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Nasdaq 100 futures fall as chip selloff spreads ahead of Fed
WTI crude is down more than 2% for the day, extending a three-session decline as investors look to a Fed meeting and fresh US data.
Nasdaq 100 E-mini futures were down 1.07% Tuesday morning as investors kept selling chipmakers amid concerns about whether the AI spending boom can sustain returns, according to Yahoo Finance.
The selloff broadened beyond the US, with South Korea’s Kospi falling more than 10% and Japan’s Nikkei down about 4%, following a rough prior session for US chip and AI infrastructure stocks that continued into pre-market.
The pressure in the group was linked to fresh developments, including a blockbuster debut by Chinese memory chipmaker CXMT and a report from The Information that a Chinese state-backed company began mass-producing immersion deep-ultraviolet lithography machines for chipmaking, raising competition fears.
Investors also weighed sector financing concerns tied to Nvidia’s $750 billion AI infrastructure deals, while attention shifted to the start of the Federal Reserve’s two-day policy meeting and upcoming US economic data and corporate earnings, with WTI crude falling more than 2% and US and Iran pausing hostilities as talks between Tehran and Oman focus on reopening the Strait of Hormuz.
Latest closeWTI crude $81.23 ▼1.7%|Nasdaq Comp. 24,876.91 ▼0.2%|Nikkei 225 64,931.19 ▲0.5%