Asian markets opened Monday with steep losses after hawkish comments from the Fed rattled investors, bad news for anyone holding Asian tech and chip stocks.

• South Korea's market led the drop, falling more than 3% at one point before buyers stepped in and trimmed the loss.
• Japan's Nikkei fell nearly 1,600 points, breaking below the 65,000 level.
• The trigger was Fed chair Kevin Warsh restating the focus on fighting inflation, which raised the odds of higher interest rates.
• Chip stocks took the worst hit — Samsung and SK Hynix both dropped over 3%, following a heavy fall in US semiconductor stocks on Friday.

Outlook: More pressure on chip and tech shares is likely until investors get a clearer signal on whether the Fed will actually raise rates.