PPI inflation exceeded expectations, US bonds accelerated their decline, tech stocks dragged down the US market, with NVIDIA dropping nearly 5% at one point, and Bitcoin plunged after hitting a new high.

The Dow Jones stopped its three-day winning streak, while the S&P and Nasdaq both fell for two consecutive days, with small-cap stocks dropping nearly 2%. Tesla fell over 4% in two days, while Microsoft rose over 2%, hitting a historic high. Chip stocks fell by nearly 2%, with NVIDIA dropping over 3% and AMD falling nearly 4% over two days. After the earnings report, Adobe fell over 10% in after-hours trading. Chinese concept stocks fell by nearly 3%, ending a four-day rally and dropping from a three-month high, with Bilibili falling by nearly 7%, XPeng dropping over 6%, and NIO-SW falling by nearly 6%. European stocks fell from historic highs, with French stocks hitting a three-day high. Following the PPI release, the yield on the 10-year US Treasury bond rose by over 10 basis points, reaching a two-week high; the US dollar index accelerated its rebound, hitting a one-week high. Offshore Renminbi fell by over one hundred points to below 7.20. Bitcoin rose above $73,700 to hit a new all-time high, then briefly dropped by $5,000. Brent crude oil hit a four-month high, while US crude oil closed above $80 for the first time in four months. Following the PPI release, gold accelerated its decline, with spot gold falling by over 1% at one point, but not approaching the record high at the close. London copper fell from an 11-month high, while London tin hit a seven-month high.