US stocks fell after Nvidia revealed costly new curbs on chip exports to China, and investors grappled with uncertainty over President Trump's trade policy.

Wall Street opened deep in the red Wednesday, with tech stocks leading the retreat as U.S.-China chip tensions spooked investors. The Nasdaq dropped 2.1%, the S&P 500 shed 1.2%, and the Dow slipped 0.

Wall Street index futures dropped on Wednesday and chip darling Nvidia slumped after the company flagged steep charges from new U.S. curbs on chip exports to China, fuelling worries about the fallout of an escalating trade war.