Investors in energy markets are not just worried about economic growth. They are also concerned about a supply glut amid rising output in the United States and countries like Libya and Venezuela. OPEC has agreed to cut production by 1.2 million barrels per day, but those cuts will not take effect until next year.

[Read more about the factors affecting crude oil prices.]

Alan Greenspan, the former Fed chairman, weighed in on the recent turmoil in stocks, predicting that it signals the end of a nearly decade-long bull market.

“It would be very surprising to see it sort of stabilize here and then take off again,” he said in an interview with CNN. Mr. Greenspan blamed the rise in long-term interest rates for the decline. From a low of 1.36 percent in mid-2016, the yield on the 10-year Treasury note — a key benchmark for interest rates — climbed above 3 percent in early October. The recent spate of market volatility has sent it down again however. It is currently around 2.83 percent.

Stocks in Europe were lower, while shares in Asia suffered a steeper decline after a speech on reform from China’s top leader sent markets down on Tuesday.

The speech by President Xi Jinping quoted Communist Party theory, failed to mention the trade war and offered little insight into Beijing’s plans. Though Chinese officials do not usually use such events as a forum for announcing new initiatives, many investors had been hoping that Mr. Xi might introduce new efforts to prop up China’s slowing growth or defuse trade tensions with Mr. Trump.

“The main question for Chinese markets at the moment is to what extent the government will stimulate the economy and whether there will be a trade deal with the U.S.,” said Tom Rafferty, China regional manager at the Economist Intelligence Unit.

“On both those fronts, Xi’s speech offered little in terms of specifics, and we remain highly skeptical that a deal with the U.S. will be done,” Mr. Rafferty said.