Preview of US Stock Market | The three major stock index futures all fell, Alphabet Inc. Class C (GOOGL.US), Intel Corporation (INTC.US) announced their earnings after the market closed.

1. Before the U.S. stock market opened on Thursday, the futures of the three major U.S. stock indexes all declined. As of press time, the Dow Jones futures fell by 0.47%, the S&P 500 index futures fell by 0.31%, and the Nasdaq futures fell by 0.26%. 2. As of press time, the German DAX index fell by 0.07%, the UK FTSE 100 index fell by 0.04%, the French CAC40 index fell by 0.14%, and the European Stoxx 50 index fell by 0.18%. 3. As of press time, WTI crude oil rose by 1.25%, to $63.05 per barrel. Brent crude oil rose by 1.03%, to $66.80 per barrel. Market News Jefferies Financial Group Inc. reveals a new watershed in the U.S. stock market game, with bulls and bears preparing to battle at 5500 points. In recent days, the U.S. stock market has been experiencing severe fluctuations, mainly due to the repeated changes in the stance of U.S. President Trump on tariff issues, leaving many Wall Street investors at a loss. For Jefferies Financial Group Inc. technical analyst Daniel Kirsch, this intense volatility makes it particularly important to analyze key points through charts. In his view, the key point to watch now is 5500 - the S&P 500 index must surpass this level to recover half of the 19% decline since its historical high in February. The index closed below 5000 two weeks ago, nearly entering a bear market, but has now rebounded to 5376. If it breaks through 5500 (a gain of just over 2% from Wednesday's closing price), not only will it wipe out almost all of the April declines, but for Kirsch, it also signifies a shift in trading strategy from "sell on rallies" to "buy on dips." Consumers in the U.S. are creating a "car rush" before the tariffs go into effect! Sales of Japanese cars in the U.S. market have skyrocketed. The latest statistics show that in March, the sales of core Japanese car brands in the U.S. market significantly increased, mainly due to American consumers rushing to buy vehicles before President Trump imposes tariffs on imported cars. According to data released on Thursday, Toyota Motor Corp. Sponsored ADR (TM.US) saw an 8% increase in sales in the U.S. market in March, reaching 231,336 vehicles; Honda Motor Co., Ltd. Sponsored ADR (HMC.US) saw a 13% increase in sales in the U.S. market. Nissan Motor Co., Ltd. (NSANY.US) saw a 10% increase in sales in the U.S. market, mitigating the negative impact of a 3.4% global decline in sales to 353,463 vehicles. Jefferies Financial Group Inc.: The shining moment of the U.S. stock market is over, and the future may continue to decline. Christopher Wood, the global stock strategist at Jefferies Financial Group Inc., says that the golden era of the U.S. stock market is over, and investors should prepare for further declines in U.S. stocks, bonds, and the U.S. dollar. Wood points out that the weighting of U.S. stocks in the MSCI All Country World Index reached a record high at the end of December last year. He believes the "U.S. stock market has peaked" and draws comparisons to the Japanese stock market in 1989. He states that the U.S. dollar has begun a long-term depreciation trend, which will reduce the proportion of U.S. stock market value in the global stock market. Wood recommends that investors consider increasing their allocation to Chinese, Indian, and European assets when rebalancing portfolios. This senior strategist's pessimistic view of the U.S. market is in line with the prevailing global pessimism. Hamarck speaks out: The Fed should continue to shrink its balance sheet, and monetary policy needs to remain stable. Cleveland Fed President Beth Hamarck stated on Wednesday that the current situation still supports the continued reduction of the Fed's balance sheet. She also stated that in the face of great uncertainty, now is not the time to change monetary policy. Hamarck said, "Now is not the time to be preemptive" on monetary policy, adding that now is the time to be patient and see how the data will unfold before taking action on interest rates. Hamarck detailed her views on the Fed's balance sheet at a currency market experts conference at New York University. Hamarck said, "It seems that our system still has enough reserves, so there is no need for active management." She also noted that the size of the assets held by the Fed poses risks to financial stability. The process of reducing the Fed's balance sheet is widely referred to as quantitative tightening (QT). Trump Coin soars! Trump to host a dinner for coin holders: have the opportunity to hear first-hand information, with the first 25 people receiving VIP treatment. The meme coin launched by President Trump - Trump Coin - surged by 50% in the past 24 hours, as the official Trump Coin website announced on Wednesday that it will invite the top 220 holders for a dinner near Washington on May 22 and claim to have the opportunity to hear "first-hand" information about the future of cryptocurrencies from Trump. In addition, the top 25 holders will receive a private reception with Trump and a "special edition" tour of the White House. The announcement urges participants to "hold as much Trump Coin as possible" before May 12. The website states, "The more Trump Coin you hold and the longer you hold it, the higher your ranking will be." Tariffs changing again? White House: Trump considering exemptions for some car parts tariffs. The White House confirmed on Wednesday that President Trump is considering exempting some of the most severe tariffs on car manufacturers. In addition, there are reports that Trump intends to exempt some tariffs on car parts, including those on imported steel and aluminum products. According to insiders, Trump's move is referred to as "destacking" tariffs. The exemption reportedly does not include the 25% tariff on imported vehicles.The tariffs will not affect the 25% tariff on imported automotive parts scheduled to take effect on May 3. Additionally, it has been reported that Trump stated on Wednesday that the 25% tariff on cars imported from Canada to the US may be increased.Stock News Merck & Co., Inc. (MRK.US) first-quarter performance exceeded expectations, with an expected loss of $200 million in 2025 due to tariffs. Merck & Co., Inc. reported first-quarter performance exceeding expectations. The financial report showed that the company's first-quarter sales reached $15.5 billion, a 1.9% decrease compared to the same period last year, but higher than analysts' forecast of $15.3 billion. Adjusted earnings per share were $2.22, higher than the expected $2.13 per share. The company also stated that due to the U.S.-China tariff war, it expects to lose $200 million in tariffs by 2025. American Airlines Group Inc. (AAL.US) withdraws 2025 profit guidance: losses expand in economic headwinds. American Airlines Group Inc. withdrew its 2025 profit guidance on Thursday. Under the dual impact of tariff policy pressure and government spending uncertainty, consumer discretionary budgets face challenges, making it difficult for airlines to accurately predict future travel demand. The financial report showed that this traditional airline giant had a net loss of $473 million (or $0.72 per share) in the first quarter of this year, further expanding from the $312 million loss (or $0.48 per share) in the same period last year. The company previously predicted an annual adjusted earnings per share of $1.70 to $2.70. Tariffs + weak consumer demand squeeze, Procter & Gamble Company (PG.US) growth expectations "halved". Procter & Gamble Company has reduced its organic sales growth expectations from 3%-5% to 2% due to tariff pressure and fluctuations in consumer demand. The latest quarter's total sales were $19.8 billion, with organic sales flat. Sales of beauty care products increased slightly, pushing prices up by 1%, but the baby and feminine care categories are under pressure. The company expects earnings per share to be $6.72-6.82 for this fiscal year, lower than previous expectations. Despite reducing tariff risks through supply chain adjustments (with 90% of products manufactured in the U.S.), the company is still impacted by high tariffs on 15% of imported materials and products from China. Blockbuster drug Dupixent drives growth, Sanofi (SNY.US) first-quarter performance exceeds expectations. Sanofi's first-quarter profits exceeded expectations, thanks to the strong demand for its blockbuster skin and asthma drug, Dupixent. The financial report showed that Sanofi's first-quarter revenue was 9.89 billion, a 5.4% decrease compared to the same period last year, but exceeded expectations by 1.2 billion; adjusted earnings per share were 1.79 (or $2.03), higher than the analyst's estimate of 1.67. Nearly half of Sanofi's 9.9 billion quarterly revenue comes from the U.S. market, highlighting its dependence on the world's largest pharmaceutical market. Buoyed by Dupixent sales growing by 20% to 3.5 billion (slightly exceeding analyst expectations), the company's quarterly total revenue exceeded market estimates. Tariffs + U.S. government spending cuts concerns linger! IBM (IBM.US) Q1 performance better than expected. "Big Blue" IBM's performance wasn't strong enough to ease investors' concerns about tariffs and reduced spending by the U.S. federal government weakening the company's business. IBM announced on Wednesday that its first-quarter revenue increased by nearly 1% to $14.5 billion, beating market expectations; adjusted earnings per share were $1.60, better than market expectations. IBM CEO Arvind Krishna said during the earnings call, "Short-term uncertainties might lead to clients pausing deals." However, he also mentioned that the company has not seen any substantial changes in customer purchasing behavior. Gold price rise offsets production decline, Newmont Mining (NEM.US) Q1 profit exceeds expectations. The world's largest gold miner Newmont Mining reported better-than-expected first-quarter profits in 2025, as the rise in gold prices helped offset the impact of production decline. Newmont Mining's financial report released on Wednesday showed quarterly revenue of $5.01 billion, a 25% increase from the same period last year with adjusted net profit of $1.404 billion, a 123% increase from the same period last year, and adjusted earnings per share of $1.25, higher than the expected $0.90 per share. Under the test of tariffs, Texas Instruments Incorporated (TXN.US) "hands in a good report card," with Q2 performance guidance exceeding expectations. The world's largest analog chip manufacturer, Texas Instruments Incorporated, announced better-than-expected second-quarter performance guidance, as demand for industrial and automotive components improved. The company stated on Wednesday that second-quarter revenue will reach $41.7-45.3 billion, surpassing Wall Street's average forecast of $41.2 billion; second-quarter earnings per share will be $1.21-1.47, expected to be $1.21. The company is one of the first to report in a wave of tech stock performances, a hopeful sign for the chip industry. Revenue in the first quarter increased by 11% to $40.7 billion, earnings per share increased by 7% to $1.28; market average expectations were sales revenue of $39.1 billion and earnings per share of $1.07. Competitors claim Alphabet Inc. Class C (GOOGL.US) Chrome's value may exceed $50 billion, but fear no one can handle the split. In the U.S. Department of Justice's antitrust trial against internet giant Alphabet Inc. Class C (GOOGL.US) on Wednesday, the CEO of Alphabet Inc. Class C's competitor in the browser market, DuckDuckGo search engine, claimed that Alphabet Inc. Class C's Chrome browser could be worth over $50 billion, but splitting it may result in no one being able to "pick up the pieces".Browser prices could reach as high as $50 billion. DuckDuckGo operates a privacy-focused search engine and browser. The company's CEO, Gabriel Weinberg, said: "I believe that if Chrome were to go to market, its value would exceed $500 billion, which is far beyond DuckDuckGo's capacity." Weinberg also stated that this valuation is based on a "rough estimate" of Chrome's user base.Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) cutting-edge A14 chip technology will commence production in 2028. Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR plans to begin using the A14 manufacturing process in 2028 to maintain its leading position in the chip industry. This technology will allow the world's largest chip manufacturer to surpass its current most advanced 3-nanometer process as well as the upcoming 2-nanometer process that will be launched later this year. Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR also plans to introduce the intermediate A16 process by the end of 2026. Important economic data and events forecast 20:30 Beijing time: Initial value of US March durable goods orders (%), Initial claims for unemployment insurance for the week ending April 19th in the US (thousands), Change in US March Chicago Fed National Activity Index. 22:00 Beijing time: US March existing home sales annual total (thousands of households). 22:30 Beijing time: Change in US EIA natural gas inventories for the week ending April 11th (billion cubic feet). 23:00 Beijing time: US April Kansas Fed Manufacturing Composite Index. To be determined: Trump says US and Ukraine will sign a mineral agreement. 00:10 Beijing time the next day: G20 ministers hold a press conference during the IMF/World Bank Spring Meetings. 05:00 Beijing time the next day: 2026 FOMC committee member, Minneapolis Fed President Kashkari delivers a speech. Earnings forecast Friday morning: Alphabet Inc. Class C (GOOGL.US), Intel Corporation (INTC.US), Vale S.A. Sponsored ADR (VALE.US). Friday pre-market: Nomura (NMR.US), AbbVie (ABBV.US), Colgate-Palmolive (CL.US), Schlumberger (SLB.US).