U.S. stock futures are lower in the premarket as a stark warning from Nvidia (NVDA) rattled global tech markets. Nvidia's stock plunged over 5% after announcing a $5.5 billion quarterly charge tied to export restrictions on its H20 graphics processing units to China and other countries, following U.S. government requirements for export licenses. The news dragged other chipmakers down, with AMD dropping 6% and Micron Technology falling 3%. The chip sector faced further pressure from ASML’s earnings miss, which sent its U.S.-listed shares lower.

Investors are also bracing for March’s retail sales report, expected to show a 1.2% rise compared to February’s 0.2% increase, amid growing consumer concerns over inflation and economic uncertainty. Fed Chair Jerome Powell also speaks at the Economic Club of Chicago this afternoon.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up nearly 1% near $62 a barrel, as shifting U.S. trade policies fueled uncertainty while markets assessed the potential impact of the U.S.-China trade war on economic growth and energy demand. API reports that crude inventories rose 2.4M barrels last week. Gasoline inventories fell 3M barrels.
• Gold (/GC) – Gold prices are up over 2% near $3320 and hit an all-time peak overnight as a weaker dollar, escalating trade tensions and concerns over global economic growth increased demand for the safe-haven bullion.
• Bitcoin (/BTC) – The crypto future is flat near $84K.
• VIX – The CBOE Volatility Index is elevated almost 5% to 31.5 after falling 2.5% on Tuesday.
• U.S. Dollar (/DX) – The dollar is down 0.5% to 99.4.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. United Airlines (UAL): +6.76%
2. Newmont (NEM): +3.79%
3. Delta Airlines (DAL): +3.16%

1. Advanced Micro Devices (AMD): -6.72%
2. Nvidia (NVDA): -6.47%
3. J.B. Hunt Transport (JBHT): -6.15%

Economic Data

• 7:00AM ET: MBA Mortgage Applications
• 8:30AM ET: Retail Sales
• 9:15AM ET: Industrial Production
• 10:00AM ET: Housing Market Index, Business Inventories
• 10:30AM ET: Oil Inventories
• 12:00PM ET: Fed’s Hammack Speaks
• 1:00PM ET: 20-Year Bond Auction
• 1:30PM ET: Fed’s Powell Speaks
• 4:00PM ET: Treasury Intl. Capital

Notable Earnings

• Premarket: ABT, ASML, ALV, CFG, FHN, PGR, PLD, TRV, USB, WIT
• Postmarket: AA, OZK, CSX, KMI, SLG, SNV
• Premarket Tomorrow: ALLY, AXP, BMI, BX, SCHW, DHI, FITB, HBAN, INFY, KEY, MAN, MMC, RF, SNA, STT, TSM, UNH
• Postmarket Tomorrow: NFLX

Upgrades/Downgrades

• Mizuho upgrades Cloudflare (NET) to Outperform from Neutral
• Morgan Stanley upgrades Caterpillar (CAT) to Equal Weight from Underweight
• Morgan Stanley upgrades Lockheed Martin (LMT) to Overweight from Equal Weight
• Goldman Sachs downgrades Target (TGT) to Neutral from Buy
• JPMorgan downgrades U.S. Steel (X) to Neutral from Overweight
• Morgan Stanley downgrades General Dynamics (GD) to Equal Weight from Overweight

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.