Asian stocks slumped as investors rotated out of some of this year’s best-performing technology shares while awaiting further developments in US-Iran peace talks.
MSCI Inc.’s gauge of regional equities declined more than 2% after closing at a record high, and South Korea’s Kospi plunged over 6% on renewed concern that a rally in heavyweight chip stocks has become overstretched. A subgauge of Asian tech names snapped an eight-day winning run. S&P 500 futures retreated 0.6% while Nasdaq 100 contracts slid 1.1%. Oil prices edged lower.