Asian markets faced steep declines on Monday, as investors reacted to a significant selloff in technology stocks, particularly following a 4.2% drop in the U.S. Nasdaq index on Friday. South Korea's KOSPI index plummeted over 6.8%, while Japan's Nikkei fell 3.4%. The downturn comes amid rising expectations for Federal Reserve interest rate hikes following a robust jobs report. Analysts suggest that the recent AI-driven market rally may be experiencing a necessary pause, as positioning and momentum shifts occur. The upcoming SpaceX IPO, set to price this week, is expected to influence market liquidity and valuations. Additionally, geopolitical tensions in West Asia, particularly Israeli strikes on Beirut, have pushed Brent crude prices up by 2.6%, further complicating the market landscape. Investors are also bracing for U.S. consumer price data due Wednesday, which could impact future monetary policy decisions.