Dow, S&P 500, Nasdaq futures slip as tech sell

US stock futures tumbled on Tuesday as losses for Korean memory chipmakers fueled doubts over the artificial intelligence trade, adding pressure to technology stocks even amid progress in US–Iran talks, News.Az reports, citing Yahoo Finance.

Contracts on the tech-heavy Nasdaq 100 (NQ=F) plunged 2.2%, while S&P 500 (ES=F) futures fell 1.3%. Dow Jones Industrial Average (YM=F) futures, which include fewer technology names, slid 0.7%.

The Nasdaq is set for further losses after major Big Tech stocks were hit on Monday, while Elon Musk’s SpaceX (SPCX) fell for a third consecutive day. A sell-off in South Korean memory makers SK Hynix and Samsung Electronics, which dropped more than 10%, weakened confidence in growth expectations tied to AI demand that has driven recent gains in US equity indexes.

In the background, ongoing negotiations between the United States and Iran continued to weigh on investor sentiment, even as officials reported progress in talks.

On Tuesday, FedEx and Cerebras Systems are scheduled to report earnings. Cerebras Systems’ results will be its first since going public in May.

Key events this week also include Micron Technology earnings on Wednesday and the release of May’s PCE inflation report on Thursday, the Federal Reserve’s preferred measure of inflation.