Global Market Today: Asian stocks drop as AI rally pauses, oil dips

Asian stocks slipped Thursday after a recent tech-led rally on Wall Street paused. Crude oil edged lower as Iran reached an agreement with Oman on the Strait of Hormuz.

The MSCI Asia Pacific Index declined 0.2%, with South Korea’s Kospi Index falling 1%. Earlier, the S&P 500 Index pulled back from a record high while an index of semiconductor stocks lost more than 1%, even as Nvidia Corp. advanced. SpaceX tumbled 14% despite strong earnings, ahead of the release of about $101 billion of shares for trading Thursday.