Global stocks fell sharply Tuesday and appeared poised to extend losses in a sell-off driven by tech heavyweights.
South Korea’s KOSPI index fell nearly 10 percent, with Samsung Electronics and semiconductor maker SK Hynix each losing more than 12 percent of their value. The sell-off triggered a trading halt Tuesday afternoon, according to South Korean news agency Yonhap.
Japan’s Nikkei index closed nearly 4 percent down, while Hong Kong’s Hang Seng Index lost nearly 2 percent. Markets in Europe also lost ground Tuesday, including the United Kingdom’s FTSE 250, Germany’s DAX and France’s CAC 40.
In the United States, Nasdaq composite index futures were down nearly 3 percent early Tuesday, with S&P 500 futures down more than 1 percent.
The cooling sentiment follows signals of higher interest rates and concern over the level of spending on AI investment, which has driven markets to record highs.
Tech giants suffered some of the biggest losses. Shares of SpaceX, following its record-breaking initial public offering this month, were down 3 percent in premarket trading, after falling 16 percent Monday. Google parent company Alphabet was down nearly 2 percent in premarket trading, after losing 5 percent of its value Monday in what marked the company’s worst day in more than a year.
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