Overview

• U.S. equities fell after Powell offered no guidance on further easing, with the Dow down 0.19%, the S&P 500 off 0.55% and the Nasdaq lower by 0.95%.
• Rates and the greenback ticked higher following his remarks, as the 10-year Treasury yield rose to about 4.12% and the DXY index gained roughly 0.46%.
• Bitcoin hovered near $112,000 as the prior day’s deleveraging persisted, including about $363 million in spot ETF net outflows and a jump in miner transfers to roughly 6,600 BTC.
• European stocks mostly advanced earlier on stronger activity data, with the eurozone composite PMI at 51.2 while London’s FTSE 100 edged lower.
• Tech sentiment was split as an announcement that Nvidia would invest up to $100 billion in OpenAI buoyed some risk appetite even as U.S. tech fell 1.14% and Nvidia slipped 2.82% on bubble worries.