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Financial markets in Asia and the US have tumbled on concerns that the world’s largest economy could be headed towards a recession.<\/p>\n
Shares in American chip giant Nvidia slumped by almost 10% as concerns over the economy dampened optimism about the boom in artificial intelligence (AI).<\/p>\n
On Wednesday, major Asian indexes dropped after major stock indexes in New York fell sharply.<\/p>\n
Investors turned more cautious as new data showed US manufacturing activity remains subdued, with the focus now on key jobs figures due on Friday.<\/p>\n<\/div>\n
“Growth concerns are dominating market moves,” Julia Lee at FTSE Russell told the BBC.<\/p>\n
In New York on Tuesday, the S&P 500 index closed more than 2% lower, while the technology-heavy Nasdaq fell by over 3%.<\/p>\n
Nasdaq-listed Nvidia fell by 9.5%, wiping $279bn (\u00a3212.9bn) off its stock market valuation.<\/p>\n
Other US tech giants – including Alphabet, Apple and Microsoft – also saw their shares tumble.<\/p>\n
On Wednesday morning, Japan’s Nikkei 225 was down 3.3%, South Korea’s Kospi was trading 2.7% lower and the Hang Seng in Hong Kong dropped by 0.7%.<\/p>\n
Major Asian technology firms including TSMC, Samsung Electronics, SK Hynix and Tokyo Electron were sharply lower.<\/p>\n
“Concerns around global growth look to be hitting exporting countries in the region particularly hard,” Ms Lee added.<\/p>\n
The highly-anticipated US non-farm payrolls jobs market report is due to be released on Friday.<\/p>\n
Investors will be watching those figures closely for clues on how much the US Federal Reserve will cut interest rates by when officials meet next week.<\/p>\n<\/div>\n