Stocks in Asia declined following a US selloff after a disappointing outlook from Europe’s most-valuable tech firm and concern about tighter US curbs on chip sales hit the industry that’s powered the bull market.

Equity benchmarks in Sydney, Tokyo and Seoul all fell, while contracts pointed to declines in Hong Kong. S&P 500 futures were little changed after the benchmark slid 0.8% on Tuesday. Treasuries were steady while oil clawed back some gains in early trading after plunging Tuesday.

Asian semiconductor stocks including SK Hynix Inc. and Samsung Electronics Co Ltd. slipped on Wednesday after Dutch giant ASML Holding NV booked only about half the orders analysts expected in the latest three months and cut its outlook for next year. In the US, Nvidia Corp. lost 4.7%, reflecting a startling slowdown for the bellwethers of the semiconductor industry.

“US equity markets, skewed more toward large-cap leadership, are seeing profit-taking today as earnings season ramps up against overbought/extended charts,” said Dan Wantrobski at Janney Montgomery Scott.

The S&P 500 slipped to around 5,815 and the Nasdaq 100 lost 1.4%. The dollar steadied after climbing to the highest level in about two months after former President Donald Trump defended proposals to dramatically raise tariffs on foreign imports. Treasury 10-year yields declined seven basis points on Tuesday.

Investors got so bullish that it might be time to sell global stocks, according to an investor survey by Bank of America Corp. Allocations to equities surged, while bond exposure sank and cash levels in global portfolios fell to 3.9% in October from 4.2% last month, triggering a “sell signal,” strategists led by Michael Hartnett wrote.Back in Asia, traders will be watching China stocks after the housing minister announced a press briefing on Thursday that’s expected to provided more details of support measures for the property sector. A gauge of US-listed Chinese shares slumped almost 6%, while the CSI 300 index lost more than 3% on Tuesday as doubts resurfaced about Beijing’s stimulus blitz.Elsewhere, New Zealand’s dollar and sovereign bond yields declined after the annual inflation rate fell sharply in the third quarter, returning to the central bank’s target band for the first time in more than three years.

Meanwhile, three of Southeast Asia’s biggest economies will unveil monetary policy decisions later Wednesday. Indonesia and Thailand are expected to keep rates on hold, while a cut is seen in the Philippines.