Last week, the market was hit by multiple negative news, severely damaging investor confidence. Among them, Microsoft's earnings report was disappointing, raising concerns about the outlook for AI spending. The company's reported revenue growth for Azure cloud computing business was only slightly above expectations, causing its stock price to plummet by 10%.

At the same time, the market expects Powell to push for rate cuts while also shifting towards tightening the balance sheet policy, which is seen as more hawkish.
The news that Powell was nominated by Trump triggered a sharp drop in gold and silver prices, with silver experiencing its worst single-day performance in history, and gold recording its largest one-day decline since 1983.