Tech Selloff Spreads Globally as Futures Slide

U.S. stock futures fell sharply early Tuesday as a technology selloff that began on Wall Street spread to global markets.

U.S. futures point to further losses. S&P 500 futures were 1.33% lower by 5:30 a.m. ET. Nasdaq 100 futures slid 2.42% while Dow Jones Industrial Average futures dropped 319 points, or 0.61%.

The declines follow a session that dragged the S&P 500 and Nasdaq lower to start the week.

Semiconductor and storage stocks lead premarket losses. Sandisk fell more than 9% in the premarket to lead losses in the Nasdaq-100. Chipmakers Micron and Marvell were down more than 7%, while components maker Seagate also shed around 7%. Intel pulled back 6.7%, while AMD and Qualcomm lost more than 5% each.

The State Street Technology Select Sector SPDR ETF (XLK) dropped 3%. The VanEck Semiconductor ETF (SMH) fell around 5%.

SpaceX extends its losing streak. SpaceX traded 3% lower, putting it on pace for its fourth straight losing session.

Asia-Pacific markets close sharply lower. South Korea’s Kospi led the region’s losses, falling almost 10% to end the trading day at 8,203.84. Japan’s Nikkei 225 declined 3.55% to close at 69,788.38, breaking eight sessions of gains. In Australia, the S&P/ASX 200 lost 0.33% to 8,787.

Hong Kong’s Hang Seng Index fell 1.82% to close at 23,336.28, while mainland China’s CSI 300 was down 2.77% to 4,919.39. Asia-Pacific markets closed in the red after giving up gains from early in the session.

European shares also decline. The pan-European Stoxx 600 fell 1%. The tech sell-off gripped international markets on Tuesday after originating on Wall Street.