Market overview

$Dow Jones Industrial Average (.DJI.US)$ rebounded over 400 points intraday but gave up most gains, narrowly ending its historic losing streak. $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ opened higher but reversed lower. $NVIDIA (NVDA.US)$ rose over 1%, snapping a four-day losing streak, while $Tesla (TSLA.US)$ turned negative after an early 4% jump. $Micron Technology (MU.US)$ plummeted 16% due to weak guidance.

Following the Fed’s hawkish rate cut, the 2-year/10-year Treasury yield spread widened to a 2.5-year high, with the 10-year yield hitting a seven-month peak. The dollar index reached another two-year high.

The Bank of Japan tempered rate hike expectations, sending the yen down nearly 2% to a five-month low below 157. The Bank of England held rates steady, with more members supporting cuts, pushing the pound to a near four-week low.

Offshore yuan rebounded, rising over 200 points to reclaim 7.31 from a one-year low. Bitcoin extended its slump, dropping below 96,000 after two days of intraday losses exceeding $6,000.

Oil fell over 1%, hitting a one-week low. Gold bounced after hitting a one-month low, rising over 1% intraday, while silver futures briefly plunged over 5%.

In Asia, the Beijing 50 Index gained over 3%. $TENCENT (00700.HK)$ lifted Hong Kong stocks in the afternoon, while $Baidu (BIDU.US)$ fell. WeChat’s gray-test "Gift Sending" feature boosted Weimob Group shares by over 40%.