Here are five key things investors need to know to start the trading day:
1. Chip on your shoulder
Chip stocks were lower in premarket trading Wednesday, led by AI standout Nvidia. NVDA shares were down 5% after the company disclosed new trade challenges (more on that below). Shares of AMD, Micron and ASML were also lower, along with shares of Meta and Google parent Alphabet. That pain in chips was dragging Nasdaq 100 futures notably lower. Futures tied to the S&P 500 and the Dow Jones Industrial Average also fell premarket. Follow live market updates.
2. Export controls
Nvidia CEO Jensen Huang delivers the keynote address during the Nvidia GTC 2025 at SAP Center in San Jose, California, on March 18, 2025.
Justin Sullivan | Getty Images News | Getty Images
Nvidia is facing a steep export bill on its H20 GPUs. The chipmaker on Tuesday disclosed a $5.5 billion charge related to shipping its processors to China and elsewhere. The U.S. government informed Nvidia last week that it would need a license to export the chips to China and some other countries, spurring broader concerns about further export controls. The H20 chip, used for AI applications, brought in an estimated $12 billion to $15 billion in revenue for Nvidia last year.
3. Price check
A man shops for shoes at a Nike outlet store in Los Angeles, California on April 10, 2025.
Frederic J. Brown | Afp | Getty Images
The March retail sales report is out Wednesday. The print is expected to show an increase of 1.2% month over month, based on estimates from Dow Jones, thanks to a projected pull-forward in spending as shoppers try to beat higher prices fueled by tariffs. A strong report could boost discretionary stocks, which have collectively lost more than 15% this year as measured by the Consumer Discretionary Select Sector. But Wall Street isn’t convinced it’ll be good news for retail, with some analysts bracing for downside.
4. Comedown
United Airlines airplanes proceed to a runway at Newark Liberty International Airport on Feb. 20, 2025, in Newark, New Jersey.
Gary Hershorn | Corbis News | Getty Images
United Airlines became the latest company to call out economic uncertainty. The company said Tuesday it would trim domestic flying by about 4% this summer in response to underwhelming demand. Premium and international bookings helped the carrier’s first quarter, but uncertainty ahead is casting a shadow on the remainder of the year. As a result, United took the unusual step of offering two guidance ranges, one that assumes the status quo and one in the event that travel demand falls even further.
5. Off the lot
Vehicles seen on the lot of a Ford auto dealership in Montebello, California on April 1, 2025.
Frederic J. Brown | Afp | Getty Images
The threat of higher vehicle prices due to auto tariffs is driving Americans to the car lot. The result is dwindling inventories of new and used vehicles. The industry’s days’ supply of new vehicles dropped from 91 days at the beginning of March to 70 days this month, according to Cox Automotive. For the used vehicle market, supply stands at 39 days. While faster sales sounds good, the fear-buying could mean a sales cliff once price-conscious consumers finish their trade-ins.
– CNBC’s Lisa Kailai Han, Kif Leswing, Jordan Novet, Frank Holland, Leslie Josephs and Michael Wayland contributed to this report.
