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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wells Fargo says buy stocks, not the stock market now. Here's its bargain listWatch these stocks as Wall Street tries to regain ground from a global sell-off.
Source: CNBC - 🏆 12. / 72 Read more »

Nvidia stock slips even after earnings top Wall Street estimates, demand for AI chips surgesNvidia may have exceeded Wall Street estimates as its profit jumped — buffeted by the chipmaking dominance that has cemented Nvidia’s place as the poster child of the artificial intelligence boom — but investors seemed less than impressed.
Source: KTVU - 🏆 465. / 53 Read more »

Nvidia stock slips even after earnings top Wall Street estimates and demand for AI chips surgesNvidia has led the artificial intelligence boom to become one of the stock market’s biggest companies, as tech giants continue to spend heavily on the company’s chips and data centers needed to tra…
Source: denverpost - 🏆 13. / 72 Read more »

Nvidia stock slips despite 2Q earnings topping Wall Street estimates, high AI chip demandNvidia may have exceeded Wall Street estimates as its profit jumped — buffeted by the chipmaking dominance that has cemented Nvidia's place as the poster child of the artificial intelligence boom — but investors seemed less than impressed.
Source: KPIXtv - 🏆 443. / 53 Read more »