Asian stocks set to end three-day rally, falling as US markets slide ahead of Fed decision under new chair Kevin Warsh. Futures point to declines in Japan, South Korea and Australia, while Hong Kong futures rise. A tech rotation drags the S&P 500 0.6% lower and the Nasdaq 100 down almost 2%. Analysts note that currency markets also slipped, adding pressure to export‑driven economies.

Chipmakers pull back after sharp rally, weighing on broader equities. The slowdown follows a recent surge that had lifted the Nasdaq, but investors now favor defensive sectors ahead of policy guidance. Meanwhile, Space X extended its post‑IPO climb, gaining roughly 50% and overtaking Amazon to become the world’s fifth‑largest firm by market value. The pullback also hit semiconductor ETFs that had been riding earnings beats.

The market dip underscores how sensitive Asian indices remain to US monetary signals, especially with the Fed’s first meeting under Warsh looming. Traders will watch the Fed’s language for clues on rate trajectory, while the Space X surge highlights how post‑IPO momentum can reshape global rankings. Currency traders are also repositioning, with the yen under pressure. Investors should brace for volatility as policy cues unfold.