Global Market Today: Asian stocks slip on AI woes, oil extends drop

Asian stocks slipped with the MSCI Asia Pacific Index down 0.4 percent, dragged by a 1.6 percent fall in the Nasdaq 100 and a 5 percent drop in US chip stocks as concerns mounted that the AI-driven rally had overshot. US June nonfarm payrolls rose only 57,000 with unemployment at 4.2 percent, prompting traders to pare back Fed rate hike expectations. American crude traded just under $68.50 a barrel on rising Strait of Hormuz tanker traffic, while gold held near $4,125 an ounce on softer rate-hike bets.