Powell's speech and data meet expectations for interest rate cuts, US stocks and bonds plummet, NVIDIA hits new highs again, Tesla falls nearly 7% at one point.

The three major US stock indexes stopped their two-day winning streak, with the S&P and Dow Jones falling from their historical highs. McDonald's fell nearly 4% after its earnings report, leading the decline among Dow Jones components. Apple rose nearly 1% after the launch of Vision Pro. Chip stocks bucked the trend and rose more than 1%, marking their third consecutive gain. Nvidia rose nearly 5%, hitting a new all-time high for the third consecutive day, after Estée Lauder announced its layoff plan and rose 12%. After the earnings report, AI concept stock Palantir Tech rose more than 10% after hours. Chinese concept stocks rebounded, with Alibaba up nearly 4%, JD.com up nearly 3%, XPeng down nearly 4%, and Nio down 3%. Pan-European stock indexes fell to a more than one-week low, with Novo Nordisk rising 3.6% to a new all-time high. US bond yields rose more than 10 basis points for the second consecutive day, with the two-year yield hitting a one-month high. The US dollar index reached a nearly three-month high, while the euro hit a nearly three-month low and the yen hit a two-month low. Offshore renminbi fell more than 100 points to break through 7.22, hitting a more than two-week low. Crude oil halted its three-day decline and rebounded from a three-week low, rising more than 1% at one point. Gold fell for the second consecutive day to a one-week low, with a drop of more than 1% at one point. The FTSE fell nearly 3%, while copper and zinc both fell for the fourth consecutive day.