Overnight US stocks | Nasdaq and S&P indices fall for four consecutive days, Bitcoin drops below $90,000.

On Tuesday, the three major indexes had mixed movements, with the Nasdaq and S&P 500 falling for the fourth consecutive trading day. A sharp drop in US consumer confidence, the largest in nearly four years, dampened market sentiment. Investors are concerned that the uncertainty surrounding Trump's policies may impact global economic growth. US StocksAt the close, the Dow rose 159.95 points, up 0.37%, to 43,621.16 points; the Nasdaq fell 260.54 points, down 1.35%, to 19,026.39 points; the S&P 500 Index fell 28.00 points, down 0.47%, to 5,955.25 points. Tesla, Inc. (TSLA.US) fell 8.3%, NVIDIA Corporation (NVDA.US) fell 2.8%, and cryptocurrency concepts saw a general decline, with Strategy (MSTR.US) down 11%, and Coinbase (COIN.US) falling over 6%. The Nasdaq Golden Dragon Index rose 0.58%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose 3.8%, and Li Auto, Inc. Sponsored ADR Class A (LI.US) surged 13%. European StocksGermany's DAX30 Index fell 14.01 points, down 0.06%, to 22,407.35 points; the UK's FTSE 100 Index rose 8.65 points, up 0.10%, to 8,667.63 points; France's CAC40 Index fell 39.92 points, down 0.49%, to 8,051.07 points; Europe's Stoxx 50 Index fell 0.90 points, down 0.02%, to 5,447.05 points; Spain's IBEX35 Index rose 104.20 points, up 0.80%, to 13,118.00 points; Italy's FTSE MIB Index rose 231.44 points, up 0.60%, to 38,704.00 points. Asia-Pacific StocksThe Nikkei 225 Index fell over 1.3%, the KOSPI Index in South Korea fell 0.57%, and Indonesia's Composite Index fell over 2.4%. CryptocurrencyBitcoin fell over 2.6%, dropping below $90,000. Institutional analysis indicates that two weeks ago, investors began to notice that the so-called Trump trade had almost completely failed by 2025. Now, the last successful Trump trade - Bitcoin - has fallen to its lowest price in three months and is heading towards its worst performance since the crash on August 5. Tariffs and issues such as government efficiency that are slowing down the economy may push US Treasuries higher, but may pose resistance to risk assets like Bitcoin. GoldSpot gold fell 1.22% to $2,915.72 per ounce, in a downward trend throughout the day, dropping to $2,888.55 at 00:08 after the US stock market opened. COMEX gold futures fell 1.12% to $2,930.00 per ounce, dropping to $2,897.00 at 00:08. OilLight crude oil futures for delivery in April on the New York Mercantile Exchange fell $1.77 to close at $68.93 per barrel, a 2.5% decrease; Brent crude oil futures for delivery in April fell $1.76 to close at $73.02 per barrel, a 2.35% decrease. US DollarThe US Dollar Index against six major currencies fell 0.27% to close at 106.308 in the forex market. At the close of the New York forex market, 1 euro exchanged for $1.0511, higher than the previous trading day's $1.0475; 1 pound exchanged for $1.2669, higher than the previous $1.2633; 1 dollar exchanged for 149.08 yen, lower than the previous 149.67 yen; 1 dollar exchanged for 0.8926 Swiss francs, lower than the previous 0.8966 Swiss francs; 1 dollar exchanged for 1.4303 Canadian dollars, higher than the previous 1.4228 Canadian dollars; 1 dollar exchanged for 10.6062 Swedish kronor, lower than the previous 10.6493 Swedish kronor. Macro News US February consumer confidence saw the largest monthly decline in over three years. US consumer confidence in February fell significantly, with pessimism about the future resurfacing. Conference Board data showed that the consumer confidence index fell 7 points to 98.3, while the expected index fell 9.3 points to 72.9. For the first time since June 2024, the expected index fell below the critical value of 80 that indicates an impending economic recession. Conference Board Senior Economist Stephanie Guichard said, "The consumer confidence index for February saw the largest monthly decline since August 2021, marking the third consecutive month of decline and pushing the index to the bottom of its range since 2022. Among the five components, only consumers' assessment of current business conditions improved slightly. Consumers have become pessimistic about the future business environment, with optimism about future income also declining. The outlook for future job prospects has reached a ten-month high with growing pessimism." Guichard added, "The 12-month average inflation expectations rose from 5.2% to 6% in February. References to inflation and general price levels remain high in responses, but the focus has shifted to other topics. Mentions of trade and tariffs have sharply increased, returning to levels seen since 2019." Fed's Logan: Buy more short-term assets when expanding balance sheet again. Fed's Logan stated that in the medium term, it is appropriate for the Fed to buy more short-term securities rather than long-term ones, so that the portfolio can more quickly reflect the composition of US Treasury issuances. Currently, the Fed is gradually reducing its holdings of US Treasuries and mortgage-backed securities. Logan stated that when the Fed needs to expand its balance sheet again, decision makers should consider actively purchasing more short-term assets to more quickly reach a neutral level for the central bank's balance sheet. Fed's Barkin: Uncertainties require cautious monetary policy approach. Fed's Barkin stated on Tuesday that he will take a cautious approach to the central bank's interest rate policy until inflation clearly returns to the Fed's 2% target level. Barkin statedThe current uncertainty, whether driven by changes in trade and other policies of the Trump administration or other factors, requires caution from the central bank in ending the fight against inflation. He believes that in this uncertainty, it is difficult to make significant monetary policy adjustments. Therefore, he would rather wait and see how this uncertainty plays out and how the economy reacts. Barkin also stated that interest rates should remain moderately restrictive until officials are more confident that inflation will return to the 2% target.Trump research shows that America's imposition of tariffs on copper will have the biggest impact on South American countries. Trump has opened up a new front in his attack on global trade norms by ordering a new investigation into potential tariffs on copper imports to rebuild America's copper production. Copper is crucial for electric cars, military hardware, semiconductors, and a variety of consumer goods. Trump signed an order instructing Secretary of Commerce Lutenic to launch a new national security investigation under Section 232 of the 1962 Expansion of Trade Act, using the same law in his first term to impose a 25% global tariff on steel and aluminum. A White House official stated that any potential tariff rate will be determined by the investigation, and Trump prefers tariffs over quotas. According to U.S. investigation data, the countries most affected by potential copper tariffs will be Chile, Canada, and Mexico, the top suppliers of refined copper and copper products in 2024. The White House official added that forecasts based on demand for electric cars and artificial intelligence indicate that there will be a copper shortage in the future. Trump is canceling the $5 million Golden Card EB-5 visa for immigrants. U.S. Commerce Secretary Lutenic said that the U.S. will end the EB-5 investment visa program. Lutenic stated that the investment visa program is "completely ridiculous," and the U.S. will launch a "Golden Card" visa program similar to green cards, where they can pay $5 million to the U.S. government. Of course, they must undergo scrutiny... The President can give them a green card, and they can invest in the U.S., and we can use this money to reduce the deficit." Trump stated that he wants to start selling a $5 million Golden Card to foreigners who want to immigrate to the U.S. and create jobs. Trump claimed that this immigration program is legal and may be implemented in about two weeks. Russian oligarchs may be eligible to receive the Golden Card. The EB-5 program requires immigrants to invest $1 million in the U.S. or $500,000 in high-unemployment areas and create 10 jobs for two years to obtain a two-year temporary green card. Within 90 days before the end of the two-year period, if the investment behavior of the project and the jobs created still exist, the investment immigrant can apply for a permanent green card. [Stock News] United States Steel Corporation (X.US) and Japanese steel executives seek to please the Trump administration in order to save their merger. United States Steel Corporation and Japanese steel executives have been seeking meetings with senior officials of the Trump administration in a last-ditch effort to save their $15 billion merger, according to Semafor reports. Sources said that United States Steel Corporation CEO David Burritt has been in contact with officials discussing a meeting with Vice President Pence, while Japanese steel is trying to arrange a meeting with Secretary of Commerce Lutenic by executive Takahiro Mori. Both efforts have not resulted in a formal schedule. However, this indicates that United States Steel Corporation and Japanese steel are refusing to give up on the merger that both former President Biden and current President Trump vowed to stop. Tesla, Inc. (TSLA.US) to acquire part of German supplier Manz's assets. Tesla, Inc. has agreed to acquire some assets of the struggling German automation systems supplier Manz AG. Manz stated on Tuesday that Tesla, Inc.'s automation company will take over Manz's Roytlingen plant and take over more than 300 employees and tangible assets. The two parties agreed not to disclose the acquisition price. After the acquisition, about 100 Manz employees will lose their jobs. Manz has invested heavily in battery production technology, but a prolonged market downturn led to declining sales and increased losses, prompting it to file for bankruptcy last December. Tesla, Inc. is increasing its automation capacity in the critical German market to address the declining sales in the European market. Last month, registrations for Tesla, Inc. in the region dropped by 45%, while the overall demand for electric cars surged. [Major Bank Ratings] DA Davidson initiates coverage of artificial intelligence (AI) infrastructure company Nebius (NBIS.US) with a "buy" rating and a target price of $50.