Asian equities retreated Friday as renewed tech selling erased much of Thursday’s rally. A regional gauge fell 2%, while South Korea’s tech-heavy Kospi slumped more than 4%. Nasdaq 100 futures dropped 0.8% and S&P 500 futures slipped 0.4%, according to Bloomberg.

SoftBank Group plunged 13% after the New York Times reported OpenAI may delay its IPO until 2027, potentially hurting returns for its Japanese backer. The selloff followed a volatile Wall Street session, where the S&P 500 ended flat and Apple sank 6.1% after raising prices across Mac, iPad, and home device lines amid a memory shortage.

SK Hynix, Samsung Electronics, and Kioxia Holdings weighed on Asian benchmarks after strong gains in the previous session. Brent crude fell below $75 a barrel, even as a projectile strike on a vessel in the Strait of Hormuz renewed shipping concerns.

Bond traders trimmed Fed rate-hike bets after May PCE rose 0.4%, below estimates, though annual inflation accelerated to 4.1%. Swaps priced about 34 basis points of tightening by December.