB Housing Market Index (April); Industrial production, (March); MBA mortgage applications, (April 11)
Earnings: Abbott (ABT), Alcoa (AA), ASML (ASML), Citizens Financial Group (CFG), Progressive (PGR), Synovus (SNV), Travelers (TRV), US Bancorp (USB)
Here are some of the biggest stories you may have missed overnight and early this morning:
China signals readiness for talks if US shows respect
Bessent: Not all tariff deals will be done in 90 days
TV could follow newspapers if US hits recession: Analyst
Global tech stocks slump as ASML warning adds to Nvidia curbs
Mortgage applications dropped last week as rates shot up
Big banks were counting on American prosperity, but volatility works too
Pharma companies expected to absorb any tariff hit in short term
Big banks say ‘the sky is not falling’ amid Trump tariff turmoil
Gold breaks $3,300 as expanding trade war bolsters haven demand
Nvidia stock drops on $5.5B hit from US chip export restrictions
Corporate insiders flash bullish stock sign by buying into rout
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Global tech stocks drop as ASML warning adds to Nvidia curbs
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Gold breaks $3,300 as expanding trade war bolsters haven demand
Bloomberg reports:
Gold (GC=F) surged to a fresh high on haven demand as the dollar fell and tech stocks slumped after US President Donald Trump ordered a probe that could open up a new front in the global trade war.
Bullion gained as much as 2.7% on Wednesday to climb above $3,300 an ounce for the first time, surpassing the previous record set on Monday. The dollar fell to a fresh six-month low as traders were whiplashed again by a slew of tariff headlines, with Trump launching an investigation into the need for levies on critical minerals.
Read more here.
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Asian indexes slump as Nvidia chip restriction makes impact
Asian markets slid late Tuesday into early Wednesday morning as tech stock across the region slumped. New US restrictions on Nvidia chip exports into China shook investor confidence as plunging values dragged major indexes down.
Reuters reports:
On Wednesday, MSCI’s broadest index of Asia-Pacific shares outside Japan (9010.HK) fell 1.4%, snapping a four-day winning streak. Japan’s Nikkei (^N225) dropped 1.6%.
Chinese blue chips fell 0.7% as investors failed to find much solace in some solid GDP data that predated the tariff increases in April. Hong Kong’s Hang Seng (^HSI) slumped 2.7%.
“Both countries seem to believe they have the upper hand, potentially prolonging the current stalemate for months to come,” said analysts at PGIM Fixed Income in a note to clients.
“China appears to have no intention of climbing down from its current stance on tariffs and instead views the current trade dynamics as an opportunity to make inroads with countries that export to the U.S.”
Read more here.
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Gold rises to record high as Trump’s trade war pushes havens higher
Gold (GC=F) reached a record high following US President Donald Trump’s refusal to begin negotiations with China in the ongoing trade war between the world’s two largest economies. As global markets are rattled by the economic push and pull, gold continues to be pushed higher as demand for safe havens drives investors toward the precious metal.
Bloomberg reports:
Read more here.
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Tue, April 15, 2025 at 11:58 PM UTC
Trending tickers in after-hours trading
Nvidia Corporation (NVDA)
Stock in the beleaguered megacap AI chip maker Nvidia has taken another hit in after-hours trading following the news that the US government has restricted the exports of H20 chips to China. The market is a huge buyer of Nvidia products, with the company warning of to a $5.5 billion hit to the company’s bottom line.
Nvidia dropped over 6% in extended trading.
United Airlines Holdings, Inc. (UAL)
United Airlines stock soared after beating Q1 revenue expectations in an early report for the major airline. Earnings estimates sit at $0.91 a share with the company declaring comfortable profit in a rocky sector as airlines have taken a hit during the start to the year. United have promised ‘aggressive’ investment in growth leading to a positive uptick in investor sentiment.
Shares popped 6.7% in after-hours trading.
Interactive Brokers Group, Inc. (IBKR)
Shares in multinational brokerage firm Interactive Brokers sank in extended trading after the company missed earnings estimates in Q1 reports. The stock value dropped on after-hours open and continued to sink throughout the trading period, plunging 9.8%.
