Breakfast News: ASML Orders Disappoint

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1. When the chips are down...

Nasdaq futures fell more than 1% this morning, after ASML Holding (ASML 1.47%) saw first-quarter orders for its chipmaking lithography equipment fall short of forecasts, totaling 3.94 billion euros ($4.48 billion), well behind the projected 4.89 billion euros ($5.56 billion). CEO Christophe Fouquet said the effects of tariffs on the Dutch tech giant are unclear, but spoke of the "expectation that 2025 and 2026 will be growth years." Among the latest highest-conviction recommendations in Stock Advisor to beat the market over five years, ASML fell around 4.5% in after-hours trading.

• Chip stocks slide: Also weighing on futures this morning, Nvidia (NVDA 1.30%) revealed after market close on Tuesday that it expects to take a $5.5 billion charge this quarter, with exports held back. The stock dropped over 6% after hours, and Advanced Micro Devices (AMD 0.85%) also plunged more than 6%.
• "Committed to acting on the President's directive to safeguard our national and economic security": The Commerce Department stated that it's issuing new export restrictions on artificial intelligence (AI) processors, including Nvidia's H20 and AMD's MI308 chips.

2. Tariffs latest

The Wall Street Journal reports that the White House plans to pressure international trading partners to isolate China via tariff negotiations. The administration reportedly wants those countries to block shipments and not allow Chinese companies to relocate to bypass tariffs and export controls.

• "The vulnerability of our supply chains raises the potential for risks to national security." President Donald Trump has directed Commerce Secretary Howard Lutnick to probe potential tariffs on critical mineral imports, escalating the battle with China. Earlier this month, China restricted rare earth exports in response to U.S. tariffs.
• Win for pharma companies: The president wants to extend the time before simpler medications become eligible for Medicare price negotiation to nine years from the current four. He can't change it through executive order, so it has to go through Congress.

3. All things Alphabet

Alphabet's (GOOG -1.67%) (GOOGL -1.63%) Google has been hit by a £5 billion ($6.6 billion) class action lawsuit in the U.K., based on allegations of abuse of its "near-total dominance" of the search engine market. The case alleges Google has restricted competition by paying billions to make its browser the default engine on various platforms.

• "UK businesses ... have almost no choice but to use Google ads." Competition law academic Dr. Or Brook, leading the case, claims "Google has been leveraging its dominance in the general search and search advertising market to overcharge advertisers."
• Chorus technology tracks goods in the supply chain using attached sensors: Alphabet is spinning out its Chorus project to become an independent company, reports Business Insider. A cloud-based system behind it analyses and presents real-time tracking.

4. What to watch on Wednesday

Hidden Gems rec U.S. Bancorp (USB 1.09%) will report 2025 first-quarter results before the market opens, after beating earnings estimates for the final quarter of 2024. Look for share repurchases in 2025, with potential challenges from regulatory changes.

• Dividend raised for 53 consecutive years: Abbott Laboratories (ABT -0.95%) posts a Q1 update before today's opening bell after just falling short on earnings in the previous quarter. The health giant's research and development drove 15 new growth opportunities in 2024, though it faces global economic concerns in 2025.
• 10% earnings-per-share growth predicted in 2025: A Q1 update from Kinder Morgan (KMI 1.57%) is due after market close. The energy infrastructure operator missed expectations in Q4 but posted year-over-year earnings growth of 14.3%.

5. Foolish fun

Following a recent sharp fall in its stock price, Prologis (PLD -0.07%) -- with Q1 earnings due before the market opens -- relinquished its status as the world's largest real estate investment trust (REIT) to American Tower (AMT 0.05%).

Will the warehouse and logistics REIT eventually reclaim its status, or will the wireless-tower owner reign supreme as ruler of REITdom? Become a member to hear what your fellow Fools are saying.