Major U.S. stock indexes are slipping further following Tuesday's big selloff.

Stocks are coming off their worst session since the global market rout in early August. Data highlighting ongoing manufacturing weakness rekindled worries about the health of the economy.

Investors await Friday’s monthly jobs report, a key reading that could influence the pace of the Federal Reserve’s expected rate cuts—and signal whether the economy is closer to a recession or a soft landing. U.S. job openings fell in July to a lower-than-expected 7.7 million, according to Wednesday's JOLTS report.

Meanwhile, Nvidia shares also edged lower. The AI darling on Tuesday shed nearly $280 billion in market value, a record drop for a U.S. company. Asian and European chip stocks, including ASML and TSMC, slid early Wednesday.

In recent market action:

Stock indexes crept lower. The S&P 500 and Nasdaq Composite were modestly lower, after wavering for much of the day. The Dow industrials also slipped.