Overnight US stocks | Trump's fierce words scare the stock market, NVIDIA Corporation (NVDA.US) falls more than 8%.

On Monday, the three major indices opened lower and continued to decline, with the Nasdaq falling more than 3% at one point. Trump announced that he would go ahead with imposing tariffs on Mexico and Canada as scheduled. [US Stock] At the close, the Dow fell 649.67 points, or 1.48%, to 43191.24 points; the Nasdaq fell 497.09 points, or 2.64%, to 18350.19 points; the S&P 500 fell 104.78 points, or 1.76%, to 5849.72 points. Chipmakers saw widespread declines, with NVIDIA Corporation (NVDA.US) and Arm (ARM.US) falling more than 8%, and Intel Corporation (INTC.US) falling 4%. Tesla, Inc. (TSLA.US) fell 2.8%. The Nasdaq Golden Dragon Index fell nearly 3%, with Alibaba Group Holding Limited Sponsored ADR (BABA.US) falling more than 1% and Li Auto, Inc. Sponsored ADR Class A (LI.US) falling nearly 11%. [European Stock] The German DAX30 index rose 655.67 points, or 2.91%, to 23150.95 points; the UK FTSE 100 index rose 66.15 points, or 0.75%, to 8875.89 points; the French CAC40 index rose 88.08 points, or 1.09%, to 8199.71 points; the Euro Stoxx 50 index rose 79.10 points, or 1.45%, to 5545.75 points; the Spanish IBEX35 index rose 58.15 points, or 0.44%, to 13381.35 points; the Italian FTSE MIB index rose 440.91 points, or 1.14%, to 39096.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index rose 1.7%, the South Korean KOSPI index fell more than 3%, and the Indonesian Composite Index rose nearly 4%. [Foreign Exchange] The US Dollar Index, which measures the dollar against six major currencies, fell 0.81% to 106.748 in the forex market at the close. At the end of the New York forex market, 1 Euro exchanged for 1.0473 US dollars, higher than the previous trading day's 1.0368 US dollars; 1 British pound exchanged for 1.2688 US dollars, higher than the previous trading day's 1.2572 US dollars. 1 US dollar exchanged for 150.18 Japanese yen, lower than the previous trading day's 150.54 Japanese yen; 1 US dollar exchanged for 0.8975 Swiss francs, lower than the previous trading day's 0.9035 Swiss francs; 1 US dollar exchanged for 1.4499 Canadian dollars, higher than the previous trading day's 1.4459 Canadian dollars; 1 US dollar exchanged for 10.5575 Swedish kronor, lower than the previous trading day's 10.7706 Swedish kronor. [Cryptocurrency] Ethereum plunged 16% intraday to $2100 per coin, while Bitcoin plummeted 8.8% to $85800 per coin, almost erasing the gains since Trump announced the cryptocurrency reserve plan yesterday. [Gold] COMEX gold futures rose 2.0% intraday to $2905.7 per ounce. [Crude Oil] Crude oil prices hit a new low for the year on Monday after OPEC+ announced it would resume some suspended production, a decision that could exacerbate the expected global oversupply of crude oil. WTI crude oil fell 2% to slightly above $68 per barrel, while the global benchmark Brent crude fell below $72. [Macro News] US February ISM manufacturing PMI is stable but a tariff storm is brewing. Data from the Institute for Supply Management (ISM) shows that US manufacturing performance in February was stable, but the factory's ex-factory price index rose to nearly a three-year high and raw material delivery time lengthened, indicating that import tariffs could soon hinder production. ISM said on Monday that its manufacturing PMI fell from 50.9 in January to 50.3 last month, still above the 50 boom-bust line. The decline in the index reflects a decrease in other confidence indicators, as the Trump administration has raised tariffs on imported goods. The price payment index, which measures manufacturers' input prices, surged to 62.4, the highest level since June 2022, indicating that after commodity prices saw their largest increase in 11 months in January, they could continue to rise. Supplier delivery performance slowed significantly, with the supplier delivery index rising from 50.9 in January to 54.5. The index above 50 indicates a slowdown in delivery. Extended supplier delivery times are usually associated with a robust economy, which will contribute positively to the PMI. However, in this case, the slowdown in supplier delivery may indicate bottlenecks in the supply chain. Trump stuffs the market with information in 30 minutes: tariffs, Russia-Ukraine, massive investments. On Monday, local time, US President Trump, at a press conference announcing that Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.N) will invest $100 billion in the US, announced that the US will impose a 25% tariff on Canada and Mexico starting on April 4th, stating that there is no room for negotiation with these two US allies. Canada's Foreign Minister responded by preparing to impose tariffs on $155 billion worth of US goods. In addition, Trump also announced that the US will impose reciprocal tariffs starting on April 2nd, and will also impose tariffs on countries that manipulate their currencies. The press conference, where reporters were clamoring to ask questions, lasted for about 30 minutes. Trump had previously disclosed that tariffs would be imposed on Shenzhen Agricultural Power Group on April 4th. Regarding the Russia-Ukraine conflict, Trump stated that despite his public dispute with Zelensky, mineral trade with Ukraine has not been called off, and there has been no discussion of suspending military aid to Ukraine. Trump also hinted that if Zelensky does not agree to sign a ceasefire agreement, his presidency may not be preserved. He will provide updates on the progress of the mineral agreement on the evening of April 4th. In addition, in terms of US-Russia relations, there are reports that the US is drafting a plan that may grant exemptions from sanctions to Russia.Je suis dsol pour ce qui s'est pass.Federal Reserve Mosseralem: Expect economy to continue growing but see risks from recent data. St. Louis Fed President Mosseralem stated that the U.S. economy is expected to continue expanding this year, but concerns have been raised about potential risks to economic growth from weaker-than-expected consumer and housing data in the near term, as well as reports from business contacts. He said, "The outlook for sustained robust growth is good, the labor market is healthy, and financial conditions are supportive. But recent data has been weaker than expected, with some signs that business activity has slowed, at least indicating that some businesses are more cautious." He stated that he currently considers current monetary policy to be "moderately restrictive," given that the inflation rate is still above the Fed's 2% target, which is an appropriate setting. "More monetary policy work is needed to achieve price stability." He expressed agreement with the Fed's current "patient" approach to further interest rate adjustments. Foreign media: Trump administration drafting list of possible sanctions relief for Russia. According to foreign reports, a U.S. official and another source familiar with the matter stated that as Trump seeks to improve relations with Russia and end the conflict between Russia and Ukraine, the U.S. is drafting a plan that could grant Russia sanctions relief. The White House has requested the State Department and Treasury Department to draft a list that could ease sanctions, for discussion with Russian representatives in the coming days. The sanctions office is currently drafting a proposal to lift sanctions on specific entities and individuals (including some Russian tycoons). In recent days, the White House has specifically requested the drafting of an alternative plan, highlighting Trump and his advisers' willingness to relax sanctions on Russia as part of a potential agreement. It is still unclear which sanctions against Russia the Trump administration will consider lifting first. U.S. chip agency office to lose 40% of staff due to government layoffs. Sources reveal that the U.S. chip agency office responsible for a $520 billion chip subsidy program will lose about two-fifths of its staff as Trump cuts federal employees. The layoffs include about 20 employees who voluntarily accepted delayed resignations and left the office last week, and about 40 employees who are considered probationary will be laid off on Monday. The previous administration established an office of about 140 people. Dismissing employees may hinder the implementation of the "Chips and Science Act," signed by Biden in 2022 to promote domestic chip manufacturing, which includes providing $39 billion in production funding and $11 billion in research funding to companies like Taiwan Semiconductor Manufacturing Co., Ltd. and Intel Corporation. The plan has led to over $400 billion in private sector commitment investments. Sources say the layoffs will not have a significant impact on the team responsible for negotiating with companies and evaluating progress towards contract benchmarks. Stock News Trump announces additional $100 billion investment in Taiwan Semiconductor Manufacturing Co., Ltd. to expand U.S. semiconductor production. U.S. President Trump and Taiwan Semiconductor Manufacturing Co., Ltd. (TSM) Executive Director Wei Zhejia announced at the White House on Monday that Taiwan Semiconductor Manufacturing Co., Ltd. will invest an additional $100 billion to further expand its semiconductor production base in the United States. This new investment will build on Taiwan Semiconductor Manufacturing Co., Ltd.'s previously committed $65 billion, which is an expansion of Taiwan Semiconductor Manufacturing Co., Ltd.'s plans to establish a large semiconductor manufacturing park in the Phoenix area of Arizona, aiming to enhance America's competitiveness in the global semiconductor market. Trump noted that Taiwan Semiconductor Manufacturing Co., Ltd.'s investment will not only strengthen the American semiconductor industry but also play a positive role in the development of America in high-tech fields such as artificial intelligence. He believes that Taiwan Semiconductor Manufacturing Co., Ltd.'s technological innovation and production capabilities are crucial to the growth of the U.S. economy and will further promote America's leading position in global technology competition. Major Bank Ratings S&P: 3M (MMM.US) rated "BBB+", outlook stable.