Global Markets Fall as Tariff Uncertainty Rises

By Dow Jones Newswires Staff

U.S. stock futures, including for the Nasdaq, fell early in Europe amid concerns over the impact of tariffs on inflation and what that might mean for monetary policy after a lower close for the Dow Jones Industrial Average and the S&P 500 on Tuesday. The Nasdaq rose 0.2% Tuesday on easing export restrictions for Nvidia, but the outlook for the chip sector isn't all rosy. ASML Holding's shares plunged early on Wednesday after the Dutch supplier of chip-making equipment said it could no longer guarantee growth in 2026 amid increasing uncertainty from Trump's tariffs.

Meanwhile, bank earnings landing later include Bank of America, Morgan Stanley and Goldman Sachs.

• U.S. futures for the S&P 500 were down 0.2% and futures for the Dow Jones Industrial Average decreased 0.2%. Nasdaq stock futures fell 0.3%.
• In Europe, the Stoxx Europe 600 dropped 0.2% in morning trading, France's CAC 40 declined 0.2% and Germany's DAX fell 0.1%. ASML's shares slid 7.0%. Renault plunged more than 16% after it downgraded its guidance late on Tuesday on a mix of commercial, tariff and pricing pressures. The U.K.'s FTSE 100 was flat after inflation unexpectedly rose.
• Stocks in Asia ended mixed. Gains in technology shares saw Taiwan's TAIEX close up 0.9%, but Japan's Nikkei 225 index, Hong Kong's Hang Seng and China's benchmark Shanghai Composite ended the day flat after earlier gains petered out.
• Elsewhere, the U.S. 10-year Treasury yield was recently down 1.6 basis points at 4.472%, according to Tradeweb. The U.S. dollar eased a touch, with the DXY dollar index down 0.1% at 98.559 against a basket of major currencies after hitting a three-week high Tuesday. Bitcoin was up 1.5% to $118,270 after dipping in the previous session.
• Sterling rose after data showed annual U.K. CPI inflation increased to 3.6% in June, from 3.4% in May, above expectations for an unchanged reading. Sterling was up 0.2% to $1.3413 after the data, from $1.3394 beforehand, LSEG data show.
• In commodities, Brent crude gained 0.1% to $68.81 a barrel and WTI crude rose 0.3% to $66.75 a barrel. Gold prices edged higher, with futures up 0.2% to $3,344.70 a troy ounce, recovering from a dip in the prior session.

Write to Barcelona Editors at barcelonaeditors@dowjones.com