US stocks plummeted in the afternoon, with SPDR S&P 500 experiencing its largest decline in nearly three months. The Nasdaq ended its nine-day winning streak. UK inflation slowed down, and UK bonds surged.

The three major US stock indexes all fell more than 1%, with the Nasdaq and Dow Jones experiencing the largest decline in at least two months. The Dow Jones ended its five-day streak of hitting new all-time highs. FedEx shares fell 12% after the earnings report, leading the decline in the S&P 500. Tesla dropped nearly 4%, while Alphabet-C bucked the trend and rose more than 1%. Nvidia fell over 3%, marking its largest decline in nearly two months. Micron shares briefly jumped more than 5% after the earnings report. Chinese concept stocks retreated, with a decline of over 3%. NIO-SW fell 10% and Gaotu Education dropped 12%. UK stocks rose 1% after the release of the CPI data. The yield on 10-year UK bonds dropped more than 10 basis points, hitting an eight-month low, while the yield on 10-year German bonds fell below 2.0% for the first time in nine months. The yield on 10-year US bonds fell below 3.90% for several consecutive days, hitting a five-month low, and the yield on 2-year US bonds dropped more than 10 basis points. The British pound hit a new daily low, moving away from the high it reached after last week's Federal Reserve meeting. The US dollar index rebounded. Offshore renminbi fell more than 300 points, breaking through the 7.15 level. Crude oil rose for the third consecutive day, hitting a new high for the month before retreating. Gold and London copper fell from their two-week highs.