U.S. stock index futures were flat to slightly lower on Wednesday as investors braced for a spate of economic data and corporate results to close a turbulent month for financial markets.

First-quarter gross domestic product data, March's reading of the PCE price index - the Federal Reserve's preferred inflation metric - and ADP employment figures are all due on the day.

Market Snapshot

At 7:37 a.m. ET, Dow E-minis were up 33 points, or 0.08%, S&P 500 E-minis were down 17 points, or 0.3%, and Nasdaq 100 E-minis were down 98 points, or 0.5%.

Pre-Market Movers

Super Micro Computer - Super Micro Computer slumped 17.2% after the maker of artificial-intelligence servers said its fiscal third-quarter earnings would be well below previously-issued guidance. The company expects revenue of $4.5 billion to $4.6 billion compared with a prior estimate of $5 billion to $6 billion. Adjusted earnings in the period will be in a range of 29 cents to 31 cents a share, while analysts were expecting 53 cents. “During Q3 some delayed customer platform decisions moved sales into Q4,” the company said.

Nvidia - Nvidia, the leading maker of AI chips,was down 2.3% following the guidance from Super Micro.

Tesla - Tesla was down 1.3% in premarket trading. The stock’s winning streak stood at six entering Wednesday. It has risen 28% over the period, which began the day before the company reported first-quarter earnings.

Snap - Snap posted a narrower first-quarter loss than Wall Street expected but withheld its guidance for the second quarter. The stock fell 15%. Snap said in a letter to shareholders that it doesn’t intend to share formal second-quarter guidance “given the uncertainty with respect to how macro economic conditions may evolve in the months ahead.” Snap said its “topline revenue has continued to grow,” but it as “experienced headwinds to start the current quarter, and we believe it is prudent to
continue to balance our level of investment with realized revenue growth.”

Starbucks - Starbucks tumbled 8.8% after the coffee chain posted fiscal second-quarter earnings that missed Wall Street estimates on revenue of $8.8 billion that also came in below forecasts. U.S. same-store sales fell 2% in the period. “My initial optimism has turned to clear confidence,” CEO Brian Niccol said in a statement. “We are where we should be at this point in our turnaround.”

Humana - Humana rose 5% after the health insurer reported first-quarter earnings that topped analysts’ expectations. The company also stuck by its guidance, forecasting adjusted earnings of $16.25 a share for the year.

Booking Holdings - Booking Holdings declined 3.2%. The online travel booking services company’s first-quarter earnings and sales topped analysts’ expectations. Chief Financial Officer Ewout Steenbergen, on a conference call, said the company expects revenue growth of 10% to 12% in the second quarter, higher than forecasts.

Seagate Technology - Seagate Technology rose 7.8% after the data storage company reported fiscal third-quarter adjusted earnings of $1.90 a share, up from 33 cents a year earlier, and issued a forecast for the fourth quarter that was better than expected.

First Solar - First Solar, the country’s largest solar manufacturer, was down 12.7% after saying tariffs would significantly reduce revenue and earnings this year. The company also missed Wall Street’s consensus expectations for the first quarter, reporting earnings of $1.95 a share versus estimates of $2.49.

Norwegian Cruise Line - Norwegian Cruise Line Holdings missed first-quarter revenue and profit estimates on Wednesday, as rising concerns about tariff uncertainty have pressured demand for the cruise operator's premium sea voyages. Shares of the company were down 8.9% in premarket trading.

Tenable Holdings - Tenable Holdings saw its shares plummet 15.7% in premarket trading on Wednesday after the exposure management company reported first quarter earnings that beat expectations but provided disappointing guidance for the second quarter.

Qorvo - Qorvo reported its Q4 FY2025 earnings, surpassing analyst expectations with an EPS of $1.42 compared to the forecasted $1.00. Revenue also exceeded projections, reaching $869.5 million against an expected $850.07 million. Following the announcement, Qorvo’s stock rose by 9.7% in premarket trading on Wednesday, reflecting investor optimism.

GSK - GSK reaffirmed its 2025 outlook and said it was "well positioned" to absorb potential U.S. pharmaceutical tariffs, after reporting stronger-than-expected first-quarter results. US-listed shares of the British drugmaker gained 2.7% in premarket trading on Wednesday.

TotalEnergies - French oil major TotalEnergies reported an 18% drop in adjusted net income for the first quarter to $4.2 billion, slightly short of expectations, as debt rose and earnings fell across all business segments except liquefied natural gas. US-listed shares of TotalEnergies fell 1.6% in premarket trading.

Market News

Trump Eases Auto Tariffs Burden as Lutnick Touts First Foreign Trade Deal

U.S. President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday with a mix of credits and relief from other levies on materials, and his trade team touted its first deal with a foreign trading partner.

The developments helped eased some investor worries about the erratic trade policies of Trump as the president visited Michigan, a cradle of the U.S. auto industry, just days before a fresh set of 25% import taxes was set to kick in on automotive components.

Meanwhile, U.S. Commerce Secretary Howard Lutnick told CNBC he had reached a deal with one foreign power that should permanently ease the "reciprocal" tariffs Trump plans to impose. Lutnick declined to identify the country, saying the deal was pending local approvals.

Trump Officials Eye Changes to Biden's AI Chip Export Rule, Sources Say

The Trump administration is working on changes to a Biden-era rule that would limit global access to AI chips, including possibly doing away with its splitting the world into tiers that help determine how many advanced semiconductors a country can obtain, three sources familiar with the matter said.

The sources said the plans were still under discussion and warned they could change. But if enacted, removing the tiers could open the door to using U.S. chips as an even more powerful negotiating tool in trade talks.

The Framework for Artificial Intelligence Diffusion, as the rule is called, was issued by the U.S. Department of Commerce in January, a week before the end of the administration of former President Joe Biden. Companies must comply with its restrictions starting on May 15.

Trump Bashes Powell, Touts Tariffs at Rally Marking 100 Days

U.S. President Donald Trump renewed criticism of Federal Reserve Chairman Jerome Powell as he championed his economic policies and tariff regime during a Tuesday event to mark his 100th day in office.

“Inflation is basically down and interest rates came down despite the fact that I have a Fed person who’s not really doing a good job,” Trump said at a rally just outside of Detroit, Michigan.

The president’s denunciation came even though earlier this month he said he did not plan to fire the central bank chief, despite persistent criticism of the Fed’s pace of interest rate cuts. Uncertainty around Powell’s fate jolted markets, compounding investor fears about Trump’s tariff plans.