asian markets drop wall street crash tech stocks

Asian markets drop after Wall Street crash as tech stocks fall further - Moneycontrol.com
Asian stocks plunged on June 8 after a sharp drop in US tech stocks shook global markets, with rising oil prices and expectations of tighter monetary policy adding to investor worries.
South Korea's Kospi index dropped over 8% before trading paused, undoing some of its recent gains. Japan's Nikkei fell 4.2%, and MSCI's Asian market index dropped 3.4% as selling grew across the region.
Tech and chip stocks were hit hardest. Samsung Electronics dropped up to 11%, SK Hynix fell 10%, and Taiwan Semiconductor Manufacturing Co. declined 5.7%, mirroring losses in US chip stocks.
This came after a sharp market drop on Friday. The Nasdaq 100 fell 4.8%, and the S&P 500 dropped 2.6%. The Philadelphia Semiconductor Index plunged 10% as investors stepped back from tech shares due to concerns about valuations and profit-taking after a long rally.
Bond markets also faced pressure after stronger-than-expected US jobs data suggested the Federal Reserve might keep rates higher longer. The yield on the 10-year US Treasury rose to 4.55% as traders bet on a possible rate hike this year.