The S&P 500 was set for its longest losing streak since August, as a six-month rally shows signs of cracking following a $1.2 trillion selloff in cryptocurrencies and fears around high artificial intelligence valuations.

Futures tracking the S&P 500 were down 0.3% at 5:36 a.m. in New York after earlier dropping as much as 0.8%, signalling some support from dip buyers. The benchmark is still on course for a fourth day of declines as investors reconsider their optimistic expectations for Federal Reserve interest-rate cuts.

Technology-heavy Nasdaq 100 futures also slipped 0.3%. Asian and European stock indexes fell, while Bitcoin briefly dropped below $90,000 for the first time in seven months. Meanwhile, a Bank of America Corp. survey showed that fund managers’ cash holdings have fallen to

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