Overnight US stocks | Three major indices rose, with the Golden Dragon Index recording a cumulative increase of about 6% this week.

On Friday, the three major indexes rose. Next Monday (January 20, 2025) is Martin Luther King Jr. Day, and the U.S. stock market will be closed. In addition, next Monday is also the presidential inauguration day of the elected U.S. President Trump. This week, the Dow Jones Industrial Average rose by 3.69%, the S&P 500 Index rose by 2.91%, both achieving their highest weekly gains since the week of the U.S. presidential election in November 2024. The Nasdaq rose by 2.45%, recording its best weekly performance since early December. U.S. Stock MarketAt the close, the Dow rose by 334.70 points, or 0.78%, to 43,487.83; the Nasdaq rose by 291.91 points, or 1.51%, to 19,630.20; the S&P 500 rose by 59.32 points, or 1.00%, to 5,996.66. The Nasdaq Golden Dragon China Index closed up 3.1%, with a weekly increase of about 6%. JD.com, Inc. Sponsored ADR Class A (JD.US) rose by 10%, PDD Holdings Inc. Sponsored ADR Class A (PDD.US) rose by 5.3%, NIO Inc. Sponsored ADR Class A (NIO.US) rose by 4.6%. Tesla, Inc. (TSLA.US) and NVIDIA Corporation (NVDA.US) both rose by over 3%. Intel Corporation (INTC.US) surged by over 9%. European Stock MarketThe Germany DAX30 index rose by 267.24 points, or 1.30%, to 20,900.88; the UK FTSE 100 index rose by 113.39 points, or 1.35%, to 8,505.29; the France CAC40 index rose by 75.01 points, or 0.98%, to 7,709.75; the European Stoxx 50 index rose by 40.72 points, or 0.80%, to 5,147.65; the Spain IBEX35 index rose by 67.40 points, or 0.57%, to 11,908.00; the Italy FTSE MIB index rose by 445.21 points, or 1.24%, to 36,265.00. Asia-Pacific Stock MarketThe Nikkei 225 index fell by 0.31%, the Indonesia Jakarta Composite Index rose by 0.66%, and the South Korea KOSPI index fell by 0.16%. CryptocurrencyBitcoin rose by over 4% to $104,337.9. With only a few days to go until the second presidential inauguration supporting cryptocurrency, Bitcoin seems to be back on track to reach record highs. Since last Sunday, Bitcoin has risen by about 12% and is expected to achieve its largest weekly gain since the election week in November. Bitcoin reached a record high of $108,315 in December, but has declined for three out of the past four weeks. Zaher Abdekar, founder of the cryptocurrency fund Split Capital, said, "The market is currently digesting Trump's inauguration and his optimistic attitude towards cryptocurrency." According to foreign media reports, Trump, who was previously skeptical of cryptocurrencies, planned to release an executive order to elevate cryptocurrency to a policy priority and give industry insiders a voice in his government. GoldCOMEX gold futures fell by 0.4% to $2740 per ounce, with a weekly increase of 0.83%; COMEX silver futures fell by 2.14% to $31.045 per ounce, with a weekly decrease of 0.81%. Crude OilWTI crude oil futures for February delivery fell by 1% to $77.88 per barrel; Brent crude oil for March settlement price fell by 0.6% to $80.79 per barrel. MetalsLME copper futures fell by 0.4% to $9190 per ton; LME aluminum futures rose by 1.8% to $2684.5 per ton; LME nickel futures rose by 0.8% to $16097 per ton; LME zinc futures rose by 2.4% to $2942 per ton; LME tin futures rose by 0.7% to $29,775 per ton; LME lead futures fell by 0.2% to $1967 per ton. Macro News Fed's Harker: We can consider future rate cuts very patiently. In the recent Federal Reserve meeting, Cleveland Fed President Harker voted against the rate cut decision. In an interview, she said, "We still face inflation issues. Although we have made amazing progress, we need to continue this work." When discussing the rate cut last month, she added, "For me, the discussion in December was actually about whether you needed to take action now or if you could be more patient, etc." In September last year, Harker and Powell voted for a larger than expected 50 basis points rate cut. She said, "At that time, my expectation was that a 75 basis point cut this year was right." Subsequently, the Fed cut rates by 25 basis points in November. However, by December last year, another rate cut did not work for her. She said, "The data has all strengthened." As for the market's expectation that the Fed needs to cut rates, and therefore the argument that the Fed needs to follow up on rate cuts, Harker sees it as untenable. She said, "In my opinion, just because something has been digested by the market is not a sufficient reason to do so." When it comes to further rate cuts, Harker said, "We can be very patient." She now believes that looking back decades from today, the ultra-low interest rates of the 2010s look more like an exception than the norm. Therefore, Harker believes that current interest rates are only moderately restrictive. She believes that the recent tightening of the financial environment, the rise in long-term bond yields, overall helps the Fed achieve its task of fighting inflation. Futures traders adjust Treasury bets after inflation data and dovish remarks. Futures traders are adjusting their bets in the Treasury market after mild inflation data and dovish remarks from a Federal Reserve official. Over the past two days, open interest has shifted, with traders exiting short positions in two-year Treasury notes and establishing positions in longer-dated Treasury contracts.The situation of new long positions is consistent, especially in the five-year government bond sector. This shift occurred after the release of consumer price inflation data on Wednesday and comments by Federal Reserve Board member Christopher Waller the following day. Data released on Wednesday showed that core prices in December rose less than economists had expected; Waller said that if this trend continues, officials may cut interest rates again in mid-year. Morgan Stanley's interest rate strategist suggested later on Thursday that, given expectations of a rate cut by the Federal Reserve in March, long positions could be established in government bonds of that term, although this is still a minority view. The swap market expects a rate cut of only 6 basis points in March, with about a 25% chance of a 25 basis point cut. Stephanie Larosiliere, head of fixed income business strategy at Invesco, said, "We do not rule out the possibility of a rate cut in March, but we do see it as more of a tail risk. It feels like the Fed doesn't need to react so urgently."TikTok CEO: Will do our best to ensure the continued prosperity of the TikTok platform. The CEO of the short video social media platform TikTok, Zhang Yiming, made a video speech on TikTok on the 17th, saying that he will do his best to ensure the future prosperity of the TikTok platform. Earlier that day, the U.S. Supreme Court ruled that the law stating "sell or ban TikTok" is not unconstitutional. This means that the Supreme Court has allowed the law to come into effect as planned on the 19th. Zhang Yiming responded to this by saying that U.S. President-elect Trump "promised to work with us to find a solution that allows TikTok to be used in the U.S.", on behalf of all employees and users of the company, he thanked Trump. Zhang Yiming stated that people can create communities on TikTok, discover new hobbies and express themselves, and over 7 million American businesses use it to make a living and acquire customers. He also thanked American users for bringing rich content to TikTok. Trump said on social media that the Supreme Court's decision was expected, but he will make a decision on TikTok in the near future, "I need time to evaluate the situation." According to reports from several U.S. media outlets on the 16th, outgoing U.S. President Biden will not enforce the law stating "sell or ban TikTok" that was scheduled to take effect on the 19th, and its fate will be decided by the Trump administration. The International Monetary Fund raises its global economic growth forecast. The International Monetary Fund (IMF) is slightly more optimistic about the global economic outlook and has also raised its expectations for the U.S. economy. In its latest World Economic Outlook released today, the IMF predicts that the global economy will grow at a "steady but not too bright" pace of 3.3% this year, and will grow again by 3.3% by 2026. The new outlook for 2025 is 0.1 percentage points higher than the 3.2% predicted in the report last October. The IMF also forecasts that with continued strong domestic demand stimulation, the U.S. economy will grow by 2.7% this year, 0.5 percentage points higher than the October forecast. However, IMF officials warn that if President-elect Trump fulfills his threats to impose widespread tariffs on all U.S. goods imported from countries such as Canada and Mexico, the U.S. may experience higher inflation. IMF research director Pierre-Olivier Gourinchas stated, "Raising tariffs or restricting immigration will act as negative supply shocks, reducing output and increasing price pressures." Individual Stock News The U.S. Federal Trade Commission: The partnership between Microsoft Corporation (MSFT.US) and OpenAI raises antitrust concerns. The Federal Trade Commission (FTC) released a study on partnerships between major tech companies and the artificial intelligence (AI) industry. The report stated that the partnership between Microsoft Corporation and OpenAI exacerbates antitrust concerns. The FTC has inquired about major tech AI investments in 2024. Goldman Sachs Group, Inc. (GS.US) CEO's compensation increased by 26% to $39 million and will lead for another five years. According to a document, Goldman Sachs Group, Inc. raised its CEO David Solomon's compensation by 26% last year to $39 million and arranged an $80 million retention bonus, indicating that Solomon will lead for another five years. John Waldron, 55, is the President and Chief Operating Officer (COO) of Goldman Sachs Group, Inc., and he also received an $80 million restricted stock retention bonus that will be paid out over five years. He is widely regarded as Solomon's successor. The company stated in the document that the latest bonuses are part of Goldman Sachs Group, Inc.'s efforts to retain the CEO and COO as part of the senior leadership team. The U.S. Consumer Product Safety Commission identifies Amazon.com, Inc. (AMZN.US) as the distributor of certain defective products and orders them to address the issues. The U.S. Consumer Product Safety Commission (CPSC) announced the unanimous issuance of a final order requiring Amazon.com, Inc. to take action to notify buyers and the public about dangerous products it has been identified as the distributor of. Amazon.com, Inc. must release a notice on the same day as a CPSC recall notice and comply with other instructions. For the public, the company must post recall notices on its website. For buyers, Amazon.com, Inc. must directly notify them via email and provide relevant information on parts they have already ordered. This order goes into effect on January 26th. In July of last year, the CPSC voted unanimously to determine that Amazon.com, Inc. is a "distributor" of certain defective or non-compliant products, and therefore has legal responsibility for recalling these products. Over 400,000 products are affected by this order, including defective carbon monoxide detectors, hair dryers without electrical protection, and children's pajamas that violate federal flammability standards. Major Ratings Goldman Sachs Group, Inc.: Raises the price target for Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) to $259, long-term growth prospects further enhanced by AI advantages Morgan Stanley: Rates Tesla, Inc. (TSLA.US) stock as "hold" with a target price of $430