Tech stocks plummeted on Monday as investors braced for news about the upcoming US payrolls report. Chipmakers, particularly those in South Korea like SK Hynix and Samsung Electronics, were hit hard, with their value dropping by $290 billion. The Nasdaq 100 futures declined 0.4%, while S&P 500 contracts remained flat. In contrast, European tech stocks managed to hold up relatively well, but still lost ground as part of a broader decline in the Stoxx 600 index.
Note: I’ve simplified the text by removing technical jargon and focusing on the main points, making it easier to understand for non-experts.
Source: https://www.bloomberg.com/news/articles/2026-07-01/asian-stocks-to-decline-as-traders-weigh-ai-warsh-markets-wrap