Wall Street futures fell on Thursday as uncertainty about a trade war unleashed by U.S. tariffs clouded sentiment, while chip stocks slid after Marvell Technology's broadly in-line forecast fanned worries of slowing demand for AI infrastructure.

Market Snapshot

At 7:50 a.m. ET, Dow E-minis were down 377 points, or 0.88%, S&P 500 E-minis were off 64.5 points, or 1.1%, and Nasdaq 100 E-minis were lower 291.5 points, or 1.41%.

Pre-Market Movers

Tesla - Electric-vehicle maker Tesla, meanwhile, was falling 2.4% after closing with a gain of 2.6% in the previous session. Tesla sales have been declining across the globe with anger growing over the political activities of CEO Elon Musk. Data released Wednesday showed thatvehicle registrations fell 76% in February in Germany, Europe’s largest economy. Analysts at Bairdreduced their price targeton Tesla to $370 a share from $440, and added the stock as a “Bearish Fresh Pick.”

Nvidia - Nvidia, the leading maker of artificial-intelligence chips,fell 3.2% in premarket trading after Marvell’s disappointing guidance. Nvidia closed with a gain of 1.1% on Wednesday.

Marvell Technology - Shares of Marvell Technology, which sells a portfolio of chips and hardware products for the data center, 5G infrastructure, networking, and storage markets, were tumbling 17.1% after the company narrowly topped earnings and revenue estimates in the fourth quarter but issuedfiscal first-quarter guidancethat mostly was in line with expectations, disappointing investors.

Alibaba - Alibaba was rising 2.3% in U.S. trading after unveiling its latest artificial-intelligence model.

JD.com - U.S.-listed shares of JD.com rose 7.4% after the Chinese online retailer’s fourth-quarter earnings better than analysts’ expectations. Revenue in the period rose 13%.

Other Chinese ADRs - Other Chinese ADRs also jumped in premarket trading as expectations rose that China will introduce more stimulus polices to achieve its newly set annual growth target. YINN rose 5%; Bilibili rose 4%; PDD Holdings rose 3%; XPeng rose 2%.

Broadcom - Broadcom was down 4.5% in premarket trading ahead of the semiconductor maker’sfiscal first-quarter earnings report. Investors will be focused on what Broadcom says about the market for artificial-intelligence chips.

Sea - Sea Ltd's Director KUOK Khoon Hua, through affiliated entity Macromind Investments Ltd, proposes to sell 2,073,929 shares of Sea common stock on March 6, 2025, with a total market value of approximately $303 Million. No sales were reported in the past 3 months. The shares dropped 2% in premarket trading.

General Motors, Ford, Stellantis - General Motors was down 1.2%, Ford Motor fell 1.6%, and Jeep maker Stellantis declined 1.6% after shares of the Big Three auto companies surged Wednesday. They were given areprieve from the tariffs“so they are not at an economic disadvantage,” White House press secretary, Karoline Leavitt, told reporters. The delay came after President Donald Trump spoke with representatives from the auto makers. “We are going to give a one-month exemption on any autos coming through USMCA,” Leavitt said. USMCA is the acronym for the U.S.-Mexico-Canada Agreement, a trade deal Trump negotiated during his first term.

MongoDB - MongoDB dropped 18.6% after fourth-quarter adjusted earnings smashed analysts’ estimates but the software company’s outlook for the current fiscal year was below expectations. MongoDB said it anticipates fiscal-year adjusted earnings of $2.44 to $2.62 a share, well off Wall Street estimates of $3.38.

Rigetti Computing - Rigetti Computing, the quantum-computing company, fell 12% after reporting fourth-quarter revenue of $2.27 million that missed analysts’ estimates and a wider loss in the period.

LendingTree - LendingTree shares surged 16.5% in premarket trading after the online financial services marketplace reported fourth-quarter earnings and revenue that significantly exceeded analyst expectations, while also providing an optimistic outlook for 2025.

Zscaler - Zscaler‘s fiscal second-quarter adjusted earnings and revenue beat analysts’ expectations and the cybersecurity company’s fiscal-year outlook also topped estimates. The stock rose 3.9% in premarket trading. Zscaler expects fiscal-year adjusted earnings of $3.04 to $3.09 a share on revenue of $2.64 billion to $2.65 billion. Analysts see adjusted profit of $2.90 a share on revenue of $2.64 billion.

Victoria's Secret - Victoria’s Secret declined 3.2% after saying it expects fiscal first-quarter revenue to decline from a year earlier. The lingerie retailer said it was ”mindful that macro-environment challenges and uncertainty are putting pressure on the consumer.” Fourth-quarter sales rose 1.1% to $2.11 billion and topped analysts’ forecasts.

Burlington - Burlington Stores reported earnings for its fourth quarter that increased from the same period last year and beat the Street estimates. The shares jumped 10.9% in premarket trading.

Macy's - Macy's forecast annual sales and profit below Wall Street's expectations on Thursday, joining several U.S. retailers in signaling that shoppers were holding off buying apparel and accessories in the face of economic uncertainty. The shares dropped 4.2% in premarket trading.

Veeva - Veeva Systems was up 5.5% after the cloud-based software company posted fourth-quarter earnings that beat Wall Street estimates as revenue rose 14% to $720.9 million. Veeva also guided for fiscal first-quarter adjusted earnings of $1.74 to $1.75 a share that topped forecasts.

Grindr - Grindr, the online dating platform for LGBTQ users, fell short of estimates with its fourth-quarter earnings and 2025 margin forecast, sending the stock down 10.3% in premarket trading.

Market News

Trump Exempts Some Automakers from Canada, Mexico Tariffs for One Month

U.S. President Donald Trump will exempt automakers from his punishing 25% tariffs on Canada and Mexico for one month as long as they comply with existing free trade rules, the White House said on Wednesday, a development that halted at least for now Wall Street's steepest skid in nearly three months.

Trump is also open to hearing about other products that should be exempted from the tariffs, which took effect Tuesday, the White House said.

But Trump made clear he was not calling off his trade war with Canada and Mexico as he pressures both countries to deter fentanyl smuggling. After a phone call with Canadian Prime Minister Justin Trudeau, Trump said he was not convinced the situation had improved.

Trump Set to Meet With Technology Leaders Early Next Week

President Donald Trump is poised to meet next week with leaders of some of the country’s largest tech companies, which are facing the prospect of import tariffs and stricter export rules that could upend their businesses.

A group including the chief executive officers of HP Inc., Intel Corp., International Business Machines Corp. and Qualcomm Inc. has discussed meeting with the administration on Monday, according to people familiar with the matter who asked not to be identified because the plans aren’t public.

The White House has promoted a range of policy changes that threaten to roil the computer-hardware industry. Tariffs will make manufacturing hubs such as China more expensive and potentially disrupt supply chains. Technology companies also want clarity on what restrictions might be placed on their export of advanced technology for artificial intelligence data centers, which are being built all over the world.