SPDR S&P 500 and Nasdaq rebounded sharply, chip stocks weighed on the market, with NVIDIA falling more than 4% at one point, while Chinese concept stocks surged, outperforming their peers.

Intraday, the S&P 500 experienced multiple declines, while the Nasdaq turned positive in the late session. Chip stocks fell more than 1%, underperforming the broader market. Nvidia reached a new intraday high before reversing and closing down 1.6%, while AMD fell 5% at one point. Tesla rebounded and closed up over 2%, while Apple continued to rise for two consecutive days after the launch of Vision Pro. AI concept stock Palantir surged over 30% after its earnings report, while Eli Lilly initially rose over 5% before reversing. Regional bank NYCB dropped 22%. Chinese concept stocks rose 6%, with new energy vehicle companies XPENG-W, Li Auto, and NIO Inc. USD OV all surging over 10%. Bilibili rose over 10%, JD.com rose over 7%, and Alibaba rose nearly 5%. European stocks rebounded to a two-year high, with the German stock market reaching a historical high. Novo Nordisk and ASML continued to hit new highs. US bond yields retreated, with the two-year yield falling nearly 10 basis points from its one-month high. The US dollar index fell from its three-month high. Offshore renminbi rose more than 200 points to reclaim 7.20. Crude oil rebounded for several consecutive days, continuing to move away from its three-week low. Gold hit a one-week low. London copper and London zinc halted their four-day decline, with London tin rebounding over 1% and London nickel hitting a three-year low for the second consecutive day.