Global Markets Rebound After Tech Selloff; South Korea, Indonesia Face Index Challenges

Hello, this is Justina Lee writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.

The aftershocks from the tech selloff continue to reverberate across global markets.

The weakness that began in technology stocks spread through Asia and Europe on Tuesday, while precious metals also came under pressure as investors reassessed the path of interest rates.

Meanwhile, South Korea's push for developed-market status hit another roadblock after MSCI kept it in the emerging-market category, while Indonesia faces downgrade risks over investor access concerns.

Asia's technology stocks bounced back on Wednesday after a bruising session that sent global equities lower.

South Korea's Kospi jumped more than 3% after plunging roughly 10% on Tuesday. Index heavyweights SK Hynix gained around 3%, while Samsung Electronics surged more than 6%.

The two stocks were among the biggest drags on the Kospi during Tuesday's selloff, as a tech-led rout rattled global markets. In Europe, the Pan-European Stoxx 600 declined around 1% as investors continued to shed risk.

The tech selloff on Tuesday also spilled into precious metals. Gold and silver prices came under pressure as investors worried that interest rates could stay higher for longer, while several banks lowered their forecasts for the metals.

There is, however, some silver lining for some U.S. tech giants. Alphabet is replacing Verizon in the Dow Jones Industrial Average, which could further boost its presence in the blue-chip average.

Meta announced its new set of smart glasses priced at $299, undercutting some of its earlier models as the company pushes to bring wearables to a broader audience.

In Asia, investors are also digesting MSCI's recent moves on Indonesia and South Korea.

The global index provider extended Indonesia's status as an emerging market after freezing the country's stocks in its indexes in January, citing investability concerns.

And despite South Korea's rally in recent months, MSCI said it will maintain its inclusion in the emerging-market index. MSCI cited the limited convertibility of the Korean won in the offshore currency market as a key obstacle to an upgrade.

Beyond markets, investors are also watching geopolitical risks, with attention turning back to the Middle East. Things are calmer in the region following recent developments that signal stabilization.

More than 11,000 seafarers stranded in the Persian Gulf will begin to exit through the Strait of Hormuz, the International Maritime Organization said Tuesday, under a plan backed by both the U.S. and Iran. Oil prices edged lower as traders continued to monitor tanker traffic through the waterway.

—Justina Lee