Nasdaq futures drop 2% as AI cost fears, Fed outlook weigh; SpaceX slips 5%

Global markets came under pressure as US Nasdaq 100 futures dropped 2.69% in premarket trade on worries over ballooning AI-related valuations and a hawkish Federal Reserve outlook, with Nvidia and Alphabet down nearly 3% each. Traders now expect 50 basis points of rate hikes by December, up from just 25 bps priced in two weeks ago, while crude oil and precious metals also fell. Asian and European markets tracked the US selloff, likely weighing on Indian indices at open, with IT and global-exposed stocks most at risk.