Amidst concerns of an economic downturn, stock markets in Asia and the US plummet.

Asian and American stock markets have experienced significant losses since the unexpected announcement that the US, the largest economy in the world, is entering an economic recession.

Since September 3, the US market has been declining steadily due to concerns that the recession may be set to reopen. Additionally, there has been an increase in the unemployment rate.

There is pressure in the global technology sector as a result of the announcement that many individuals in the industry are set to lose their jobs. These factors contributed to the Dow Jones' 450-point, or 1.19 percent, decline in morning trading. S&P dropped 1.2 percent while the Nasdaq 300 points, or 1.53 percent, tumbled.

A 10% decline in the share price of Nvidia, a chip manufacturer, has been attributed to fears about the economy and the potential impact on artificial intelligence (AI) costs. The release of fresh data indicating a slowdown in US manufacturing output has made investors increasingly cautious.

Due to the drop in the major American stock market indices on Wednesday, the majority of Asian stock markets are likewise experiencing a loss. International media reports indicate that on Wednesday morning, Japan's Nikkei 225 index dropped 3.31 percent. Similarly, the Hang Seng in Hong Kong dropped by 0.75 percent, and the Kospi in South Korea plunged by 2.7 percent.

Taiwan's index had a 3.49 percent decline as well. Similarly, the S&P/ASX in Australia had a decline of almost 1.70 percent.

In a similar vein, the global market price of crude oil has decreased. Crude oil reached its lowest point in almost nine months. While U.S. crude oil futures declined more than 1%, Brent crude sank 4.35 percent to $74 per barrel.

On this day, the price of gold has also dropped on the global market, claims Oil Plus. Prices for gold dropped by $22, reaching less than $2,480 per ounce.