5 things to know before the stock market opens

Stock futures fell sharply this morning as the technology sector remains under pressure. The Trump administration is looking to reduce customs duties on imported foodstuffs such as coffee and bananas. Microsoft (MSFT) and Amazon (AMZN) are said to support efforts to restrict the ability of chipmakers like Nvidia (NVDA) to sell to China; Paramount (PSKY), Comcast (CMCSA), and Netflix (NFLX) are reportedly preparing bids for Warner Bros. Television. Discovery(WBD); StubHub (STUB) shares fell after the ticket seller refused to provide current-quarter guidance to investors. Here’s what you need to know today.

1. Stock futures decline as selling continues in the technology sector; Bitcoin hits 6-month low

Stock futures fell this morning after closing sharply lower on Thursday as concerns over artificial intelligence trading weighed on the technology sector. Futures tied to the Dow Jones Industrial Average, which fell 800 points yesterday after hitting record highs this week, were down 0.6% recently. S&P futures fell 0.9%, while futures tied to the tech-heavy Nasdaq index fell 1.4%. Among the big-name tech stocks that fell sharply in premarket trading, AI chip giant Nvidia (NVDA) fell 3% and electric car maker Tesla (TSLA) fell more than 4%. The Nasdaq index enters today’s session on track to record losses for the second week in a row. Bitcoin also remains under pressure this morning, trading at $94,500, down from an overnight high of $100,400 and at its lowest level since May. Gold futures fell 1.8% to $4,120 an ounce, with the precious metal falling after rising over the past week. The yield on the 10-year Treasury note, which affects mortgage rates and borrowing costs on other consumer loans, was 4.07%, down from 4.11% at yesterday’s close.

2. Trump eyes tariff cuts on food imports as prices rise

President Donald Trump is preparing to lower tariffs on several food items in an effort to curb inflation at the grocery store, according to media reports. Bloomberg News The Trump administration is reportedly preparing new framework agreements with Argentina, Guatemala, El Salvador and Ecuador in an attempt to reduce the costs of food imports, including coffee, bananas and beef. The push comes after Treasury Secretary Scott Besent said earlier this week that the administration was looking to reduce tariffs on items that are not easily produced in the United States. Inflation data from September showed coffee prices rose 19% year-on-year, while banana prices rose 7%.

3. Microsoft and Amazon support a bill to restrict Nvidia sales to China

Microsoft (MSFT) and Amazon (AMZN) support legislation that would restrict Nvidia’s (NVDA) ability to sell chips to China, according to a 2019 report. The Wall Street Journal. Microsoft has publicly announced its support for the Gain AI Act, which would require US approval to send chips to China and other countries subject to an arms embargo. Amazon privately signaled its support for the measure in conversations with Senate staff, the report said. The move comes as Nvidia presses US officials for more access to the Chinese market amid restrictions on chip sales there. Microsoft and Amazon both purchase a significant amount of chips from Nvidia.

4. Paramount, Comcast, Netflix preparing bids for Warner Bros. Discovery, report shows

Paramount (PSKY), Comcast (CMCSA), and Netflix (NFLX) are preparing bids for Warner Bros. Discovery (WBD), according to a report in The Wall Street Journal. Paramount is seeking to buy the entire company, whose holdings include HBO, CNN, TNT and the Warner Bros. film and television studios, while Comcast and Netflix are primarily focused on film and television studios and the streaming service HBO Max. Warner Bros. Discovery said last month that it was preparing a “review of strategic alternatives” amid other companies’ interest in its properties. Warner Bros. shares rose. Discovery, which has more than doubled this year amid takeover talks, was up nearly 3% in premarket trading.

5. StubHub shares fall as executives fail to provide guidance for the current quarter

StubHub (STUB) shares fell in pre-market trading after the ticket seller declined to provide a forecast for the current quarter. In its first earnings report since going public in September, StubHub posted sales that came in ahead of Wall Street estimates. It also reported a net loss of $1.3 billion, which reflects a $1.4 billion compensation charge related to its initial public offering in September. During a call with investors, StubHub CEO Eric Becker said the company would not provide guidance for the current quarter. The ticket seller’s shares, which were down 19% before the bell this morning, closed Thursday at $18.82, down 20% from its IPO price of $23.50.