US stocks reversed the V-shaped trend, with only the Nasdaq rising, while long-term bond yields plunged 20 basis points after reaching a 16-year high, and oil prices fell 3% during the session.

The US stock market opened lower as the 10-year Treasury yield rose above 5%, but later rebounded as the yield retreated, leading to a midday rally. However, the Dow Jones and S&P 500 erased their gains to reach a four-and-a-half-month low, while the Russell small-cap index hit a one-year low. Chip stocks fell in the final trading session, but Nvidia and Arm bucked the trend and rose. The China concept index rose nearly 1%, leading the way with strong performance. Hedge fund guru Bill Ackman closed out his short position on long-term US bonds, and the two-year Treasury yield hit a new low for the week. Oil prices hit a weekly low, with Brent crude falling below $92 and $90 per barrel. The US dollar index hovered near a four-week low, with the offshore yuan approaching 7.31 yuan, and Bitcoin rising above $30,000 and $31,000. Gold retreated from a five-month high, while London copper touched an 11-month low before rebounding.