Morning Movers: Nvidia slips following report of H20 chip shortage in China

Stock index futures are exhibiting mixed movements as investors digest the implications of President Donald Trump’s announcement of a 25% tariff on imported automobiles. This policy is anticipated to significantly increase car prices, impacting both domestic and international automakers. In premarket trading, shares of Ford (F), General Motors (GM), and Stellantis (STLA) have declined, reflecting market apprehension regarding the tariffs’ potential effects on the automotive industry. ​

In the commodities market, gold prices have risen amid escalating trade tensions and investor uncertainty. Spot gold increased by 0.3% to $3,028.65 an ounce, while U.S. gold futures advanced 0.5% to $3,036.10. Analysts suggest that gold may surpass $3,100 in the second quarter, supported by strong demand from central banks and exchange-traded fund inflows. ​Oil prices are holding steady following reports of the largest drop in U.S. crude stockpiles this year, indicating robust demand. 

Investors are also awaiting the upcoming release of the Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation gauge, scheduled for tomorrow, to provide insights into inflation trends and potential implications for monetary policy. ​

In pre-market trading, S&P 500 futures fell 0.02%, Nasdaq futures fell 0.1% and Dow futures rose 0.2%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. 

HIGHER –

• Alibaba (BABA) up 1% after launching Qwen2.5-Omni-7B, a unified end-to-end AI multimodal model

UP AFTER EARNINGS –

• BK Technologies (BKTI) up 12%
• EDAP TMS (EDAP) up 10%
• Bicara Therapeutics (BCAX) up 3%
• Winnebago (WGO) up 3%
• Worksport (WKSP) up 2%

DOWN AFTER EARNINGS –

• Telesat (TSAT) down 8%
• ADC Therapeutics (ADCT) down 2%

LOWER –

• Equilliam (EQ) down 44% after announcing EQUATOR study results did not demonstrate a meaningful difference in complete response or overall response rate at Day 29 between patients treated with itolizumab and placebo
• Nvidia (NVDA) down 2% after Reuters reported Chinese server maker H3C has warned of depleting inventory of Nvidia’s H20 chips
• GameStop (GME) down 7% after announcing a $1.3B convertible senior notes offering that Wedbush analysts expect to “fall flat”