Nasdaq futures fell approximately 2% in early trading, dragged down by a broad selloff in technology shares.
The decline was anchored by SpaceX, which continued to slide following a sharp drop in the previous session.
The company's shares tumbled 16% on Monday, marking a sharp rotation out of technology names that had previously pushed Wall Street equities to near-record levels.
Investors are grappling with renewed concerns over high valuations in the tech sector and the prospect of imminent Federal Reserve rate hikes.
The aerospace and artificial intelligence giant has been under pressure as the market digests the prospect of a significant debt offering.
SpaceX is preparing to issue bonds to finance its operations, a move that has weighed on investor sentiment.
The company's shares tumbled 16% on Monday, marking a sharp rotation out of technology names that had previously pushed Wall Street equities to near-record levels.