Global stocks extended losses after suffering their steepest drop in nearly a month on concerns over elevated valuations. Bonds extended gains and investors sought the safety of haven currencies such as the yen.

US equity-index futures slipped in early Asian trading, signaling further losses for the S&P 500 and Nasdaq 100 indexes after the gauges pulled back with tech shares hit the hardest. Sentiment was further dented as Super Micro Computer Inc. shares tumbled in late trading and Advanced Micro Devices Inc. failed to impress investors with its revenue forecast. Asian shares also opened lower, led by South Korean equities, which fell over 4%.

MSCI’s gauge for Asian shares fell 1.2% with losses in Japan and Australia. South Korea briefly halted sell orders for program trading after Kosp

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