The US stock market has risen for six consecutive days, with the Dow Jones hitting a new all-time high. However, the excitement of the dovish turn has cooled down, and there was a temporary decline. The European and British central banks have suppressed expectations of interest rate cuts, leading to a stronger euro and pound.

The S&P 500 hit a new high in nearly two years, while the Nasdaq 100 halted its five-day winning streak. Microsoft fell more than 2%, leading the decline in blue-chip technology stocks, while Apple barely closed higher, hitting another all-time high, and Tesla rose nearly 5%. Chip stocks rose nearly 3% to a new high, with Intel, which released a new AI chip, briefly rising more than 5%. Adobe fell more than 6% after its earnings report. Chinese concept stocks outperformed the broader market, with the Chinese concept stock index rising more than 1% and NIO rising more than 5%. US bond yields have been falling for several days, with intraday declines of more than 10 basis points. The 10-year US Treasury yield fell below 4.0% for the first time in four months, while the two-year yield narrowed most of its decline after hitting a six-month low. After the European Central Bank meeting, the 10-year German bond yield briefly erased a decline of more than 10 basis points and turned higher. The euro and the pound both rose more than 1% intraday, while the US dollar index hit a four-month low. Onshore renminbi rose more than 1% intraday, breaking through 7.10, and offshore renminbi approached 7.11, both hitting a six-month high. Gold futures saw the largest two-month gain in two months, rising more than 3% at one point. Copper rose more than 2% for the first time in five months, while aluminum and nickel rose more than 3%. Crude oil saw the largest gain in nearly four weeks, rising more than 4% at one point.