Nasdaq futures drop 2% as AI cost fears, Fed outlook weigh; SpaceX slips 5%

Wall Street futures plunged Tuesday, led by tech and chip stocks, as investors braced for potential U.S. interest rate hikes and fretted over soaring AI-related spending financed by debt. Mega-cap tech giants and semiconductor firms saw significant premarket drops. Global markets mirrored the cautious sentiment, with crude oil and precious metals also declining. Investors are closely watching upcoming inflation data and developments in the Middle East.

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