Stock market today: Dow, S&P 500, Nasdaq futures fall as Nvidia reveals costly limits on China exports

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US stock futures fell after Nvidia (NVDA) revealed costly new curbs on chip exports to China, and investors grappled with uncertainty over President Trump’s trade policy.

Futures attached to the Dow Jones Industrial Average (YM=F) slumped 0.5%. Futures attached to the benchmark S&P 500 (ES=F) fell 0.8%. Futures attached to the tech-heavy Nasdaq Composite (NQ=F) dove 1.2%.

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 to the company, causing its shares to plummet in after-hours trading.

Earlier in the day on Tuesday, US stocks lost steam, drifting lower after a brief rally as the trajectory of Trump’s trade policy continues to perplex Wall Street.

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, before Trump’s 90 day pause concludes.

“Once we reach a level that we’ve agreed on and they’ve agreed to lower their tariffs, lower their non tariff barriers, currency manipulation, and subsidies of industry and labor, then I think we can move forward,” Bessett said.

On Wednesday, investors will be watching for new data from the Census Bureau on retail sales as warnings of an economic slowdown pile up on Wall Street.