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The US Markit PMI dampened hopes of a rate cut, causing all three major US stock indices to turn negative during the session. $Dow Jones Industrial Average (.DJI.US)$ fell more than 1%, marking its biggest drop since $SVB Financial (SIVBQ.US)$ crisis, with $Boeing (BA.US)$ down nearly 7.6%.
Of the seven tech giants, only $NVIDIA (NVDA.US)$ rose, surging over 10% during the session and closing up 9.3% to a new all-time high. $Tesla (TSLA.US)$ fell 3.5%.
Chip stocks initially rose more than 2% before turning negative, with $Intel (INTC.US)$ down over 4% and $Advanced Micro Devices (AMD.US)$ down over 3%.
AI stock $Dell Technologies (DELL.US)$ rose 10% during the session but closed up nearly 4%, while $Super Micro Computer (SMCI.US)$ rose 11% at the opening but closed down 3%.

After the US PMI release, the two-year Treasury yield rose nearly 10 basis points to a two-week high. The dollar index turned positive, hitting a one-week high, while the yen hit a three-week low.

Oil rose more than 1% during the session before turning negative to a three-month low, marking four consecutive declines. Gold fell 2%, with New York gold futures hitting a two-week low and the biggest drop this month. Nickel in London fell more than 1% to a one-week low, marking three consecutive declines along with copper. Bitcoin fell more than $3,000 during the session, dropping below the $68,000 mark, while Ethereum hit a two-month high before turning negative.
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