The 'mini non-farm' data suppresses expectations of interest rate cuts, causing a plunge in US bonds, a fifth consecutive decline in the Nasdaq, and Apple being downgraded twice in three days, with a cumulative drop of over 5%.

S&P fell for the fourth consecutive day, hitting a new three-week low along with Nasdaq, while Dow managed a weak rebound. Apple, which was downgraded by institutions twice this week, fell more than 5% throughout the week. Chip stocks underperformed the market for three days, but Nvidia rebounded. Chinese concept stocks retreated, with NIO initially rising more than 10% but closing down more than 2%, Bilibili down more than 3%, and New Oriental up more than 5%. After the release of the "mini non-farm" ADP employment data, US bond yields rose by 10 basis points, and the 10-year yield broke through 4.0% for two consecutive days. The US dollar index rebounded in the short term but ultimately ended the four-day rally, falling from its three-week high. Inflation in Germany and France heated up, and European bond yields rose by more than 10 basis points during the day. The Japanese yen fell more than 1% for several consecutive days, while offshore renminbi fell more than 200 points, once again falling below 7.17 to hit a three-week low. Crude oil failed to rebound for two days and fell during the day, dropping more than 2% at one point. London copper and nickel fell for five consecutive days, with nickel hitting a three-year low. Gold bid farewell to its low position of the past two weeks.