Tech rout intensifies as selloff grips global stocks

Global stocks sold off on Tuesday, driven by deep losses in technology stocks following a losing session for the sector on Wall Street.

Shares in Asia were generally lower at the end of the day, with South Korea’s tech-heavy shares leading the way. kospi The index closed with a 10 percent decrease. Index dragged down by chip maker SK Hynix and technology giant SAMSUNGBoth companies closed the session with a loss of more than 12%.

Shares in Europe also fell sharply, with the pan-European Stoxx 600 losing 1.2% in early trading.

The Stoxx 600 Technology index led regional losses, falling 3.2%. chip maker STMicroelectronics and Dutch semiconductor equipment manufacturer ASMI Both fell more than 7%, making them among the Stoxx 600’s biggest decliners.

Meanwhile, futures bound for new york Nasdaq 100 directory — home page Nvidia, Apple, Alphabet And Microsoft – It lost 2.7% ahead of Tuesday’s regular trading session.

In premarket trading on Wall Street, iShares Semiconductor ETF It fell 5.9% as individual chip stocks suffered big losses. Intel While it last traded 7.8% lower, Micron lost 8.4% and AMD It decreased by 6%. Chip making giant Nvidia It was 3% lower.

SpaceX Shares continued their sell-off, falling 3.6% in premarket trading after falling 16% in Monday’s regular session.

A pullback in the broader technology sector S&P 500 And Nasdaq Composite The decline came on Monday as investors pulled out of the so-called “Magnificent Seven” stocks. Amazon And MetaThe sharp declines extended into premarket trading on Tuesday, with stocks falling 1% and 0.7%, respectively.

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