Economic data also dampened expectations of interest rate cuts, leading to consecutive declines in US stocks and bonds. The Nasdaq and S&P 500 both fell more than 1% during trading, while Chinese concept stocks underperformed the broader market.

The Dow Jones Industrial Average fell for the third consecutive day, hitting a four-week low. The S&P 500 and Nasdaq Composite both closed down less than 1%, with the real estate sector leading the decline, dropping nearly 2%. Tesla shares fell 2%, while chip stocks underperformed the market, initially dropping more than 2% before narrowing their losses by half. Intel fell more than 2%, while Nvidia and Microsoft dropped from their all-time highs. Chinese tech stocks fell more than 2% for the third consecutive day, with XPeng and JD.com dropping nearly 5%. European stocks fell more than 1%, marking the largest decline in nearly three months. After the release of retail data, the yield on 10-year US Treasury bonds continued to reach a one-month high, while the yield on 2-year bonds rose more than 10 basis points for consecutive days. The US dollar index reached a one-month high for two consecutive days. UK CPI accelerated, causing the yield on 2-year UK bonds to rise more than 20 basis points, and the pound sterling to rise during intraday trading. The Japanese yen hit a seven-week low, while offshore renminbi fell more than 200 points and fell below 7.23 for the first time in two months. After initially falling more than 2%, US oil rebounded and approached a one-week high, while Brent crude fell from its one-week high. Gold fell more than 1% for consecutive days, marking the largest two-week decline and a five-week low. London zinc fell more than 3%, while London copper hit a two-month low.