US stock futures sold off on Thursday after Marvell (MRVL) earnings dented AI hopes, as investors continued to grapple with President Donald Trump’s shifting tariff policy and worries about the economy.
Dow Jones Industrial Average futures (YM=F) fell 0.8%, while S&P 500 futures (ES=F) dropped roughly 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) lost 1.2%, as the major gauges pulled back from Wednesday’s sharp gains.
Tech is leading the retreat after Marvell’s quarterly sales forecast disappointed investors expecting a bigger AI payoff. Its shares sank almost 16% in premarket, as fellow chipmakers Nvidia (NVDA), Broadcom (AVGO), and AMD (AMD) also lost ground.
Worries about AI growth have stalked tech investors since the arrival of China’s DeepSeek, a cheaper alternative to Silicon Valley models. Trump’s threat to kill CHIPS Act funding has also proved unsettling.
Meanwhile, trade-war uncertainty persisted as investors weighed how far President Donald Trump is willing to negotiate on tariffs. Trump’s one-month pause on Mexico and Canada duties for automakers initially relieved fears, but broad 25% tariffs remain in effect, though the White House is reportedly looking at exemptions for agricultural products.
Read more: Trump said to be eyeing agricultural exemptions after pausing auto tariffs
Earnings reports from Macy’s (M) and Kroger (KR) before the bell should offer more insight into the impact of a trade war. Walmart (WMT) has asked its Chinese suppliers to make big price cuts thanks to the tariffs, Bloomberg reported.
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