US stock futures dropped as Wall Street reacted to a tough day for AI-related trades. Both the Dow Jones and S&P 500 futures fell by 0.1%, while Nasdaq futures remained stable. The AI chip company Cerebras saw its shares decline after reporting earnings that raised investor concerns regarding competition with larger firms like Nvidia. FedEx also experienced a fall in its stock price attributed to shifting trade policies. During the trading day, semiconductor stocks, including Nvidia, Micron, and AMD, led declines amid worries over inflated AI valuations. Micron's upcoming earnings report is highly anticipated as investors gauge confidence in AI. Additionally, uncertainties surrounding US-Iran discussions continue.

Oops, something went wrong

Skip to navigation Skip to main content Skip to right column

LIVE Updated Today at 5:29 AM UTC

Stock market today: Dow, S&P 500, Nasdaq futures slip as AI trade doubts grow

SHENZHEN, CHINA - MARCH 21: The logo of NVIDIA is seen on an office building on March 21, 2026 in Shenzhen, China. The company has been navigating U.S. export restrictions on advanced AI chips to China while adjusting its product offerings to maintain access to the Chinese market amid ongoing technology and trade tensions. (Photo by Cheng Xin/Getty Images)·Yahoo Finance·Cheng Xin via Getty Images

Amalya Dubrovsky

Updated Tue, June 23, 2026 at 7:11 PM EDT1 min read

US stock futures slipped as Wall Street digested a second straight tough day for the AI trade.

Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) fell 0.1%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) hugged the flatline.

After the bell, AI chip company Cerebras reported its first earnings since going public. Shares of the company dropped as investors bristled at results suggesting it could face challenges in taking on chip giants like Nvidia ( NVDA).

FedEx ( FDX) also dipped after it reported earnings. The company, which is often watched as a bellwether of the broader economy, cited shifting trade policy as a major headwind.

During the day on Tuesday, stocks mostly fell as memory chipmakers sold off, with Nvidia, Micron ( MU) and AMD ( AMD) leading the way down. Worries on Wall Street are growing about stretched AI valuations amid massive investment in the sector.

Micron's earnings are due after the bell on Wednesday, and its results will be closely watched as Wall Street assesses just how much faith to put in AI. The stock has been on a tear this year, rising more than 250%, but shares dipped 13% on Tuesday.

Meanwhile, uncertainty persists over US-Iran talks and where key issues might ultimately land. While President Trump had pledged the Strait of Hormuz would remain free of tolls, Iran and Oman have started discussing a system to charge fees.