On Thursday, the Nasdaq Golden Dragon Index dropped nearly 2%, with popular Chinese concept stocks declining at the market open. Canaan Inc. (CAN.US) fell over 7%, TAL Education Group (TAL.US) declined over 4%, while Li Auto (LI.US), XPeng Motors (XPEV.US), and Alibaba Group (BABA.US) each dropped over 3%. On the news front, the US July Producer Price Index (PPI) annual rate reached 3.3%, significantly exceeding market expectations of 2.5% and marking the highest level since February. Following the release of US economic data, interest rate futures traders reduced their bets on Federal Reserve rate cuts.