The sustainability of the sky-high valuation of US stocks has been questioned, and the Japanese and Korean stock markets have followed suit

Asian stocks followed an overnight sell-off in US stocks on Wednesday as investor fears of overvaluation dented confidence. The MSCI Asia-Pacific index fell 1 per cent, with South Korea leading losses of more than 4 per cent, while US and European stock index futures also continued to fall in tandem. "The whole market is a sea of red [declines]," said Chris Weston, head of research at Pepperstone Group. "There are not many reasons to buy right now, and there is a lack of short-term catalysts in the market until we get close to NVIDIA's earnings report on November 19." After the chief executives of Wall Street giants Morgan Stanley and Goldman Sachs questioned whether sky-high valuations could last, there were concerns that the stock market may have been overinflated and that stocks were falling back from their all-time highs.