Overnight US stocks | The three major indices closed higher, with Tesla, Inc. (TSLA.US) rising by 5.3%. Gold and crude oil fell.

On Wednesday, the three major indices closed higher. The Dow Jones Industrial Average rose nearly 1,200 points in early trading, surpassing the 40,000 point mark and reaching a high of 40,376.11 points. President Trump stated he has no intention of replacing Federal Reserve Chairman Powell and hinted at a possible reduction in external tariffs. [US Stocks] At the close, the Dow rose 419.59 points, up 1.07%, to 39,606.57 points; the Nasdaq rose 407.63 points, up 2.50%, to 16,708.05 points; the S&P 500 rose 88.09 points, up 1.67%, to 5,375.85 points. Tesla, Inc. (TSLA.US) rose 5.3%, Apple Inc. (AAPL.US) rose 2.4%, and NVIDIA Corporation (NVDA.US) rose nearly 4%. The Nasdaq Golden Dragon Index rose 2.93%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose 2.6%, and XPeng, Inc. ADR Sponsored Class A (XPEV.US) rose over 7%. [European Stocks] The Germany DAX30 index rose 677.99 points, up 3.19%, to 21,956.67 points; the UK FTSE 100 index rose 79.76 points, up 0.96%, to 8,408.36 points; the France CAC40 index rose 155.89 points, up 2.13%, to 7,482.36 points; the European Stoxx 50 index rose 140.00 points, up 2.82%, to 5,101.45 points; the Spain IBEX35 index rose 210.02 points, up 1.62%, to 13,206.82 points; and the Italy FTSE MIB index rose 506.11 points, up 1.41%, to 36,454.00 points. [Forex] The US dollar index, measuring the US dollar against six major currencies, rose 0.94% to close at 99.844 in the forex market. At the close of the New York forex market, 1 euro exchanged for 1.1322 US dollars, lower than the previous trading day's 1.1426 US dollars; 1 pound exchanged for 1.3265 US dollars, lower than the previous trading day's 1.3336 US dollars. 1 US dollar exchanged for 143.45 Japanese yen, higher than the previous trading day's 141.50 Japanese yen; 1 US dollar exchanged for 0.8297 Swiss francs, higher than the previous trading day's 0.8189 Swiss francs; 1 US dollar exchanged for 1.3887 Canadian dollars, higher than the previous trading day's 1.3815 Canadian dollars; 1 US dollar exchanged for 9.7032 Swedish kronor, higher than the previous trading day's 9.5556 Swedish kronor. [Cryptocurrency] Bitcoin rose 0.21% to $93,578.85, while Ethereum rose over 2% to $1,791.23. [Metals] Spot gold fell 2.69% to $3,289.93 per ounce, spending most of the day in a downward trend. COMEX gold futures fell 3.45% to $3,301.70 per ounce, continuing to decline from the high reached on April 22. [Oil] Light crude oil futures for June delivery on the New York Mercantile Exchange fell $1.40 to close at $62.27 per barrel, down 2.2%. Brent crude oil futures for June delivery in London fell $1.32 to close at $66.12 per barrel, down 1.96%. [Macro News] The US Treasury Department released data on investment funds and foreign investors buying US bonds in the past two weeks. According to Treasury Department data, during the most recent reporting period, investment funds bought $262.49 billion of 10-year Treasury bonds maturing on February 15, 2035, compared to $269.54 billion last month; foreign investors bought $71.68 billion of 10-year Treasury bonds maturing on February 15, 2035, compared to $46.36 billion last month. Investment funds bought $397.25 billion of 3-year Treasury bonds maturing on April 15, 2028, compared to $447.82 billion last month; foreign investors bought $47.4 billion of 3-year Treasury bonds maturing on April 15, 2028, compared to $49.12 billion last month. Investment funds bought $162 billion of 30-year Treasury bonds maturing on February 15, 2055, compared to $154.36 billion last month, while foreign investors bought $23.3 billion of 30-year Treasury bonds maturing on February 15, 2055, compared to $21.4 billion last month. British Media: Trump plans to exempt some automakers from tariffs. According to the Financial Times, US President Trump plans to exempt some of the harshest tariffs on automakers, following intensive lobbying by industry executives in the trade war. Two informed sources revealed that this move would exempt auto parts from two tariffs, one aimed at combating fentanyl production and the other on steel and aluminum products. However, the 25% tariffs on all imported vehicles will remain. Another 25% tariff on auto parts will also be retained and will take effect from May 3rd. Although the US previously excluded automotive products from "reciprocal" tariffs on major trading partners, US automakers have been seeking more exemptions recently. These concessions will mark an initial victory for the automotive industry, and another retreat by Trump on his most aggressive tariffs. The current negotiations mainly focus on simplifying the taxation process, such as relaxing the rules of origin requirements for auto parts. This policy shift reflects a pragmatic response by the Trump administration to pressure from specific industries while maintaining its core "America First" trade policy stance. US Treasury Secretary: Regarding whether Trump might fire PowellNo position. US Treasury Secretary Yellen said on Wednesday that he has no position on whether President Trump has the legal power to dismiss Federal Reserve Chairman Powell, and added that Trump's mention last week of Powell's "dismissal" may refer to the end of his term in May 2026. Yellen also said in a speech to reporters during the International Monetary Fund and World Bank spring meetings that, given Trump's history of dissatisfaction with Powell, she is not surprised by Trump's criticism of Powell.Federal Reserve Beige Book: Economic activity stable, but uncertainty leads to substantial deterioration in several regions. The Federal Reserve Beige Book indicates that prices in the United States are rising and economic activity and employment in most regions of the United States have remained almost unchanged since March. The report reflects some early impacts of President Trump's repeatedly erratic introduction of comprehensive tariffs aimed at reshaping global trade. "The uncertainty surrounding international trade policies is widespread in the report. With economic uncertainty, especially rising uncertainty around tariffs, the prospects in several regions have deteriorated substantially." The bid yield on the 5-year US Treasury notes hit the lowest level since September. The bid yield on the $70 billion 5-year US Treasury notes issued by the US Department of Treasury was reported as 3.995%, the lowest since September. The pre-issuance trading level at 1:00 p.m. Eastern Time was 4.005%. The market had little reaction to the bidding results, with the 5-year yield barely changing compared to the previous trading day, and the 5s30s yield spread narrowing to about 6 basis points. Primary dealers were allocated 11.1%, lower than the previous allocation, while the direct bidder share increased to 24.8% and the indirect bidder share decreased to 64%. The bid-to-cover ratio was 2.41 times, slightly higher than the previous average of 2.40 times. Lagarde: Powell is doing his best to serve the American people. European Central Bank President Lagarde expressed support for US Federal Reserve Chairman Powell, stating that Powell is doing his best to fulfill his duties as the Fed Chairman. She said at an event in The Washington Post, "The talents and abilities of the Fed Chairman reassure me. I know he is doing his best and relentlessly following his mission." Lagarde added, "I have great respect for Chairman Powell, I know he is doing his best to serve the American people and maintain financial stability, which is closely related to price stability." "If you look at the academic literature on this topic, you will find many such papers around the world. Whenever there is political intervention, whenever the central bank chairman or president loses independence, the result is slowed economic growth and rising inflation," Lagarde said. "This is not what anyone wants, and certainly not in line with our mission." [Individual Stock News] Alphabet Inc. Class C (GOOG.US, GOOGL.US) requires some remote workers to come to the office three days a week or face unemployment. Five years after the outbreak of the COVID-19 pandemic, Alphabet Inc. Class C (GOOG.O) is requiring some remote workers to return to the office at least three days a week to avoid becoming part of the company's broader cost-cutting efforts. Internal documents show that several departments at Alphabet Inc. Class C have notified remote workers that their positions may not be guaranteed if they do not adopt a hybrid work model (working in the closest office at least three days a week). Some employees had previously been granted permanent remote work privileges. This policy tightening comes as Alphabet Inc. Class C and its tech peers continue to cut costs on one hand and inject funds into the field of artificial intelligence on the other. The development of AI requires significant investment in infrastructure and technology talent. Since the large-scale layoffs in early 2023, Alphabet Inc. Class C has implemented targeted streamlining in several teams while emphasizing the importance of increasing AI investments. As of the end of last year, Alphabet Inc. Class C had about 183,000 employees, down from 190,000 two years ago. IBM (IBM.US) second-quarter revenue outlook exceeds expectations. IBM's first-quarter revenue was $14.55 billion, surpassing analysts' expectations of $14.4 billion. First-quarter software revenue was $6.34 billion, in line with analysts' expectations of $6.3 billion. First-quarter consulting revenue was $5.07 billion, matching analysts' expectations. First-quarter operating EPS was $1.60, surpassing analysts' expectations of $1.42. The full-year free cash flow (FCF) forecast remains unchanged at around $13.5 billion, compared to analysts' expectations of $13.72 billion. IBM expects second-quarter revenue to be between $16.4 billion and $16.75 billion, exceeding analysts' expectations of $16.28 billion. IBM rose 5.12% after hours but quickly reversed course.