Tech rout deepens as global stock selloff spreads

• South Korea's Kospi index plunged 10%, with major chipmakers and tech giants losing more than 12% each
• European chipmakers suffered steep losses, with some companies down over 7%, while the Stoxx 600 Technology index fell 3.2%
• U.S. tech futures indicated continued weakness, with major semiconductor stocks down 6-8% in pre-market trading following SpaceX's 16% drop on Monday

Market Summary: Global Tech Selloff Intensifies

Key Developments:

A severe global stock market selloff accelerated on Tuesday, with technology stocks bearing the brunt of losses following weakness on Wall Street. The rout spread across major markets worldwide.

Regional Performance:

• Asia-Pacific: South Korea's Kospi index plunged 10%, driven by chipmakers and tech giants posting losses exceeding 12%
• Europe: Stoxx 600 fell 1.2% in early trading, with the Technology index down 3.2%. STMicroelectronics and ASML both declined over 7%, ranking among the biggest losers
• U.S. Pre-market: Futures tied to the Nasdaq 100 dropped 2.7% ahead of regular trading

Major Stock Movements:

Pre-market trading showed steep declines across major tech names:

• Nvidia: -7.8%
• AMD: -8.4%
• Intel: -6%
• Micron: -3%
• Amazon and Meta extended Monday's losses, down 1% and 0.7% respectively

Market Context:

The selloff intensified following a $600 billion SpaceX wipeout, with SpaceX stock falling 16% during Monday's session. Investors are rotating out of the "Magnificent Seven" tech stocks, pulling down both the Nasdaq and broader indices. The semiconductor sector faces particularly acute pressure across global markets.

Implications:

The synchronized global selloff suggests broad-based risk aversion, with technology and semiconductor stocks experiencing the most significant outflows. The rotation away from mega-cap tech stocks indicates a potential shift in market sentiment after an extended rally in these names.