Stock market today: Nasdaq, S&P 500 futures dive as global chip sell-off spurs AI doubts

Nasdaq futures plunged on Tuesday as a rout in memory chipmakers spurred doubts about the AI trade, piling pressure on stocks more broadly even as US-Iran talks showed progress. Contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 2.5%, while those on the S&P 500 (ES=F) sank 1.3%. Dow Jones Industrial Average futures (YM=F), which include fewer tech names, slid 0.5%. The Nasdaq is set for further losses after Big Tech players took a hit on Monday, with Elon Musk's SpaceX (SPCX) falling for the third day in a row. A sell-off in South Korean memory makers SK Hynix and Samsung Electronics, which sank over 10%, undermined the faith in growth prospects from AI demand that has driven gains fo US stock indexes. In the background, ongoing negotiations between the US and Iran kept investors on edge even as officials reported progress. On Tuesday, FedEx (FDX) and Cerebras Systems (CBRS) will report earnings. Cerebras System's results will be the AI chip company's first since going public in May. The key events this week include Micron (MU) earnings on Wednesday and the release of May's PCE report — the Federal Reserve's preferred measure of inflation — on Thursday.