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Tech Selloff Blunts Wall Street Pre-Bell; Asia, Europe Down

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Wall Street futures sagged pre-bell Tuesday as traders went risk-off, and backed away from rich valuations on tech- and AI-sector shares.

In the futures, the S&P 500 fell 1.4%, the Nasdaq declined 2.8% and the Dow Jones was off 0.5%.

The VanEck Semiconductor exchange-traded fund (SMH) traded down 5.5% pre-bell.

After declining 16.4% on Monday, Elon Musk's rocket-and-satellite enterprise SpaceX (SPCX) traded down 3% in pre-bell action.

On the economics front, investors also await the S&P Global flash US purchasing manager index report for June, slated for release at 9:45 am ET. The Richmond Fed Manufacturing Index for June is due at 10 am ET.

Asian exchanges traded lower overnight, including a 10% retreat on Seoul's KOSPI index, as semiconductor issues fell back.

European bourses tracked moderately lower at midday on the continent.

On the earnings scene, economic bellwether FedEx (FDX) reports quarterly results after the closing bell.

In pre-market action, Bitcoin traded at $62,219, West Texas Intermediate crude oil traded evenly at $73.89, and 10-year US Treasuries offered 4.49%. Spot gold commanded $4,129 an ounce.

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