Nasdaq 100 on track to lose more than $1 trillion as tech rout deepens; SpaceX slips below $2 trillion

The Nasdaq 100 was poised to shed more than $1 trillion in market value in a single session as technology shares sold off broadly. SpaceX fell below $2 trillion in market capitalization, while chipmakers such as Intel, Advanced Micro Devices and Micron posted steep declines. Six of the “Magnificent Seven” were lower, with Nvidia, Tesla and Apple among those set to erase a combined $345 billion in value if losses hold. Investors also weighed uncertainty over returns on AI-related spending and rising expectations for a total of 50 basis points of Federal Reserve rate increases by December, up from 25 basis points two weeks earlier.