Nasdaq 100 Slides, Tech Stocks Wipe Out $1 Trillion
Nasdaq 100 was set to lose over $1 trillion in market value Tuesday, with tech stock selling moving from megacaps into chip and memory names, tightening the pressure ahead of the New York open. SpaceX shares slipped too, falling below the $2 trillion mark for the first time since its U.S. debut, Reuters said. Nasdaq 100 futures dropped 891.75 points, or 2.91%, at 06:42 a.m. ET, and S&P 500 futures lost 1.5%, Reuters reported. The market's leading 2026 trade — AI-related growth stocks — is under pressure from two sides: more concern about AI spending returns and the outlook for higher U.S. rates.