Wall Street points lower with tech companies that fueled early week rally now in retreat

Wall Street pointed toward losses before the opening bell as the same tech companies that drove a market rally to start the week sold off with doubts rising over the possibility of another rate cut from the U.S. Federal Reserve before the end of the year.

Futures for the S&P 500 slid 1% in premarket trading, while the futures for the Dow Jones industrials fell 0.6%. Nasdaq futures tumbled 1.4%.

Palantir Technologies lost some of its recent gains, falling 7% overnight even after its third-quarter earnings topped Wall Street targets. The analytic software company has benefitted from the recent AI frenzy, its shares rising 176% so far this year as of Monday's close.

Chipmaker Nvidia also reversed course Tuesday, falling 1.7% before the bell. Amazon, whose shares jumped Monday after announc