Financial markets in Asia and the US have fallen on concerns that the world’s largest economy may be headed for recession.
Shares of US giant Nvidia fell nearly 10% as economic concerns dampened optimism about the rise of artificial intelligence (AI).
On Wednesday, major Asian indexes fell after major stock indexes in New York fell sharply.
Investors turned more cautious as new data showed US manufacturing activity remained subdued, with the focus now on key jobs figures due on Friday.
“Growth concerns are at the forefront of markets,” Julia Lee at FTSE Russell told the BBC.
In New York on Tuesday, the S&P 500 index closed more than 2% lower, while the tech-heavy Nasdaq fell 3%.
Nasdaq-listed Nvidia fell 9.5%, wiping $279bn (£212.9bn) off its stock market valuation.
Other US tech giants – including Alphabet, Apple and Microsoft – also saw their shares fall.
On Wednesday morning, Japan’s Nikkei 225 was down 3.3%, South Korea’s Kospi was trading 2.7% lower and Hong Kong’s Hang Seng was down 0.7%.
Major Asian technology companies including TSMC, Samsung Electronics, SK Hynix and Tokyo Electron were down sharply.
“Global growth concerns seem to be hitting most of the exporting countries in the region,” Ms Lee added.
The highly anticipated US non-farm payrolls job market report will be released on Friday.
Investors will be watching those figures for clues as to how much the US Federal Reserve will cut interest rates when officials meet next week.
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