Preview of US Stock Market | Three major stock index futures fell together, chip stocks fell before the market, "terrifying data" and Powell's speech are coming.

icron.US)3% Chip stocks fell across the board in pre-market trading. As of Wednesday, before the market opened, AMD (AMD.US) was down nearly 7%, NVIDIA Corporation (NVDA.US) was down over 6%, ASML Holding NV ADR (ASML.US) was down over 4%, and Micron Technology, Inc. (Micron.US) was down over 3%.U.S. semiconductor stocks such as NVIDIA Corporation (NVDA.US) and Broadcom Inc. (AVGO.US) fell by almost 4%, while Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) and Intel Corporation (INTC.US) dropped by nearly 3%. Other tech giants such as Tesla, Inc. (TSLA.US), Alphabet Inc. Class C (GOOGL.US), Qualcomm (QCOM.US), and Meta (META.US) also saw a decrease of around 2%.NVIDIA Corporation (NVDA.US): Restricted by "special supply" H20 chips in China, will provision approximately $5.5 billion impairment. NVIDIA Corporation stated on Tuesday that the U.S. government is restricting its export of H20 chips to China, severely weakening a product line that was originally designed to address previous export controls. NVIDIA Corporation said in regulatory filings on Tuesday that the U.S. government had informed the company on Monday that future exports of H20 chips to China would require an "indefinite" license application. The U.S. government stated that the new rules are aimed at addressing concerns that the chips "could be used for or diverted to Chinese supercomputers." NVIDIA Corporation warned that the company will incur approximately $5.5 billion in expenses in the first quarter of this fiscal year, related to "inventory, purchase commitments, and related reserves" related to the H20 chip series. ASML Holding NV ADR (ASML.US): First-quarter orders fall short of expectations, warning of tariff uncertainty. Financial reports show that ASML Holding NV ADR's first-quarter net sales were 7.742 billion, a 46% increase from 5.290 billion in the same period last year. Gross profit was 4.180 billion, a 55% increase from 2.697 billion in the same period last year; gross margin was 54.0%, up from 51.0% in the same period last year. Net profit was 2.355 billion, a 92% increase from 1.224 billion in the same period last year. Diluted earnings per share were 6.00, up from 3.11 in the same period last year. New orders in the first quarter were 3.936 billion, including 1.2 billion in EUV orders. The new order amount in the first quarter was lower than the market's expected 4.82 billion. At the same time, the company also warned that it does not know how to quantify the impact of recent tariff announcements, which could disrupt the semiconductor industry. ASML Holding NV ADR CEO Christophe Fouquet said: "Recent tariff announcements have increased uncertainty in the macro environment." He said that the company's "conversations with customers so far" supported its expectations that 2025 and 2026 will be years of growth driven by investments in artificial intelligence. United Airlines (UAL.US) announces "unconventional" dual performance guidance, able to maintain profitability for the full year despite economic recession. Financial reports show that United Airlines' first-quarter revenue was $13.2 billion, a 5.3% increase year-on-year; net profit was $387 million, compared to a net loss of $124 million in the same period last year; adjusted earnings per share were 91 cents, higher than market expectations of 74 cents. Faced with the uncertainty brought by the Trump tariffs, United Airlines took an unusual step, providing two possible profitability scenarios, stating that its profit outlook for 2025 can still be achieved, but also warning that an economic recession could cut its profit forecast by nearly half. The company said that if the current environment remains stable, it expects adjusted earnings per share for 2025 to be between $11.50 and $13.50; if the U.S. economy enters a recession, annual adjusted earnings per share will drop to $7. As of the time of publication, United Airlines' stock rose more than 6% in pre-market trading on Wednesday. Interactive Brokers Group, Inc. Class A (IBKR.US): First-quarter revenue increases by 19% year-on-year, daily revenue trades surge by 50%. Interactive Brokers Group, Inc. Class A's first-quarter financial report shows that, driven by double-digit growth in interest income and trading commissions, the company's profit and revenue have both significantly increased. The financial report shows that the company's adjusted earnings per share reached $1.88. According to GAAP standards, net revenue increased by 19% year-on-year to $1.43 billion, with adjusted net revenue at $1.4 billion. Pre-tax profit margin rose to 74%. Performance growth was mainly driven by the surge in customer trading activity. Commissions revenue soared 36% to $514 million, driven by a 47% increase in stock trading, a 25% increase in options, and a 16% increase in futures. Meanwhile, customer margin loan balances and credit account average balances increased, driving net interest income up 3% to $770 million. To enhance stock liquidity, Interactive Brokers Group, Inc. Class A announced a 1-for-4 stock split. As of the time of publication, Interactive Brokers Group, Inc. Class A's stock fell more than 7% in pre-market trading on Wednesday. Johnson & Johnson (JNJ.US) warns: Tariff storm could wipe out $400 million in revenue by 2025. As one of the first pharmaceutical giants affected by the new tariff policies of the Trump administration, Johnson & Johnson predicts that the company will face a $400 million revenue impact due to tariff policies by 2025. Johnson & Johnson's Chief Financial Officer Joseph Wolk stated during the earnings conference call that most of the impact comes from potential trade tariffs that the company's medical devices division may face. Although President Trump announced exemptions for pharmaceutical products earlier this month, the medical device sector is still affected. Following the release of better-than-expected first-quarter 2025 performance, Johnson & Johnson decided on Tuesday to maintain its full-year profit outlook and slightly raise its sales guidance. Wolk pointed out that while President Trump subsequently announced a 90-day tariff deferral policy for multiple countries and reduced the overall tariff rate to 10%, the company's estimated $400 million tariff impact includes the steel and aluminum tariffs announced earlier this year by the President. In response to Trump's repeated plans to boost U.S. manufacturing through tariffs, Johnson & Johnson CEO Joaquin Duato stated that tax reform, not tariffs, is the best solution to promote domestic production of medical devices and pharmaceuticals in the U.S.Economic data and event forecastBeijing Time 20:30 US March Retail Sales MoM Beijing Time 21:15 US March Industrial Production MoM Beijing Time 00:00 the next day 2026 FOMC voter, Cleveland Fed President Harker participates in a Q&A session Beijing Time 01:30 the next day Fed Chair Powell speaks at the Chicago Economic Club Earnings Previews Thursday Morning: Alcoa Corporation (AA.US) Thursday Pre-market: Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US), UnitedHealth Group Incorporated (UNH.US), Charles Schwab Corp (SCHW.US)