On the evening of Wednesday, April 10, data released by the U.S. Bureau of Labor Statistics showed that the U.S. CPI rebounded to 3.5% year-on-year in March, with core CPI exceeding expectations for the third consecutive month.

Hot inflation data has greatly suppressed interest rate cut expectations. Swap contracts show that the current market pricing is that the Federal Reserve will only cut interest rates by less than 50 basis points this year, and the first interest rate cut is expected to be postponed from September to November.

The three major indexes all fell more than 1%, China National Instruments bucked the trend and rose, and Alibaba rose about 3%.

The stock market fell in response, with the three major indexes all opening down about 1%. As of press time, the Dow and S&P 500 were down 1.15%, and the Nasdaq was down 1.23%.

The Seven Sisters of U.S. stocks all fell, with Microsoft and Tesla falling more than 1%, and Nvidia continuing to fall 1.8% at the opening, but the decline has now narrowed to 0.3%.

SoundHound, an upstart AI company, plunged 11% at the opening. The company previously reached a US$150 million equity allocation agreement. TSMC's US stock opened up 0.2%. The company's revenue in March increased by 34% year-on-year, and its revenue so far this year has increased by 16.5% year-on-year.

Most of the Chinese stocks rose, with the Nasdaq Golden Dragon Index rising by more than 0.6%. Alibaba rose nearly 3%. Jack Ma previously posted on Alibaba's intranet that Alibaba has returned to the track of healthy growth. JD.com rose more than 1%, and Beike rose more than 2%. Xpeng Motors officially announced its official entry into the Hong Kong and Macau markets, opening slightly down 0.2%.

Two-year U.S. Treasuries rise, gold falls

The benchmark 10-year U.S. Treasury yield rose by about 12 basis points in the short term to 4.485%, hitting a new high for the year. The rate-sensitive two-year Treasury note surged 19 basis points.

Spot gold continued to fall, falling nearly US$30 during the day, or more than 1%, reaching a new daily low of US$2,324.03 per ounce.

Bitcoin fell by US$1,000 in the short term, falling below US$68,000 per coin.

Brent oil continues to rise, currently trading at $89.78 per barrel, just one step away from the $90 mark.