U.S. stock futures are lower in the premarket as a stark warning from Nvidia (NVDA) rattled global tech markets. Nvidia's stock plunged over 5% after announcing a $5.5 billion quarterly charge tied to export restrictions on its H20 graphics processing units to China and other countries, following U.S. government requirements for export licenses. The news dragged other chipmakers down, with AMD dropping 6% and Micron Technology falling 3%. The chip sector faced further pressure from ASML’s earnings miss, which sent its U.S.-listed shares lower.

Investors are also bracing for March’s retail sales report, expected to show a 1.2% rise compared to February’s 0.2% increase, amid growing consumer concerns over inflation and economic uncertainty. Fed Chair Jerome Powell also speaks at the Economic Club of Chicago this afternoon.

• Oil (/CL) – Oil prices are up nearly 1% near $62 a barrel, as shifting U.S. trade policies fueled uncertainty while markets assessed the potential impact of the U.S.-China trade war on economic growth and energy demand. API reports that crude inventories rose 2.4M barrels last week. Gasoline inventories fell 3M barrels.

• Gold (/GC) – Gold prices are up over 2% near $3320 and hit an all-time peak overnight as a weaker dollar, escalating trade tensions and concerns over global economic growth increased demand for the safe-haven bullion.

• Bitcoin (/BTC) – The crypto future is flat near $84K.

• VIX – The CBOE Volatility Index is elevated almost 5% to 31.5 after falling 2.5% on Tuesday.

• U.S. Dollar (/DX) – The dollar is down 0.5% to 99.4.

• Mizuho upgrades Cloudflare (NET) to Outperform from Neutral

• Morgan Stanley upgrades Caterpillar (CAT) to Equal Weight from Underweight

• Morgan Stanley upgrades Lockheed Martin (LMT) to Overweight from Equal Weight

• Goldman Sachs downgrades Target (TGT) to Neutral from Buy

• JPMorgan downgrades U.S. Steel (X) to Neutral from Overweight

• Morgan Stanley downgrades General Dynamics (GD) to Equal Weight from Overweight

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