us stock futures dipped on wednesday led by technology as chip stocks retreated on reports washington will issue a new ban on exports to china on tuesday the dow jones industrial average djia rose 212 points or 063 to 33927 the sp 500 spx increased 50 points or 115 to 4378 and the nasdaq composite comp gained 220 points or 165 to 13556 nasdaq futures were leading early declines following a report that the biden administration is considering a new ban on sales of ai chips to china the dip in the techheavy index has halted the latest rally which came after traders on tuesday welcomed some upbeat us data on durablegoods orders home sales and consumer confidence analysts noted “the rebound has been clipped a bit overnight” after the ai chip ban report said jim reid strategist at deutsche bank “nvidia which makes 20 of its revenues in china has produced lowerend chips that don’t require an external export licence however the article suggests that even these may be included going forward nvidia and amd are both down over 3 after hours with china airelated stocks slumping more” reid added in wednesday’s premarket nvidia nvda stock was down 48 and advanced micro devices amd  another ai chip maker dropped 36 traders also will be keeping an eye on sintra in portugal where the european central bank is holding its annual forum on central banking including at 230 pm bst 930 am eastern a panel containing federal reserve chair jay powell alongside the heads of the uk eurozone and japan central banks investors remain wary of the prospects for higher borrowing costs as monetary guardians continue to battle stubborn inflationary pressures so any comments on that topic particularly from powell should color the market’s mood however mark newton head of technical strategy at fundstrat reckons recent market action portends further gains “tuesday’s rally back to multiday highs looked important and positive in having halted the recent decline in its tracks following five days lower out of the past six spx sp 500 managed to rally sharply enough to recoup nearly 50 of the entire pullback since midjune highs” wrote newton in a note “as discussed in recent days the lack of severe downside breadth on recent weakness was thought to be encouraging and a few days of largecap technology weakness largely camouflaged market performance as many sectors performed quite well throughout last week going forward i view tuesday’s strong gains as having been constructive and should lift spx back to test and exceed midjune highs which could help prices surpass spx4500” newton added us economic updates set for release on wednesday include advanced retail and wholesale inventories for may due at 830 am eastern