US stock futures were mixed in Thursday’s session as traders absorbed a flurry of headline risks centered on the tech sector and mounting worries about stagflation. The Dow posted its third straight loss, weighed down heavily by a plunge in UnitedHealth shares, while the S&P 500 eked out a slim gain and the Nasdaq slipped—wrapping up a volatile week ahead of Friday’s market holiday.
Semiconductor stocks led the day’s headlines after Intel announced it would require a license to export certain advanced AI processors to China, following new US government rules aimed at curbing Beijing’s access to cutting-edge chip technology. This comes just 24 hours after Nvidia warned of a $5.5 billion charge due to similar export restrictions—underscoring the growing reach of Washington’s tech controls. Intel’s Gaudi series, as well as Nvidia’s H20 processors, are now subject to strict bandwidth thresholds, sending both their shares lower as investors priced in the risk of losing access to a vital Chinese market. Intel’s stock fell more than 3%, echoing steep declines across the semiconductor sector as AMD and ASML also sold off and sentiment shifted on fears of a cooling AI chip market and escalating US-China trade tensions.
For stock traders, these developments highlight the fragility of the tech rally and the increasingly globalized risk landscape. Semiconductor names, long viewed as market leaders, now face new headwinds from both regulatory and geopolitical fronts. The extension of licensing requirements not only threatens direct revenue but also raises the specter of a broader slowdown in AI investment and cross-border tech trade—key drivers for US indexes over the past year.
But it wasn’t just chip stocks under the microscope. UnitedHealth delivered a shock to the Dow, falling over 22% after missing earnings expectations and slashing its full-year outlook—reminding investors of ongoing fragility in the healthcare sector. The Dow finished down 527 points, or 1.33%, while the S&P 500 added just 0.07% and the Nasdaq slipped 0.13%. The 10-year yield ticked up to 4.333%, reflecting persistent inflation concerns and a cautious bond market.
Stagflation fears gained new momentum after Fed Chair Jerome Powell warned that tariffs could ignite inflation even as growth and the labor market cool. “Despite the fact that Powell said the dual mandate wasn’t currently in opposition, he clearly touched a nerve with investors, who are now worried that a recession and stagflation is more likely,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. Traders are watching the Federal Reserve’s every move, and speculation intensified after former President Trump called—once again—for a rate cut and floated the possibility of striking new trade deals with China and the EU, which briefly lifted stocks off their lows.
On the corporate front, earnings season brought both winners and losers. Netflix jumped nearly 4% after delivering a blowout quarter, while Ford gained 2.45% as it threatened price hikes unless tariff relief materializes. TSMC finished flat after reporting strong results but remained cautious about future trade headwinds. Alcoa slumped 7% as tariff costs mounted, Global Payments cratered 17% after a $24 billion Worldpay acquisition, and Eli Lilly soared 14% on strong drug trial data. Alphabet fell 1.38% after a federal judge ruled Google had illegally dominated online ad tech markets.
Bitcoin added over 1%, buoyed by improving risk sentiment, and becomes an increasingly watched barometer for traders seeking diversification amid equity market turbulence.
As investors digest these crosscurrents—a hawkish Fed, trade wars, regulatory risks, mixed earnings, and geopolitical flashpoints—volatility remains the order of the day. The market is closed tomorrow for Good Friday, but when trading resumes, the spotlight will remain firmly on chipmakers, the direction of rates, and the global macro outlook. For active market participants, staying nimble and alert to headline risk is more critical than ever.
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