Asian stocks slipped at the open, tracking declines on Wall Street as investors rotated out of technology shares and positioned for the first Federal Reserve policy decision under Chairman Kevin Warsh.
MSCI Inc.’s gauge of regional equities was down 0.1% after a three-day rally, with South Korea’s chip-heavy Kospi benchmark losing 0.6%. That’s after a pullback in semiconductor makers weighed on US equities, dragging the S&P 500 0.6% lower and sending the Nasdaq 100 down almost 2%. Meanwhile, SpaceX extended its post-IPO surge to nearly 50%, overtaking Amazon.com Inc. to become the world’s fifth-largest company by market value.
