Overnight US stocks | The three major indexes are rising and falling differently. Micron Technology, Inc. (MU.US) rose more than 10%.

On Monday, the three major indexes showed mixed movements, with the 30-year US Treasury bond yield touching a 14-month high. On Thursday, the US stock market will be closed in mourning for former President Jimmy Carter's Incorporated. US StocksAt the close, the Dow fell 25.57 points, or 0.06%, to 42,706.56 points; the Nasdaq rose 243.30 points, or 1.24%, to 19,864.98 points; the S&P 500 rose 32.91 points, or 0.55%, to 5,975.38 points. The CES technology summit pushed chip stocks higher, with Micron Technology, Inc. (MU.US) rising over 10%, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) rising over 5%, and NVIDIA Corporation (NVDA.US) rising 3.4%. Bitcoin holding company MicroStrategy (MSTR.US) surged 11.6%. The Nasdaq Golden Dragon Index fell 1.1%, while GDS Holdings Ltd. Sponsored ADR Class A (GDS.US) rose over 5%. European StocksThe German DAX30 index rose 313.57 points, or 1.58%, to 20,222.69 points; the UK's FTSE 100 index rose 23.26 points, or 0.28%, to 8,247.24 points; the French CAC40 index rose 163.47 points, or 2.24%, to 7,445.69 points; the Euro Stoxx 50 index rose 114.60 points, or 2.35%, to 4,986.05 points; the Spanish IBEX35 index rose 156.40 points, or 1.34%, to 11,808.00 points; the Italian FTSE MIB index rose 635.38 points, or 1.86%, to 34,763.00 points. Asia-Pacific Stock MarketThe Nikkei 225 index fell 1.47%, the Jakarta Composite Index fell 1.17%, and the South Korea KOSPI index rose 1.91%. CryptocurrencyBitcoin rose over 3.5%, crossing back above $100,000; Ethereum rose over 1%, to $3,672.58. GoldSpot gold fell 0.15% to $2,636.24 per ounce; COMEX gold futures fell 0.29% to $2,647.00 per ounce. Crude OilNew York Mercantile Exchange's February delivery of West Texas Intermediate crude oil (WTI) prices closed down $0.40, or 0.54%, at $73.56 per barrel. ForexThe US dollar index against six major currencies fell 0.63% to 108.263 at the end of the forex market. At the end of the New York forex market, 1 Euro exchanged for $1.0388, higher than the previous trading day's $1.0301; 1 British pound exchanged for $1.2513, higher than the previous trading day's $1.2428. 1 US dollar exchanged for 157.54 Japanese yen, higher than the previous trading day's 157.21 Japanese yen; 1 US dollar exchanged for 0.9045 Swiss francs, lower than the previous trading day's 0.9091 Swiss francs; 1 US dollar exchanged for 1.4337 Canadian dollars, lower than the previous trading day's 1.4449 Canadian dollars; 1 US dollar exchanged for 11.0528 Swedish kronor, lower than the previous trading day's 11.1083 Swedish kronor. MetalsBase metals rose across the board, with London copper up nearly 2%, London lead up 1.5%, and London tin and zinc up over 1%. Macro News US service sector activity increased in December, potentially helping Q4 economic expansion. Chris Williamson, Chief Business Economist at S&P Global, Inc., stated that in the last month of 2024, due to an increase in orders and rising optimism about the prospects for the next year, business activity in the service sector increased significantly. The improvement in service sector performance offsets the continued drag on the economy from manufacturing, meaning that following a 3.1% GDP growth in the third quarter, the economy is set to expand strongly again in the fourth quarter. The strong service sector PMI in December is a good start for the US economy in 2025. Given such strong growth, it is understandable that policymakers are taking a more cautious approach to interest rate cuts. However, a key focus in the coming months will be the potential vulnerability of the economy to any major changes in interest rate prospects, particularly considering the expected further reduction in rates with financial services activities being an important engine of economic growth at the end of 2024. US factory orders for November fell more than expected, and corporate equipment spending in the fourth quarter seems to have slowed. Data released by the US government on Monday showed a decline in new orders for manufactured goods in November, while corporate equipment spending in the fourth quarter appears to have slowed. The US Bureau of Economic Analysis reported that factory orders fell by 0.4%, while October was revised upward to 0.5% growth. Economists surveyed by Reuters had expected factory orders for November to decline by 0.3%, compared to the previous report showing a 0.2% increase in October. Factory orders in November grew by 0.1% year-on-year. Manufacturing accounts for 10.3% of the total US economy, and following the Federal Reserve's active tightening of monetary policy in 2022 and 2023 to curb inflation, the manufacturing sector has been struggling. Fed Vice Chairman for Supervision will resign to pave the way for Trump's financial regulatory reform. Federal Reserve Vice Chairman for Supervision Michael Barr announced on Monday that he will resign in the coming weeks to clear the way for President-elect Trump to reshape federal banking regulation. Barr has been serving as the Fed's Vice Chairman for Supervision since 2022 and stated that if his successor is confirmed, he will resign on February 28 or earlier. He also announced that he will continue to serve as a member of the Federal Reserve Board. Barr has been discussing his options with external legal advisers, and his resignation will avoid a major legal battle. Barr's term as Vice Chairman for Supervision was originally scheduled to end in 2026. However, some Republicans and Trump allies have proposed a controversial plan to try and...Translating into By dismissing or demoting him, Trump will be able to more easily implement his financial regulatory plan. Barr said in a statement, "The risk of disputes occurring in this position may divert our attention from the mission."30-year US Treasury yields hit a 14-month high, influenced by reports of Trump's tariffs and expansion pressure. The 30-year US Treasury yield climbed 5 basis points on Monday, to around 4.86%, reaching its highest level since November 2023, as investors began to taste the potential volatility that Trump's presidency may bring to the financial markets in the coming months. Pressure from a growing bond market had a certain impact, with weak demand for the Treasury bonds issued by the Treasury this week. Concerns about Trump's policies pushing up inflation had put pressure on US Treasury bonds in recent weeks. After The Washington Post reported that Trump's aides were considering narrowing the scope of tariff plans, the dollar fell on Monday, and Treasuries regained some lost ground as the market believed this move would reduce inflation concerns. However, with Trump's denial, the market quickly reversed course. Gregory Peters, Co-Chief Investment Officer of Fixed Income at PGIM, said in a TV interview, "There is a large amount of bonds in the market, with a constant supply. Combined with inflation possibly being more sticky or turning lower, all of these are putting pressure on the bond market." Gold had a bright performance last year, and fund managers continue to be optimistic about the price outlook for 2025. Fund managers believe that after a strong performance in 2024 with the largest annual increase since 2010, there are plenty of reasons to continue to be bullish on gold. Three main factors have driven the rise in gold prices: large-scale purchases by central banks, especially China and other emerging market central banks; the Federal Reserve's easing of monetary policy, making non-interest-bearing assets like gold more attractive; and gold's historical status as a safe-haven asset in times of geopolitical tensions like the ongoing Middle East conflicts. As we enter 2025, these driving factors more or less remain unchanged. Institutions: Canadian government transition will affect economic prospects. Tony Stillo, Director of the Canadian Economic Department at the Oxford Economics Institute, said that the conservative agenda in Canada may have a significant impact on the economic prospects of Canada in 2025 and beyond. If Canadians vote to oust the current Liberal government, then the devil will be in the details. Canadian Prime Minister Justin Trudeau has decided to resign and has asked Governor General Mary Simon to prorogue Parliament to allow the Liberal Party to elect a new leader. Stillo said that Canada may hold a general election in May. Polls show that Canadians are likely to vote in a Conservative government majority, which may focus on balancing the budget and repaying national debt. However, plans to abolish the federal carbon tax are neutral for the economy, as it will immediately lower gas prices, but also mean the end of carbon tax refunds. Individual Stock News Intel Corporation(INTC.US) will release its first Intel 18A process chip Panther Lake processor in the second half of the year. In an Intel Corporation CES 2025 speech on January 6, interim co-CEO Michelle Johnston announced that the first Intel 18A process chip, the Intel Corporation Panther Lake processor, will be released in the second half of 2025. Johnston also showcased samples of the Panther Lake chip, stating that the chip is being tested and she is very pleased with 18A. Johnston announced that the Intel 18A process will be released later this year. She said, "Intel Corporation will continue to enhance its AI PC product portfolio in 2025 and beyond, providing leading Intel Corporation 18A product samples and entering mass production in the second half of 2025." NVIDIA Corporation(NVDA.US) stock soared, investors eagerly anticipating Huang Renxun's CES speech to bring a new breakthrough in stock price. NVIDIA Corporation surged by more than 5%, as investors anxiously awaited CEO Huang Renxun's speech on Monday to potentially drive the stock to new highs. The stock had been soaring for most of 2024 and had been consolidating at high levels since November. Huang Renxun will deliver a speech at the highly anticipated Consumer Electronics Show (CES) in Las Vegas. NVIDIA Corporation usually uses this event to showcase consumer devices using its chips. However, investors today will be focusing on any comments regarding the Blackwell chip, seen as NVIDIA Corporation's next major growth driver. Despite strong demand, Blackwell faces supply constraints, partly due to production challenges slowing its rollout. "Expectations are that demand for Blackwell remains very strong," said Matt Cioppa, portfolio manager of the Franklin Stock Team, "which could make NVIDIA Corporation's long-term prospects a focus of market attention again." Investors have reason to be optimistic. Comments from Huang Renxun about demand for this chip over the past six months have boosted stock prices. MicroStrategy (MSTR.US) continued to purchase Bitcoin for nine consecutive weeks, with a total holding of approximately $43 billion. MicroStrategy Inc. bought $101 million worth of Bitcoin after announcing it would use perpetual preferred shares, common stock, and debt to purchase more cryptocurrencies. The Virginia-based enterprise software company has been purchasing Bitcoin for nine consecutive weeks as its co-founder and chairman Michael Saylor aims to advance its Bitcoin holding strategy. The company holds approximately $43 billion worth of Bitcoin. According to SEC filings, MicroStrategy purchased 1,070 bitcoins at an average price of around $94,000 on December 30 and 31. The company said on Friday that it plans to raise up to $2 billion in the first quarter through the issuance of one or more perpetual preferred shares. The issuance of preferred shares will continue until the $20 billion mark.As part of the plan to raise $42 billion through public offering of shares and issuance of convertible bonds over 27 years.Credit Rating Truist Securities: Initiates coverage on JPMorgan Chase with a hold rating and a target price of $260; Initiates coverage on Bank of America Corp with a buy rating and a target price of $52.