Share prices in Asian and US markets have tumbled as concerns grow that the world’s largest economy could be headed towards a recession.
Data showed US manufacturing activity remains subdued, with investors now focussed now on key jobs figures due on Friday.
American chip giant Nvidia was hit particularly hard, slumping by almost 10% as optimism about the boom in artificial intelligence (AI) dampened.
The news came after the US government sent subpoenas to Nvidia and other companies as part of its AI probe.
“Growth concerns are dominating market moves,” 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 technology-heavy Nasdaq fell by over 3%.
Nasdaq-listed Nvidia fell by 9.5%, wiping $279bn (£212.9bn) off its stock market valuation.
Other US tech giants — including Alphabet, Apple and Microsoft — also saw their shares tumble.
On Wednesday morning, Japan’s Nikkei 225…
