"Tech sector takes a hit as Asian stocks slide on renewed Fed fears"

Asian stocks declined as concerns over U.S. interest rates resurfaced, with weak earnings from major tech companies like Softbank and SMIC adding to the downward pressure. Tech-heavy indexes were hit the hardest, with Hong Kong's Hang Seng Index leading losses. SMIC, China's largest chipmaker, reported an 80% slump in its third-quarter profit, signaling weak global chip demand. Other chipmaking stocks, including Samsung Electronics and TSMC, also suffered losses. SoftBank Group Corp. tumbled over 6% after disappointing earnings, while concerns over slowing demand for U.S. debt pushed up Treasury yields. Additionally, disappointing economic data from China further dampened sentiment, with the country's stock indexes ending the week on a flat note.