23.06.202608:37:36UTC+00US Futures Slide on Tech Selloff

US equity futures fell sharply on Tuesday, led by a broad selloff in mega-cap technology shares. Nasdaq 100 futures dropped 3%, S&P 500 contracts were down 1.5%, and Dow futures lost 0.7%.

AI-related stocks led the decline amid growing skepticism over whether hyperscalers’ heavy spending on AI infrastructure will ultimately generate sufficient returns. These concerns dragged Alphabet and Amazon nearly 4% lower on Monday. In a similar vein, SpaceX tumbled 16% after issuing bonds just a week after its IPO, reinforcing worries about massive AI-related capital outlays.

Chipmakers were also under pressure. SK Hynix signaled a slowdown in production of advanced AI chips to prioritize expanding commodity DRAM capacity, reflecting broader doubts that AI datacenter investment is fully supported by underlying fundamentals. Micron edged lower ahead of its earnings report due tomorrow.

US Treasury yields stayed elevated despite a pullback in energy prices, following last week’s hawkish dot plot from the Federal Reserve. Higher yields continued to weigh on traditional sectors, while financials came under additional pressure as Apollo once again imposed limits on private equity withdrawals.