Asian stocks decline, following Wall Street's drop on worries about the economy

HONG KONG — Asian stocks tumbled Wednesday after Wall Street had its worst day since early August, with the heavyweight Nvidia falling 9.5%, leading to a global decline in chip-related stocks.

U.S. futures were lower. Rising oil supply was driving down prices, as Libya moved closer to resolving a conflict over control of the country’s oil revenue that meant its oil production may soon increase. On Tuesday, the S&P 500 sank 2.1% to give back a chunk of the gains from a three-week winning streak that had carried it to. The Dow Jones Industrial Average dropped 626 points, or 1.5%, from its own record set on Friday before Monday’s Labor Day holiday. The Nasdaq composite fell 3.3% as Nvidia and other Big Tech stocks led the way lower.Treasury yields also stumbled in the bond market after a report showed U.S.

All told, the S&P 500 fell 119.47 points to 5,528.93. The Dow dropped 626.15 to 40,936.93, and the Nasdaq composite sank 577.33 to 17,136.30.

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