The US stock market experienced a day of opening high and closing low, with the technology sector particularly hard hit. The S&P 500 fell as much as 1%, the Nasdaq dropped 1.8%, and the Russell small-cap index also closed at its daily low, down about 1%. The chip stock index fell by 3.4%, while the China concept stock index declined by 1.5%. Among the tech giants, Nvidia$NVIDIA(NVDA.US) fell 3.7%, Tesla$Tesla(TSLA.US) dropped 5.7%. Meta$Meta Platforms(META.US), despite hitting a new high at one point, ended slightly lower. Baidu and Bilibili saw significant stock price volatility, while EHang Holdings bucked the trend with a rise of over 16%.

US economic data showed that the August Markit Manufacturing PMI fell to its lowest level this year, while the services sector performed slightly better than expected, with the services supplier price index dropping to its lowest since the beginning of the year. Meanwhile, the number of initial jobless claims in the US last week met expectations, while continuing claims remained above levels seen since last November.

In the bond market, the two-year US Treasury yield rose by 10 basis points, returning above 4%, while the ten-year US Treasury yield also saw a similar increase. This dynamic reflects the market's reassessment of the Federal Reserve's monetary policy direction.

The US dollar index rose strongly, with most major non-US currencies falling. The depreciation of the Japanese yen and offshore Chinese yuan against the dollar was particularly notable. The cryptocurrency market also came under pressure, with Bitcoin's price testing the $60,000 mark.

In the commodities market, while US natural gas futures prices fell, crude oil prices rebounded, with US oil prices briefly moving away from their lowest level in six months. Spot gold prices also declined, falling below the $2,500 mark, while major metal prices in the London Metal Market generally fell.

In Asia, Chinese stocks performed weakly overall, but treasury futures were strong. In Hong Kong, Xiaomi Group$XIAOMI-WR(81810.HK) saw significant gains after its earnings announcement.