US stocks were poised for a steep retreat from record highs on Wednesday, as techs came under dual pressure from worries about US export curbs on China and Donald Trump's stance on Taiwan. Futures on the tech-heavy Nasdaq 100 led declines, down 1.4%, while S&P 500 futures sank 1%. Dow Jones Industrial Average futures slid 0.3% after the blue-chip index surged 700 points on Tuesday to wrap up at an all-time high.
The Biden administration has told allies it's looking at imposing tougher restrictions on companies still making advanced chip technology available to China despite existing export curbs, Bloomberg reported. Shares of ASML , cited as a potential target, dropped over 8% after the Dutch chip gear maker posted solid quarterly earnings.
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