SpaceX (SPCX.O) shares are down 38% from their peak, erasing about $1 trillion of market value.

Federal Reserve Vice Chair Jefferson said the Fed is firmly committed to bringing inflation back to the 2% target, consistent with its dual mandate.

By midday, China indexes were weaker: Shanghai Composite -1.64%, Shenzhen Component -3.70%, ChiNext -4.71%. Power names swung higher after a weak open, with multiple stocks hitting daily limit‑up and several up >10%. Ports and shipping strengthened, led by Haitong Development and China Merchants Port. Securities showed selective gains, including a limit‑up in Xiangcai. CRO (contract research) stocks sharply retraced, with multiple names at limit‑down and several down more than 10%. Co‑packaged optics (CPO) concept stocks extended losses; several optical‑fiber and related names hit limit‑down and many fell >10%.