Nasdaq Futures Drop as Chip Stocks Slide Back Into Bear Territory

Futures on the Nasdaq index fell sharply, losing roughly 1.1%, news outlets Quartz and Traders Union reported. The pre-market sell-off was driven by renewed selling pressure on artificial intelligence shares amid investor concerns over heavy spending in the sector.

According to a report by Globes, semiconductor stocks plunged back into bear market territory during early trading. Meanwhile, US Treasury yields, which spiked yesterday following hot inflation data, fell to multi-week lows, while Asian equity markets closed sharply lower.