The News
Japan’s stock market slid 3% on Wednesday, as the world felt the ripple effects of a Wall Street tumble driven by fears of an economic slowdown.
Disappointing manufacturing data showed weakness in US factories, amplifying concerns that the US Federal Reserve, which is expected to cut rates this month, may have waited too long to do so.
The Dow, Nasdaq, and S&P all saw their worst days since the early August panic, ending a month-long bullish run.
“Investors are on edge ahead of Friday’s monthly jobs report,” The Wall Street Journal wrote, which could influence whether the central bank will be more cautious or aggressive in cutting rates.
Tuesday’s decline was led by tech stocks, with Nvidia’s shares plummeting 9.5%, and continuing to fall after hours following a DOJ subpoena for the chipmaker in its antitrust probe. The tech stock slowdown was the main trigger for the slide in Japan, which is home to many tech companies.