Global stocks tumble after Wall Street drops on worries about the economy

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

Taiwan’s Taiex lost 4.5%, dragged down by the heavyweight Taiwan Semiconductor Manufacturing Company, which was 5.4% lower. Growing worries about China’s economy — the world’s largest importer of crude oil — also amplified doubts about future oil demand, especially after the recent release of weak data, which was dragged down by a real estate slump and weak consumption.

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 cusp of its all-time high. “Demand remains subdued, as companies show an unwillingness to invest in capital and inventory due to current federal monetary policy and election uncertainty,” said Timothy Fiore, chair of the Institute for Supply Management’s manufacturing business survey committee.

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