Global stocks experienced significant declines on Wednesday, driven by a sell-off in U.S. markets, where Nvidia's 9.5% drop led to a broader decline in chip-related stocks. European markets mirrored this trend, with the Stoxx 600 index falling 1.1%, while Asian markets saw even steeper losses, especially in technology stocks. Worries surrounding the U.S. economy and disappointing manufacturing data contributed to the risk-off sentiment among investors, with many now anticipating potential Federal Reserve rate cuts later this month. Australia's GDP growth slightly exceeded expectations, yet regional markets remained vulnerable due to fears of a slowdown in China, the world's largest crude oil importer, exacerbated by weak economic indicators. Oil prices also dipped amid rising supply from Libya, further complicating the outlook for demand. As uncertainty looms, traders are cautious ahead of key labor market data due this Friday that could impact market sentiment significantly.