US stock futures tumbled on Tuesday as losses for Korean memory chipmakers fueled AI trade doubts, piling further pressure on techs even amid progress in US-Iran talks.<\/p>\n
Contracts on the tech-heavy Nasdaq 100 (NQ=F)<\/a> plunged 2.2%, while those on the S&P 500 (ES=F)<\/a> sank 1.3%. Dow Jones Industrial Average futures (YM=F)<\/a>, which include fewer tech names, slid 0.7%.<\/p>\n The Nasdaq is set for further losses after Big Tech players took a hit<\/a> on Monday, with Elon Musk’s SpaceX (SPCX<\/a>) falling for the third day in a row<\/a>. 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.<\/p>\n In the background, ongoing negotiations between the US and Iran kept investors on edge even as officials reported progress<\/a>.<\/p>\n On Tuesday, FedEx (FDX<\/a>) and Cerebras Systems (CBRS<\/a>) will report earnings. Cerebras System’s results will be the AI chip company’s first since going public in May.<\/p>\n The key events this week include Micron (MU<\/a>) earnings on Wednesday and the release of May’s PCE report \u2014 the Federal Reserve’s preferred measure of inflation \u2014 on Thursday.<\/p>\n LIVE 2 updates<\/p>\n Bloomberg reports:<\/p>\n Oil steadied after falling more than 3% in the previous session following early progress in peace talks over the Iran war, which included a US waiver allowing some sales from the Islamic Republic.<\/p>\n Brent (BZ=F<\/a>) crude traded near $78 a barrel after the biggest decline in almost a week on Monday, while West Texas Intermediate (CL=F<\/a>) was above $74. The 60-day license permits the sale of some Iranian oil and petroleum products, citing “productive talks” in Switzerland, offering Tehran a crucial economic lifeline.<\/p>\n US and Iranian officials both cited progress in the first round of talks toward a lasting agreement to end the conflict that started at the end of February, but some discrepancies have emerged. Vice President JD Vance said Iran agreed to allow nuclear inspectors into the country, a claim disputed by Tehran.<\/p>\n The waiver permits almost anyone to purchase and pay for Iranian oil, including US refineries, although some might be unwilling to take on the risk. Supply from the Persian Gulf has ticked up recently, with producers such as Kuwait and the United Arab Emirates finding workarounds to get energy out. Iran has also shipped more more than 30 million barrels over the past week.<\/p>\n