Financial markets across Asia and the United States experienced sharp declines due to escalating concerns about a potential recession in the world’s largest economy. The American semiconductor leader witnessed a nearly 10% drop in share value, as apprehensions regarding the economic outlook overshadowed the excitement surrounding advancements in artificial intelligence (AI).
On Wednesday morning, major Asian stock indices followed suit, reflecting the steep losses recorded on Wall Street the previous day. Investors are adopting a more cautious approach in light of recent data indicating that manufacturing activity in the US is still under pressure, creating a heightened focus on upcoming employment figures set for release on Friday.
In the New York market Tuesday, the S&P 500 index ended over 2% lower, with the technology-dominated Nasdaq suffering an even steeper decline of more than 3%. The downward trend continued on Wednesday, as Japan’s Nikkei 225 fell approximately 3%, South Korea’s Kospi slid 2%, and Hong Kong’s Hang Seng Index decreased by 1.5%. Prominent Asian tech companies, including Samsung Electronics, SK Hynix, and Tokyo Electron, also faced significant losses in their stock prices.
