S&P 500 futures inched lower Wednesday as traders digested a broad market rally in the previous session.
Futures for the Dow Jones Industrials sank 11 points to 34,194.
Futures for the S&P 500 fell 7.75 points, or 0.2%, to 4,411.
Futures for the NASDAQ Composite slid 54.5 points, or 0.4%, to 15,057.
Chip stocks fell in the pre-market after The Wall Street Journal reported that the U.S. was considering new export restrictions to China. Nvidia shares lost 4%, while AMD fell more than 3%. the iShares Semiconductor ETF slid 1.5%.
Investors are preparing to close out the best first half for the NASDAQ in 40 years, as they ride a wave of optimism around artificial intelligence that has significantly buoyed a handful of mega-cap tech stocks. The S&P 500 and NASDAQ Composite are higher this year by 14% and 29%.
Federal Reserve Chair Jerome Powell will speak Wednesday morning before a policy panel at the European Central Bank Forum on Central Banking in Sintra, Portugal.
Powell will be joined by Bank of England Governor Andrew Bailey, European Central Bank President Christine Lagarde and Bank of Japan
Governor Kazuo Ueda. Markets will be looking for more clues from Powell about the future of U.S. economic policy. Recently, the Fed chair said he expects additional interest rate increases on the way to battle inflation, though he thinks the central bank can do so at “a more moderate pace.”
In Japan, the Nikkei 225 hurtled higher 2% Wednesday, while markets in Hong Kong inched higher 0.1%
Oil prices inched forward a penny to $67.71 U.S. a barrel.
Gold prices retreated eight dollars to $1,915.80. U.S. an ounce.