Global tech stocks extend declines, pushing US equity futures and Asian indices into negative territory despite semiconductor strength.
A selloff in technology stocks spread from US mega-caps to Asian markets, pressuring risk sentiment and weighing on US equity futures. The Hang Seng fell 1.87%, while the Nikkei and KOSPI dropped 4.54% and 8.01%, respectively, led by sharp declines in SoftBank and other tech names.
The Magnificent 7 index declined 2.54% the prior session, with Apple down 6.12% after announcing price increases for Macs and iPads. S&P 500 futures slipped 0.71%, while NASDAQ futures fell 1.45%, extending a fourth consecutive loss for the benchmark index.
Despite the broader tech weakness, semiconductors bucked the trend, with the Philly Semiconductor index rising 3.59%. Micron surged 15.7% following strong earnings, and equal-weighted S&P 500 stocks gained 0.67%, signaling mixed market breadth.