The Nasdaq 100 index was on pace to erase more than $1 trillion in market value on Tuesday as technology heavyweights and chip stocks tumbled. Futures tracking the tech-heavy index dropped 2.5%, implying a more than 700-point fall, and the index will lose $1.15 trillion in market value if it drops 2.79%, according to Reuters calculations. Elon Musk's SpaceX slid 3.6% to $149.1 in premarket trading, falling below $2 trillion in market cap for the first time since its U.S. debut, and has lost more than $600 billion in market value over the past three sessions. Chipmakers also clocked heavy losses, with Intel down 6.8%, Advanced Micro Devices falling 5.2%, and memory chipmakers such as Micron Technology, SanDisk, and Western Digital dropping between 7.5% and 9.2%. Six of the seven Magnificent Seven stocks were under pressure, with Alphabet, Amazon, Tesla, Nvidia, and Apple set to erase a combined $345 billion in market value, as investor concerns about elevated AI spending and hawkish Federal Reserve rate-hike expectations weighed on risk sentiment.
Apple Inc.
Advanced Micro Devices Inc
Amazon.com Inc
Alphabet Inc Class C
NVIDIA Corporation
Tesla Inc
Western Digital Corporation
