Overnight US stocks | Three major indexes rise, with the S&P 500 hitting a new all-time high, while chip stocks fall.

On Thursday, the three major indexes closed higher, with the Dow rising more than 400 points and the S&P 500 hitting a new all-time high. President Trump signed an executive order to establish the President's Digital Asset Market Working Group to strengthen the US's leadership in the digital finance sector. The group's task is to develop a federal regulatory framework for managing digital assets (including stablecoins) and assess the creation of a strategic national digital asset reserve. [US Stocks] At the close, the Dow closed up 408.34 points, or 0.92%, at 44565.07; the Nasdaq rose 44.34 points, or 0.22%, to 20053.68; and the S&P 500 rose 32.34 points, or 0.53%, to 6118.71. Micron Technology, Inc. (MU.US) fell 4%, Arm (ARM.US) fell 7%, and Netflix (NFLX.US) rose 3%. The Nasdaq Golden Dragon Index closed up 0.13%. [European Stocks] The German DAX30 index rose 148.66 points, or 0.70%, to 21407.87; the UK FTSE 100 index rose 18.88 points, or 0.22%, to 8564.01; the French CAC40 index rose 55.21 points, or 0.70%, to 7892.61; the European Stoxx50 index rose 10.92 points, or 0.21%, to 5216.75; the Spanish IBEX35 index rose 131.11 points, or 1.11%, to 11995.31; and the Italian FTSE MIB index rose 251.93 points, or 0.70%, to 36106.00. [Asia-Pacific Stocks] The Nikkei 225 index rose 0.79%, the Jakarta Composite Index fell 0.34%, and the South Korean KOSPI index fell 1.24%. [Cryptocurrencies] Bitcoin fell 0.34%, trading at $10325.6. [Gold] Spot gold fell 0.09% to $2754.04 per ounce; COMEX gold futures fell 0.35% to $2761.30 per ounce. [Oil] The price of WTI crude oil futures for March delivery on the New York Mercantile Exchange fell $0.82 to close at $74.62 per barrel, a decrease of over 1.08%. [Dollar] The US dollar index against six major currencies fell 0.11% to close at 108.046 in the forex market. At the close of the New York forex market, 1 euro exchanged for $1.0423, higher than the previous trading day's $1.0420; 1 pound exchanged for $1.2360, higher than the previous trading day's $1.2324. 1 US dollar exchanged for 155.81 yen, lower than the previous trading day's 156.52 yen; 1 US dollar exchanged for 0.9068 Swiss francs, higher than the previous trading day's 0.9061 Swiss francs; 1 US dollar exchanged for 1.4362 Canadian dollars, lower than the previous trading day's 1.4371 Canadian dollars; and 1 US dollar exchanged for 11.0035 Swedish kronor, higher than the previous trading day's 10.9945 Swedish kronor. [Macro News] Trump signs executive orders on cryptocurrencies and AI. US President Donald Trump has signed executive orders related to cryptocurrencies and artificial intelligence, expected to provide impetus to these two emerging industries. When signing, White House AI and cryptocurrency regulator David Sacks was also present. He is a venture capitalist and generous political donor. The cryptocurrency executive order establishes a working group to provide recommendations to the White House on digital asset policy, with participating agencies including the Treasury Department, Justice Department, SEC, and CFTC. The group's task is to submit a report to the President within about six months, recommending regulatory frameworks and legislative proposals, including evaluating the creation of a digital asset reserve. Sacks told Trump that the working group would make the US "the world's capital of cryptocurrencies" under his leadership. He also stated that the AI initiative would position the US as a leader in the AI field and lead the world. US 10-year inflation-protected Treasury bond yields hit highest since 2009. The US Treasury issued $200 billion of 10-year inflation-protected Treasury bonds (TIPS) with a yield of 2.243%, the highest since January 2009, indicating slightly lower demand than expected. Primary dealers received 10.2%, down from the previous issuance, while direct bidders received 23.3% and indirect bidders received 66.5%. The bid-to-cover ratio was 2.48 times, slightly higher than the previous three times' average of 2.39 times. Trump: Companies that don't manufacture in the US will face massive tariffs. President Trump said at the World Economic Forum 2025 annual meeting in Davos, Switzerland on January 23rd, "If you don't produce products in the US, you will face 'hundreds of billions, even tens of trillions of dollars' in tariffs." He said that the message he wants to convey to global companies is to "produce products in the US", otherwise they will face varying amounts of tariffs, leading to hundreds of billions, even tens of trillions of dollars entering the US Treasury. He also promised to lower the tax rate for companies manufacturing in the US to 15%. Trump also criticized the high tariffs, regulatory restrictions, and large trade deficits with the EU. He said he would take action because this is "very, very unfair to the US". When asked if the US would guarantee the supply of natural gas to Europe, Trump replied affirmatively, saying he would reach an energy agreement with the EU and emphasized the importance of the US supplying liquefied natural gas to Europe. Trump also stated plans to heavily intervene in the global oil market and called on oil-producing countries like Saudi Arabia and the OPEC countries to "reduce oil costs". Regarding the Russia-Ukraine conflict, Trump said the US will work to ensure a peaceful resolution of the conflict. Trump: Will ask the Fed to cut rates immediately, calls on the world to follow suit. Trump said at the World Economic Forum in Davos, Switzerland, on Thursday, "With falling oil prices, I will ask for an immediate rate cut, and likewise, the whole world should cut rates." Five days later, the Fed will hold its meeting on January 28-29.After taking office, Trump's first policy meeting was widely expected by the public to keep interest rates unchanged. Trump has criticized the Fed for raising rates in the first two years of his term, and has criticized Powell, whom he promoted to Fed chairman, for leading these actions.Individual Stock News Texas Instruments Incorporated (TXN.US) disappoints first-quarter performance outlook showing chip demand remains weak. Texas Instruments Incorporated's first-quarter performance outlook is disappointing, indicating that the American semiconductor giant is facing challenges of ongoing low chip demand and rising costs related to factory expansion. Texas Instruments Incorporated released its financial report after the market closed on Thursday, expecting earnings per share for the first quarter to be between $0.94 and $1.16, with the midpoint of the forecast range at $1.05, significantly lower than the analysts' average estimate of $1.17. The company expects first-quarter revenue to be between $37.4 billion and $40.6 billion, while the analysts' average estimate is $38.6 billion. Texas Instruments Incorporated's performance outlook suggests that its ambitious factory expansion plans are putting pressure on profits. Meanwhile, the entire electronics industry remains sluggish, leading to the company's revenue declining for nine consecutive quarters. Trump criticizes the EU's targeting of American tech companies like Apple Inc. (AAPL.US) and Alphabet Inc. Class C (GOOG.US, GOOGL.US) as a form of taxation. US President Donald Trump criticized EU regulators' targeting of American companies such as Apple Inc., Alphabet Inc.'s Alphabet Inc. Class C, and Meta, calling the EU's accusations against US companies a form of taxation. The EU's strict regulation of large tech companies is well-known globally, often leading to disputes with major social media platforms like Facebook and X on content moderation, as well as conflicts with companies like Apple Inc. and Alphabet Inc. Class C on antitrust issues. "Whether you like it or not, these are American companies," Trump said at the World Economic Forum in Davos. "They shouldn't be doing that. To me, it's a form of taxation. We are very unhappy with the EU." Trump specifically mentioned Apple Inc. losing a lawsuit in the EU court last year involving a 13 billion euro tax bill in Ireland. The EU court in Luxembourg supported a landmark ruling in 2016, determining that Ireland had given Apple Inc. an unfair advantage, violating state aid rules.