The non-farm data exceeded expectations, and traders expect the Fed to cut interest rates once in 2025, as early as June. The three major U.S. stock indexes opened lower, with the Dow Jones Industrial Average down 0.43%, the Nasdaq down 0.86%, and the S&P 500 down 0.62%. Popular Chinese stocks fell across the board, with JD.com and Bilibili down more than 3%, Pinduoduo down more than 2%, and NIO, Alibaba, and Baidu down nearly 2%.