“Growth concerns are dominating market moves,” Julia Lee at FTSE Russell told the BBC.
In New York on Tuesday, the S&P 500 index closed more than 2% lower, while the technology-heavy Nasdaq fell by over 3%.
Nasdaq-listed Nvidia fell by 9.5%, wiping $279bn (£212.9bn) off its stock market valuation.
Other US tech giants – including Alphabet, Apple and Microsoft – also saw their shares tumble.
On Wednesday morning, Japan’s Nikkei 225 was down 3.3%, South Korea’s Kospi was trading 2.7% lower and the Hang Seng in Hong Kong dropped by 0.7%.
Major Asian technology firms including TSMC, Samsung Electronics, SK Hynix and Tokyo Electron were sharply lower.
“Concerns around global growth look to be hitting exporting countries in the region particularly hard,” Ms Lee added.
The highly-anticipated US non-farm payrolls jobs market report is due to be released on Friday.
Investors will be watching those figures closely for clues on how much the US Federal Reserve will cut interest rates by when officials meet next week.
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