The Nikkei index in Japan dropped more than 3 percent in early trading. Global markets are reacting to fears about a slowdown in the American economy.
Shares of Nvidia plummeted 9.5 percent and dragged the technology-heavy Nasdaq down more than 3 percent, contributing to broader unease in the market.
Brent crude oil prices fell nearly 4 percent to just over $73 a barrel, the lowest point of the year, reflecting concerns about the global economy.
Bank of America analysts expect global economic growth at 3.1 percent this year, maintaining a forecast for the U.S. to avoid recession but are less optimistic about China.
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