U.S. stock futures slipped early Wednesday as investors awaited the release of March’s retail sales report and more earnings from the first-quarter season. Dow Jones Industrial Average futures dropped 328 points, or 0.8%, while S&P 500 futures and Nasdaq 100 futures dipped 1.49% and 2.29%, respectively.
The downturn followed a relatively muted session on Tuesday, where the three major averages closed in the red after back-to-back winning sessions. The Dow shed nearly 156 points, or 0.4%, the S&P 500 slipped 0.2%, and the Nasdaq Composite closed marginally lower.
Nvidia’s shares dropped more than 6% in extended trading after the chip giant announced a $5.5 billion quarterly charge related to exporting its H20 graphics processing units to China and other nations. The U.S. government informed Nvidia it would require a license to export the chips to several countries, including China.
The retail sales report, expected to show a 1.2% increase from the previous month, is set to be released Wednesday morning. Economists polled by Dow Jones had anticipated a 0.2% climb in February. Other data releases, including industrial and manufacturing production, are also on investors’ watchlists.
Several major companies, including Travelers, U.S. Bancorp, Abbott Labs, ASML, and Citizens Financial, are set to report their earnings on Wednesday. ASML, a Dutch semiconductor equipment firm, reported lower-than-expected net bookings of 3.94 billion euros ($4.47 billion) for the first quarter, compared to a forecasted 4.89 billion euros.
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European stocks opened lower, with the regional Stoxx 600 index slipping 1% and snapping a short winning run. Germany’s DAX and France’s CAC 40 were both down around 1% at 8:30 a.m. in London, while the U.K.’s FTSE 100 was down 0.44%. Allianz’s chief economic advisor Mohamed El-Erian cautioned investors against getting too comfortable with the recent market calm, citing ongoing trade tensions and volatility ahead.
