Tech Selloff Hits Stocks

Global equities fell to a two-week low as renewed weakness in the Tech sector weighed on risk sentiment, with declines in Apple and concerns over OpenAI delaying its IPO triggering another wave of selling.

South Korea's KOSPI was hit by its second trading suspension of the week after plunging as much as 9% before trimming some losses.

The broader MSCI Asia Pacific Index fell more than 3%, while Nasdaq 100 futures dropped 1.3%, S&P 500 futures lost 0.7% and European equity futures declined 0.8%.

Apple shares fell 6.1% after the company raised prices on Macs, iPads and home devices.

The move sparked concerns that higher component costs could weaken consumer demand, pressuring Apple's Asian suppliers and raising questions over whether the memory-chip rally that has underpinned much of the AI trade can be sustained.

In Japan, shares of SoftBank tumbled 14% after reports that OpenAI is considering delaying its planned IPO until 2027, pushing back potential returns for one of its largest investors.

The Nikkei 225 fell 4.5% as technology stocks led losses.

Oil prices provided little support for broader sentiment.

Brent crude traded around $74 per barrel after recovering from earlier losses as renewed security concerns emerged following a projectile strike on a vessel transiting the Strait of Hormuz.

The incident interrupted a recent normalization in shipping traffic after progress toward a US-Iran peace agreement had briefly erased the geopolitical risk premium from oil prices.