Too scary, waking up to find everything is diving. The Dow Jones closed down 2.59%, setting a record for the longest single-day decline since 1974; the S&P 500 index closed down 2.95%, and the Nasdaq closed down 3.56%. Tesla (TSLA.O) fell 8%, Broadcom (AVGO.O) fell 6.9%, and Nvidia (NVDA.O) fell 1%. The Nasdaq China Golden Dragon Index closed down 2.4%, Alibaba (BABA.N) fell 2.4%, and NIO (NIO.N) fell 4.7%.

After nearly a year of nearly frantic rebounds in the financial markets, Federal Reserve Chairman Powell reversed course on Wednesday, clearly stating a cautious view on interest rate cuts in 2025, shocking investors.

About 90 minutes after the Federal Reserve announced its third consecutive rate cut, Powell's speech ended with the market's drop being the most severe since the outbreak of the COVID-19 pandemic. The message conveyed was clear: the rapid rise of risk assets over the past two years has suddenly become precarious.

This turmoil proved how much confidence the market originally had in the endless easing policies boosting asset prices. Now, as officials predict only two rate cuts in the next 12 months, these hopes have almost shattered, and investors can only pick up the pieces and contemplate their next steps.#币安Alpha项目公布