Taiwan's stock futures flipped from gains to losses overnight after Wall Street sold off, a bad sign for investors after a strong rally the day before.

• Renewed US-Iran conflict pushed up oil prices and stoked worries about inflation.
• That raised fears the Fed could keep money tight for longer, knocking US stocks down across the board.
• Chip stocks took the worst of it, with the Philadelphia semiconductor index falling hardest.
• Taiwan's night-session futures gave up their early gains and closed down about 1%, with TSMC futures slipping too.
• The drop wipes out much of the previous day's big rally, when electronics and chip-related shares led the market sharply higher.

Outlook: Taipei looks set to open lower, and the direction from here depends on whether the Iran conflict keeps oil and inflation fears alive.