Oil prices fall after US waives Iran sanctions and peace talks in Switzerland progress – business live

US waives sanctions on Iran for 60 days after first talks in Switzerland to negotiate peace deal; communications line opened to ensure safe passage through strait of Hormuz

South Korean stocks tumbled nearly 10% because of a big sell-off of technology stocks.

Foreign investors dumped major semiconductor and other shares to take profits, following a sell-off in US technology stocks. The South Korean won weakened against the dollar.

As surely as night follows day, SpaceX’s reversal has arrived, bringing the shares back down to Earth and causing euphoric sentiment to sputter. And just as inevitably, the losses are of such a size that they cannot be ignored by the broader market.

A chill wind is blowing through stock markets around the globe as investors watch the selling. It is a necessary corrective in sentiment, and should in theory make the shares even more attractive, but emotions don’t work like that. Instead of hopes that the shares will keep rocketing, we have the fear that they will go down even more, which will cast a deep gloom over today’s market action.