US Stock Futures Fall with Economic Data and Tech Earnings in the Spotlight

US stock futures dipped on Wednesday as traders braced for a wave of economic data and high-stakes earnings from Big Tech, all while monitoring the latest developments in President Donald Trump’s intensifying trade strategy.

Markets Waver as Trade Fears and AI Sentiment Collide

S&P 500 futures (ES=F) fell 0.5%, while Nasdaq 100 futures (NQ=F) dropped 0.9%, weighed down by a weak sales forecast from server manufacturer Super Micro (SMCI), which cast a shadow over recent AI enthusiasm. Dow Jones Industrial Average futures (YM=F) hovered just below the flatline after the blue-chip index recorded its longest win streak of 2025.

As April winds down, markets remain unsettled following a month dominated by Trump’s aggressive tariff actions and escalating tensions with China. The Dow Jones is on pace for a monthly decline of around 2.5%, while the S&P 500 and Nasdaq have seen milder fluctuations.

All Eyes on Economic Reports and Big Tech Results

Later today, investors will receive a snapshot of US economic growth, with the release of preliminary GDP data for Q1. The report will be closely watched to assess how the economy has weathered the early effects of Trump’s tariff measures. Economists are forecasting a sharp slowdown, with growth expected to drop to just 0.1%—the weakest since 2022.

Also on deck is the Federal Reserve’s preferred inflation indicator—the March Core Personal Consumption Expenditures (PCE) index—which will help gauge price pressures before the full impact of tariffs begins to filter through the data.

Earnings season also kicks into high gear with Microsoft (MSFT) and Meta (META) set to report after the closing bell. Microsoft faces increasing pressure to show tangible returns from its AI investments, while investors are watching Meta for signs of how shifting trade dynamics may affect its global operations.

Trump’s Trade Strategy in Focus as Beijing Responds

President Trump, speaking on Tuesday, insisted that China would bear the brunt of his latest tariffs, minimizing the impact on US consumers. He justified the 145% rate by stating that China “deserved” it, reinforcing his tough stance.

Meanwhile, Beijing is reportedly preparing a list of US-made goods to exempt from its 125% retaliatory tariffs—potentially signaling a strategic effort to cool tensions or open the door for negotiations.

Speculation continues to swirl over whether the US and China are moving toward new trade talks, and if so, which side will take the first major step. Wall Street remains cautiously optimistic that Trump’s confidence in striking a better deal could eventually lead to reduced duties and a more stable market environment.

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