The KOSPI, other Asia bourses and U.S. futures stabilised a bit overnight after Tuesday's tech selloff, which saw the Nasdaq shed more than 2%. But the episode will prompt another bout of questions around stretched tech valuations.
Micron's earnings will be the sector's next test as investors look to learn more about the AI-driven memory chip demand that's propelled the company's stock up more than 200% this year.
SpaceX's damp squib over the past week since its IPO was another sideshow, with the rocket maker falling precipitously from its post-IPO peak. But its shares found a level above the listing price on Tuesday.
One factor gnawing at tech is pumped-up Fed rate-rise expectations since last week's policy meeting - and the wild divergence in forecasts on what might happen from here. Bank of America expects three hikes through next January, for example, while Citi still expects three cuts.
U.S. business surveys for June were above forecast, meantime, while oil prices continued to ebb toward four-month lows on U.S.-Iran talks and increased shipping activity in the Gulf, with Brent crude dipping below $76 per barrel.
In currency markets, the dollar extended recent gains on rate-hike bets, with the dollar index reaching a 13-month high and attention staying fixed on possible Bank of Japan intervention to prevent the greenback from hitting 40-year highs against the yen.
An intriguing story about how Japan's government is looking for better ways to manage its $1.3 trillion foreign exchange reserves is also grabbing attention.
In single stock moves, FedEx stock fell 6% out of hours on worries about tighter margins in its latest earnings update on Tuesday. And private credit jitters continue to rumble as Morgan Stanley joined Apollo this week with the latest report of heavy redemptions from its flagship funds.
With that, onto today's column.
