US stocks were poised for a steep retreat from record highs on Wednesday, as techs came under dual pressure from worries about US export curbs on China and Donald Trump’s stance on Taiwan.
Futures on the tech-heavy Nasdaq 100 (NQ=F) led declines, down 1.4%, while S&P 500 futures (ES=F) sank 1%. Dow Jones Industrial Average futures (YM=F) slid 0.3% after the blue-chip index surged 700 points on Tuesday to wrap up at an all-time high.
Stocks are pulling back as concerns about risks to tech names eclipse the high hopes for interest-rate cuts that have fueled the rally in recent days. Those worries weighed on heavyweights whose AI-fueled gains have helped propel the S&P 500 to fresh record highs this year, with chipmaker Nvidia (NVDA) down over 4% in pre-market trading.
The Biden administration has told allies it’s looking at imposing tougher restrictions on companies still making advanced chip technology available to China despite…
