Intel (INTC -8.37%) stock is plummeting in Tuesday’s trading. The company’s share price was down 8.3% as of 2:45 p.m., according to data from S&P Global Market Intelligence.

Intel stock is losing ground today due to macroeconomic and geopolitical risk factors. Investors are worried that manufacturing weakness and a report on U.S. jobs numbers later this week could rattle the market, and concerns that China will invade Taiwan are back in the spotlight.

Is a recession on the horizon?

Investors have been eagerly waiting for the Federal Reserve to cut interest rates, and it looks like the central banking authority is on track to deliver the long-awaited cut this month. But the latest data shows that U.S. manufacturing pulled back in August, and investors are now worried that the anticipated rate reduction won’t be the macroeconomic market catalyst that had been expected.

The Fed has been trying to get inflation under control while avoiding recession — the heavily desired “soft-landing” scenario. Inflation has moderated substantially, but recent U.S. economic data on some other fronts has raised concerns that a soft landing may no longer be in the cards.

Some recent economic data has come in weaker than expected, and earlier employment numbers have been subject to significant downward revisions. The U.S. Labor Department is expected to release jobs numbers for August, and big sell-offs for Intel stock and the market at large reflect worries that the numbers will point toward recession.

The China-Taiwan dynamic is also hitting Intel stock

Signs pointing to a potential Chinese invasion of Taiwan have been a recurring bearish catalyst for semiconductor stocks over the last year. While excitement surrounding artificial intelligence and other growth drivers has been enough to power big valuation gains for many chip companies, geopolitical risk remains a pressing concern for chip investors. Recent comments from the Taiwanese president have once again given those concerns center-stage positioning.

In an interview on Sunday, Taiwanese President Lai Ching-te said that China should also try to get territory back from Russia if it’s claiming a right to previous land holdings as its rationale for potentially reintegrating Taiwan. While the comment was likely made in jest as a way to highlight a perceived inconsistency in China’s policy positioning, it also suggests that potentially aggressive moves from Tawain’s more powerful neighbor are an immediate concern for the country’s leader.