The US stock market is set for a significant decline from record highs, driven by concerns over US export restrictions on China and comments from Donald Trump regarding Taiwan. Tech stocks, particularly Nasdaq 100 futures, are leading the retreat, with S&P 500 and Dow Jones futures also dropping. Worries about the impact on tech companies outweigh optimism surrounding potential interest rate cuts, with heavyweights like Nvidia experiencing significant losses. The Biden administration is considering stricter restrictions on companies supplying advanced chip technology to China, while Trump's comments on Taiwan have also contributed to market jitters. Despite this, positive corporate earnings and upcoming economic data could influence market direction. A recent BofA fund manager survey suggests that an election sweep in November could result in higher bond yields, a stronger US dollar, and a positive outcome for US stocks.