Tech rout intensifies as selloff grips global stocks

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

Shares in Asia were broadly lower by the end of the day's trading session, with South Korea's tech-heavy Kospi index closing 10% lower. The index was dragged down by chipmaker SK Hynix and tech giant Samsung, with both companies ending the session on losses of more than 12%.

In Europe, shares also fell sharply as the pan-European Stoxx 600 shed 1.2% in early trading.

The Stoxx 600 Technology index led regional losses, with a decline of 3.2%. Chipmaker STMicroelectronics and Dutch semiconductor equipment maker ASMI were both down more than 7%, putting them among the biggest downward movers on the Stoxx 600.

Meanwhile, futures tied to New York's Nasdaq 100 index — home to Nvidia, Apple, Alphabet and Microsoft — lost 2.7% ahead of Tuesday's regular trading session.

In pre-market trading on Wall Street, the iShares Semiconductor ETF was down 5.9%, with individual chip stocks notching big losses. Intel was last seen trading 7.8% lower, while Micron lost 8.4% and AMD was down by 6%. Chipmaking giant Nvidia was 3% lower.

SpaceX shares also extended its sell-off, moving 3.6% lower in pre-market trading after falling 16% during Monday's regular session.

A pullback in the wider tech sector dragged both the S&P 500 and the Nasdaq Composite lower on Monday, with investors rotating out of the so-called "Magnificent Seven" stocks. Amazon and Meta's sharp declines extended into pre-market trading on Tuesday, with the stock shedding 1% and 0.7%, respectively.

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