08:08 AM EDT, 07/17/2024 (MT Newswires) -- US stock futures are trending sharply lower in Wednesday's premarket session as investors look toward more corporate earnings reports.

Semiconductor stocks were hit particularly hard on media reports that the US is evaluating implementing stricter trade restrictions if companies continue to give China access to advanced semiconductor technology.

The Dow Jones Industrial Average futures were off 0.35%, S&P 500 futures were down 1.06%, and Nasdaq futures were falling 1.61%.

Oil prices were moving higher, with front-month global benchmarks Brent crude and West Texas Intermediate crude rising 0.32% and 0.46% respectively.

In equities, shares of Aditxt ( ADTX ) jumped 68% in Wednesday's premarket session after it said wholly owned subsidiary Adifem and Evofem Biosciences have amended and restated their merger agreement. Shimmick's ( SHIM ) shares surged 46% after it said late Tuesday that it secured a $27.6 million subcontract for work on the Sunol Valley Water Treatment Plant Ozonation project in California. And shares of Aptevo Therapeutics ( APVO ) advanced 30%, adding to a nearly 10% gain on Tuesday.

On the losing side, shares of Five Below ( FIVE ) fell 14% after it reported late Tuesday fiscal Q2 guidance for net income and revenue that missed analyst expectations. The company's stock has since been downgraded by several analyst firms. And shares of Virpax Pharmaceuticals (VRPX) dropped 9% after surging 41% on Tuesday.