U.S. equity futures moved lower in early Wednesday trading, while the dollar fell and Treasury bonds rallied, as investors reacted to a a twin set of big tech earnings while navigating headlines tied to renewed trade war risks between Washington and Beijing.

Tesla was particularly battered as it joined Apple (-3%) and Nvidia (-3%), as American multinational companies with the highest proportion of sales in China.

President Donald Trump's decision to impose tariffs on goods from China and Canada has resonated widely in the market. According to CNBC, Tesla and Apple recorded drops in their 5% and 3% stock values,