Global Stock Markets Affected by Tech Sell-Off

Global stock markets experienced a significant decline on Wednesday, driven largely by a massive sell-off in tech stocks, including Nvidia. This downturn affected major European and Asian markets and caused a significant drop in oil prices. The market remains volatile as investors anticipate upcoming U.S. economic data.

Global stock markets took a hit Wednesday, driven by a massive sell-off in tech stocks such as Nvidia, which saw its stock value plunge by $279 billion. European shares dropped by 1%, with major markets in London, Paris, and Frankfurt down between 0.6% and 0.9%. Semiconductor firms like ASML Holdings lost 5.4%.

The downward trend is expected to continue on Wall Street, with S&P 500 and Nasdaq futures declining by 0.4% and 0.5%, respectively. Wall Street had already closed sharply lower on Tuesday, adding to the woes in the tech sector.

Oil prices also fell to multi-month lows, with Brent crude futures down to $73.34 a barrel. Investors are bracing for more volatility due to weak U.S. manufacturing data and concerns over global economic growth, particularly from China, the world's largest oil importer. The dollar and Japanese yen showed resilience as investors flocked to safer assets.

(With inputs from agencies.)