The Federal Reserve announced a 25 basis point rate cut, and Powell said the Fed is at or close to slowing down its rate cuts. The three major U.S. stock indexes all closed sharply lower, with the Nasdaq down 3.56%, the S&P 500 down 2.95%, and the Dow down 2.59%. Among them, the Dow fell for the 10th consecutive day, the longest losing streak since October 1974. Quantum computing hot stocks rose more than 53% against the trend; most of the popular Chinese stocks closed lower, with the Nasdaq China Golden Dragon Index down more than 2%.