Wall Street was on track for another day of significant losses, and again, it was the technology sector leading the way down, with anxiety growing over probable rate hikes later this year that could hit growth.
Futures for the S&P 500 fell 1.2% before the opening bell on Tuesday, while futures for the Dow Jones Industrial Average retreated 0.4%. Futures for the technology-heavy Nasdaq tumbled 2.6% following a 1.3% loss on Monday.
Chip companies were among the biggest losers in overnight trading, with Micron and Intel both down more than 7%. Qualcomm fell 6.3%. Companies that specialize in memory and data storage were also taking a beating. Sandisk fell nearly 9% and Seagate was down 7.2% early.
Elon Musk's SpaceX, which owns xAI, slipped another 1% before the bell after a 16.4% tumble to start the week.
SpaceX trades on the Nasdaq, which has suffered heavy selling for days as investors grow anxious over massive spending by artificial intelligence companies and looming interest rate hikes in the U.S., which will make it more expensive for companies to fund growth through borrowing.
