PPI boosts expectations of interest rate cuts, US bonds surge, disappointing earnings reports lead to a decline in the Dow, Bitcoin "bungee jumps" on the second day of ETF listing, and gold sees a dramatic turnaround in a week.

The three major US stock indexes fell during midday trading but ended the week with gains. The SPDR S&P 500 rebounded to a two-year high at the close, while the Dow Jones Industrial Average fell more than 100 points. UnitedHealth, after its earnings report, dropped more than 3%, becoming the biggest loser among the components. Tesla also fell more than 3%, leading the decline in the SPDR S&P 500 sector. Microsoft closed at a historic high, surpassing Apple in market value. NVIDIA ended its six-week rally, falling from its all-time high, but still rose 11% for the week. JPMorgan Chase initially rose more than 3% after its earnings report but then turned lower, while Bank of America fell more than 1% and Citigroup closed up 1%. Bitcoin fell at least 5% on the second day of trading on the SPDR S&P 500. Chinese concept stocks retreated, falling more than 1%, with Baidu down 7% and Dada Nexus up nearly 5%, but still down 53% for the week. After the release of the Producer Price Index (PPI), the two-year US Treasury yield plunged 17 basis points to an eight-month low during intraday trading, and the US dollar index briefly turned lower. Bitcoin fell below $44,000 during intraday trading, dropping more than $5,000 from the two-year high set on the first day of trading on the SPDR S&P 500. Offshore renminbi fell more than 200 points, breaking below 7.19, hitting a four-week low. The conflict in the Red Sea escalated, causing crude oil to rise more than 4% during intraday trading, but most of the gains were later given up, resulting in a weekly decline despite a two-day rebound. Gold had its largest increase in four weeks since the Federal Reserve meeting, reversing four consecutive declines, and rose more than 2% during intraday trading. US natural gas has risen more than 10% every week since the beginning of the year. London copper hit a four-week low, falling for the fourth consecutive week.