Market Overview

U.S. stocks stalled ahead of the Fed’s decision, with the $Nasdaq Composite Index (.IXIC.US)$ retreating from record highs and the $Dow Jones Industrial Average (.DJI.US)$ suffering its first nine-day losing streak since 1978. $Broadcom (AVGO.US)$ fell over 4%, $NVIDIA (NVDA.US)$ declined for the fourth straight session, while $Tesla (TSLA.US)$ rose more than 3%, hitting new highs for three consecutive days. Chinese ADRs outperformed, with $NASDAQ Golden Dragon China (.HXC.US)$ rebounding nearly 2%, $PDD Holdings (PDD.US)$ gaining almost 3%, and $Bilibili (BILI.US)$ climbing over 4%.

UK wages grew faster than expected, pushing 2-year gilt yields up by 10 basis points in a single day. U.S. retail sales came in strong, boosting the dollar index while pulling Treasury yields lower. In Canada, the finance minister’s resignation deepened political turmoil, sending the loonie to its lowest point in over four years. Offshore yuan briefly recovered over 100 pips after falling below 7.29. Bitcoin surged past $108,000 intraday, setting new all-time highs for two consecutive days.

Oil prices fell for a second day, with WTI dropping over 2% intraday. Gold hit a fresh one-week low.

In Asia, both A-shares and Hong Kong stocks closed lower. The Wind Micro-Cap Index tumbled over 5% as high-valued stocks retreated across the board, and government bond futures fell.