US futures slumped after Nvidia Corp. said the government was setting new limits on its exports to China and President Donald Trump ordered a probe into potential tariffs on critical minerals.

Nasdaq 100 contracts fell 1.3% in early trading. S&P 500 futures dropped 0.8% after the index finished slightly lower Tuesday. The US benchmark had earlier climbed on results from financial heavyweights that underscored an equity-trading boon and still-healthy consumers and businesses. Futures for Asian benchmarks were little changed, with a slight gain in Japan.

In after-hours trading, Nvidia extended its decline to more than 6% after saying the US government will begin requiring a license to export the company’s H20 chips to China, an escalation of restrictions that the company has publicly opposed.

Other chip stocks also sank in aftermarket trading. AMD fell 7%; Super Micro, Arm, Broadcom, and Micron fell 4%; Marvell Technology fell 3%; TSMC, Intel, and ASML fell 2%; Qualcomm fell 1%.