Futures tied to the S&P 500 fell 0.9%, while contracts on the tech-heavy Nasdaq 100 dropped about 1.3%, News.Az reports, citing foreign media.
Dow Jones Industrial Average futures, which include fewer tech stocks, were down 0.6%.
The decline followed a mixed session on Monday, when optimism surrounding artificial intelligence boosted major tech names. Amazon hit a record high after announcing a partnership with OpenAI, helping the Nasdaq Composite rise nearly 0.5% and the S&P 500 gain 0.2%.
However, sentiment cooled as Palantir shares fell more than 5% in premarket trading, despite the AI-focused defense firm posting stronger-than-expected third-quarter results, with analysts citing overvaluation concerns.
While robust Q3 earnings and heavy AI investment from major cloud companies have supported market confidence, the performance of the “Magnificent Seven” tech giants remains uneven, influencing broader market trends.
More than 100 companies are set to report earnings this week, with AMD, Uber, Spotify, and SuperMicro among Tuesday’s highlights. Meanwhile, investors are watching Washington closely, as the ongoing U.S. government shutdown continues to delay key economic data releases, including the monthly jobs report.
