On Tuesday, EST, Federal Reserve Chairman Jerome Powell attended a U.S. congressional hearing and opened his speech with a heavy blow to the market. He warned that the strong data earlier this year, making the Fed need to accelerate tightening policy, will be ready to accelerate the pace of interest rate hikes, the terminal interest rate level may be higher than expected. After the words landed, the three major U.S. stock indexes dived in a straight line, all the way lower, the Dow Jones index fell by a maximum of nearly 600 points during the day; as of the close, the Dow plunged 1.72%, the Nasdaq fell 1.25%, and the S&P 500 fell 1.53%. Star Chinese stocks also followed the general trend lower, with the Nasdaq Golden Dragon China Index down 3%, Xiaopeng Auto down 8%, Ideal Auto down 5.6%, B Station down nearly 5%, Azure Auto down 3.7%, Baidu down 4.6%, Jingdong down nearly 3%, NetEase down 3%, Alibaba down 1% and Tencent ADR down nearly 3%.$TENCENT(00700)$ $Meituan(03690)$ $Baidu(BIDU)$