Market Overview

U.S. equity futures opened lower on Tuesday, with Nasdaq 100 futures down 2.8% and S&P 500 futures down 1.45% by 04:33 ET, while Dow futures slipped 0.7%. The decline was driven by renewed concerns that Federal Reserve policy may keep interest rates elevated longer than expected and doubts about the sustainability of the massive capital outlays required for artificial‑intelligence (AI) infrastructure.

SpaceX Share Decline

SpaceX’s stock continued its slide, falling an additional 2.9% in pre‑market trading after a 16.4% drop on Monday. The shares closed at $154.59 on Monday, only modestly above the $150 IPO opening price and well below the recent peak of more than $225. The sell‑off erased roughly $400 billion of market capitalisation. In parallel, SpaceX announced a senior notes offering and reported cash and cash equivalents exceeding $100 billion as of 19 June.

AI‑Related Corporate Activity

Qualcomm is reported to be in advanced negotiations to acquire AI‑chip developer Modular in a transaction that could value Modular at about $4 billion, more than double the $1.6 billion valuation from its last funding round. Qualcomm is also said to be evaluating a separate purchase of AI startup Tenstorrent as it seeks to broaden its exposure beyond smartphones into data‑centres, AI and autonomous‑vehicle markets.

Oil Market Development

Crude oil prices extended their decline after the United States issued a 60‑day licence permitting the sale and import of Iranian crude and petroleum products, reflecting progress in U.S.–Iran diplomatic talks. The easing of supply‑disruption worries is expected to lower inflationary pressure and benefit consumers, though it may compress margins for energy producers.

Quantum Computing Policy Boost

President Donald Trump signed executive orders to accelerate quantum‑computing development in the United States, targeting deployment of a research‑grade quantum computer by 2028 and faster adoption of quantum‑resistant cybersecurity across federal agencies. The policy news lifted shares of quantum‑computing firms such as Infleqtion, Rigetti Computing, D‑Wave Quantum and IonQ in pre‑market trading, and gave IBM a modest gain after Trump praised CEO Arvind Krishna.