Asian stocks slide for second day after US tech rout

Asian stocks fell for a second day, with MSCI's regional benchmark slipping 0.3% to levels last seen in July, following a US tech rout that saw the Nasdaq 100 tumble 2.9% and the Philadelphia Semiconductor Index sink 6.7%. Investors rotated from technology megacaps like Tesla and Meta into defensive dividend-paying staples, utilities, and safe havens like Treasuries, which staged their biggest rally in over two years. The 10-year yield dropped 17 basis points to 4.95%, while the yen strengthened to 156.60 per dollar. The selloff reflects concerns that AI-related investments outpaced fundamentals, with tests ahead from Microsoft, Amazon, and Alphabet earnings and the Fed's policy decision. Chinese stocks also remain weak after a $2.4 trillion slide from May pushed them into a bear market.