Wednesday saw a sharp fall in technology stocks, which caused investors to sell riskier assets due to concerns about the outlook for global growth. Additionally, oil prices dropped to levels that have not occurred in many months.

Tokyo and Taipei stock indexes saw the biggest declines in Asia, both down more than 3%, and MSCI's broadest index of Asia-Pacific equities outside of Japan saw a 1.8% decline last time.

Although September has historically been a bad month for stocks, experts attributed the selloff to a variety of reasons, including the unsatisfactory U.S. manufacturing data. Wall Street ended Tuesday's trading session significantly lower after the United States returned from its holiday earlier this week. Favorite company for artificial intelligence Nvidia dropped to a record $279 billion as investors lost interest in the technology.

On Wednesday, the debacle spread to Asian tech companies, with Japanese chip-testing equipment manufacturer Advantest—a supplier to Nvidia—falling 7%. Over 5% decreased from Taiwan's TSMC, while 7.7% fell from South Korea's SK Hynix. Meanwhile, U.S. stock futures continued their falls. Nasdaq futures fell 0.74% while S&P 500 futures dipped by 0.55%. Futures on the FTSE fell 0.75 percent, and those on the EUROSTOXX 50 fell more than 1%.

China's economy is still having difficulty mounting a growth concerns stock market internationally, according to recent data, which has prompted calls for further stimulus from Beijing. As a result of forecasts of declining demand, concerns about the slowing outlook in China, the largest oil importer in the world, and concerns about a worldwide downturn have further compounded the decrease in oil prices.

Wednesday saw a low point for both U.S. and Brent oil futures of $69.72 and $73.14, respectively, marking their lowest points since December. They had dropped by about 5% in the preceding session. In other news, Hong Kong's equities declined 1.2%, matching the decline of their regional counterparts. The Nikkei in Japan closed 3.86% lower yesterday, while China's CSI300 blue-chip market fell 0.4%.