Economic Concerns - US Technology Index Nasdaq Plunges, Nvidia Stock Loses Almost Ten Percent

The global stock market experienced a significant sell-off as concerns about the economy and weak manufacturing data weighed on investor sentiment. The Nasdaq 100 index fell by 3.15%, with Nvidia and Intel being the biggest losers.

Other major indices such as the Dow Jones, Dax, Nikkei 225, and Topix also recorded losses. Nvidia's market value plummeted by around $280 billion in a single day, marking the largest ever valuation wipeout for a US company.

The sell-off was driven by fears of a potential recession in the United States and doubts about the profitability of AI investments. Investors are also anxiously awaiting quarterly earnings reports from companies like Hewlett Packard Enterprise and Home24, as well as interest rate cuts by the US Federal Reserve and the European Central Bank in September.

The market volatility is expected to continue, with the upcoming jobs report influencing the size of the expected interest rate cut by the Federal Reserve.