Chinese technology and semiconductor shares declined as U.S. Treasury yields climbed, according to Investing.com. Higher U.S. yields tend to make dollar-denominated assets more attractive relative to emerging-market equities, and Chinese tech names were among the hardest hit in the session.
The selloff came against a backdrop of broader U.S.-Asia trade tension. Separately, South Korea selected a $22 billion Texas gas plant as the first concrete project under its pledged $350 billion in U.S. investment commitments to the Trump administration, a pledge that followed months of tariff threats. Hopes for a fresh Boeing aircraft deal tied to the ongoing U.S.-China summit were also fading, sources told Investing.com.
It is unclear how much of the Chinese tech pressure is yield-driven versus tied to unresolved trade negotiations. A resolution on Boeing orders or a shift in the summit's tone could change the picture quickly.