Asia-Pacific markets fell after paring earlier gains, with South Korea’s Kospi leading the region’s losses, falling more than 6%, while the small-cap Kosdaq fell 6.27%.
Japan’s Nikkei 225 fell 1.5%, snapping eight sessions of gains, while the Topix fell 0.79%.
India’s Nifty 50 fell 0.22%.
In Australia, the S&P/ASX 200 lost 0.11%. China’s CSI 300 fell 1%, while Hong Kong’s Hang Seng Index fell 0.16%.
Investors dumped shares of the “Magnificent Seven” on Monday, with Amazon down nearly 5% and Meta Platforms down 2%. Shares in Alphabet fell 5%, posting their worst daily performance in more than a year, as concerns about a brain drain grew following the departure of two well-known artificial intelligence researchers in favor of competitors, SEEbiz reports.
Musk’s rocket maker SpaceX fell 16% to record its third consecutive negative session.
“Anything related to artificial intelligence and technology is still an area of focus for small traders. They’re just not as active in individual stocks as they have been in the past,” Liz Ann Saunders, chief investment strategist at Charles Schwab, said on CNBC’s “Closing Bell” Monday afternoon. “It’s not a lack of interest in broader technology or AI, just vehicles. I think there’s a little more focus on ETFs in a broader sense, as opposed to those individual stock trades.”
