- Markets slide as Nvidia shares plunge almost 10%
- Concerns US economy is heading for recession
- New York’s major stock indexes took a significant hit, major Asian indexes following suit
Markets slide as Nvidia shares plunge almost 10%
Financial markets in Asia and the US have plummeted amid fears of an impending recession in the world’s largest economy. Concerns over the US economy overshadowed the excitement around artificial intelligence, leading to a nearly 10% drop in shares of American chip giant Nvidia. This decline wiped $279 billion off the company’s market value.
On Tuesday, New York’s major stock indexes took a significant hit, with the S&P 500 falling over 2% and the Nasdaq dropping more than 3%. Other US tech giants like Alphabet, Apple, and Microsoft also saw their shares decline.
The market turmoil continued into Wednesday, with major Asian indexes following suit. Japan’s Nikkei 225 fell 4.4%, South Korea’s Kospi dropped 3%, and Hong Kong’s Hang Seng declined by 1.3%. Leading Asian tech firms, including TSMC, Samsung Electronics, and SK Hynix, experienced sharp losses.
Investors are now closely watching the upcoming US non-farm payrolls report, set to be released on Friday, for hints on the Federal Reserve’s next move on interest rates.