Memory chip makers and SpaceX weigh on futures after South Korea’s Kospi drops 10% in a broad tech-led decline.
U.S. stock futures retreated early Tuesday as a sharp selloff in global tech shares pressured the Nasdaq. Dow Jones futures fell 0.5%, while memory chip stocks Sandisk (SNDK) and Micron (MU) led losses ahead of the open. SpaceX (SPCX) neared its post-IPO low, adding to the sector’s weakness.
South Korea’s Kospi index plunged 10% on Tuesday, driven by heavy selling in Samsung and SK Hynix. The decline mirrored Monday’s U.S. session, where the Nasdaq composite underperformed as software and large-cap tech stocks faced broad pressure. Small caps, however, managed modest gains.
The rout reflects growing concerns over semiconductor demand and valuation pressures in high-growth tech. Futures suggest the downturn may extend into the U.S. trading session, with chipmakers and SpaceX among the hardest hit.