Overnight US stocks | Three major indexes are mixed, with the S&P and Dow Jones Industrial Average rising for five consecutive days. NIO Inc. Sponsored ADR Class A (NIO.US) surged by nearly 7%.

On Monday, the three major indexes showed mixed movements. The Dow Jones Industrial Average and the S&P 500 Index continued to rise for the fifth consecutive trading day. The first quarter earnings season for US stocks is entering its busiest period. Over 180 companies in the S&P 500 Index will be announcing their results this week. Amazon.com, Inc. (AMZN.US), Apple Inc. (AAPL.US), Meta (META.US), and Microsoft Corporation (MSFT.US) will be releasing their quarterly reports this week. In the US stock market, at the close of trading, the Dow rose by 114.09 points, a 0.28% increase, closing at 40227.59 points; the Nasdaq fell by 16.81 points, a 0.10% decrease, closing at 17366.13 points; the S&P 500 Index rose by 3.54 points, a 0.06% increase, closing at 5528.75 points. Tesla, Inc. (TSLA.US) rose by 0.3%, Apple Inc. (AAPL.US) rose by 0.4%, and NVIDIA Corporation (NVDA.US) fell by 2%. The Nasdaq Golden Dragon Index rose by 0.68%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell by 1.6%, and NIO Inc. Sponsored ADR Class A (NIO.US) rose by nearly 7%. In the European stock market, the German DAX30 Index rose by 18.32 points, a 0.08% increase, closing at 22254.73 points; the UK's FTSE 100 Index fell by 2.06 points, a 0.02% decrease, closing at 8413.19 points; the French CAC40 Index rose by 37.50 points, a 0.50% increase, closing at 7573.76 points; the Euro Stoxx 50 Index rose by 12.63 points, a 0.25% increase, closing at 5166.75 points; the Spanish IBEX35 Index rose by 87.87 points, a 0.66% increase, closing at 13441.37 points; and the Italian FTSE MIB Index rose by 98.62 points, a 0.26% increase, closing at 37447.00 points. In the foreign exchange market, the US Dollar Index, which measures the dollar against six major currencies, fell by 0.46% to close at 99.012. At the end of trading, 1 euro exchanged for 1.1413 US dollars, higher than the previous trading day's 1.1380 US dollars; 1 pound exchanged for 1.3426 US dollars, higher than the previous trading day's 1.3329 US dollars. 1 US dollar exchanged for 142.12 Japanese yen, lower than the previous trading day's 143.57 Japanese yen; 1 US dollar exchanged for 0.8208 Swiss francs, lower than the previous trading day's 0.8271 Swiss francs; 1 US dollar exchanged for 1.3844 Canadian dollars, lower than the previous trading day's 1.3860 Canadian dollars; and 1 US dollar exchanged for 9.5884 Swedish kronor, lower than the previous trading day's 9.6685 Swedish kronor. In the cryptocurrency market, Bitcoin rose by over 0.7% to 94452.34 US dollars; Ethereum fell by 0.15% to 1790.26 US dollars. In the precious metals market, spot gold rose by 0.81% to 3346.65 US dollars per ounce, trading mostly below 3300 US dollars for most of the day, with a significant uptrend starting at 20:00 Beijing time. COMEX gold futures (compared to last Friday's closing price) rose by 1.83% to 3358.90 US dollars per ounce (an increase of 0.87% from last Friday's closing price), trading mostly near 3300 US dollars, showing a U-shaped trend overall. Daniel Ghali, a commodities strategist at TD Securities, said, "We are starting to see initial signs of exhaustion in the selling momentum," and added that the downside risks for gold are extremely limited. "Western investors, especially individual traders or macro funds, were completely underweight in the last bull run in gold, so selling activity is limited, and the rise in gold prices reflects that." In the oil market, the price of light crude oil futures for delivery in June on the New York Mercantile Exchange fell by 97 cents to close at 62.05 US dollars per barrel, a 1.54% decrease; the price of Brent crude oil futures for delivery in June fell by 1.01 US dollars to close at 65.86 US dollars per barrel, a 1.51% decrease. In macroeconomic news, the Dallas Fed's Business Activity Index for the US in April recorded -35.8, a new low since May 2020. The Dallas Fed's Business Activity Index for the US in April was -35.8, lower than the expected -14.1 and the previous value of -16.3. Although current production remains positive, manufacturers in the Dallas Fed district have pessimistic expectations for future business activities, recording -35.3, lower than all analysts' expectations. Stagflation trends continue, with a sharp drop in new orders and a surge in prices. The US Treasury Department raised its borrowing expectations for the second quarter. The US Treasury Department announced on Monday that it expects net borrowing of 514 billion US dollars in the second quarter, an increase of 391 billion US dollars from the February estimate, mainly due to low cash balances at the beginning of the quarter and lower net cash flow estimates. The Treasury Department stated in a statement that the second quarter financing estimate assumes a cash balance of 850 billion US dollars at the end of June. Excluding the lower-than-expected cash balance at the beginning of the quarter, the borrowing estimate for the second quarter is 530 billion US dollars lower than the one announced in February. The Treasury also announced that it expects to borrow 554 billion US dollars in the third quarter, assuming a cash balance of 850 billion US dollars at the end of September. Deutsche Bank: US assets still face resistance from foreign buyers. Deutsche Bank Aktiengesellschaft stated that despite the market's recovery in the past week, foreign investors are still refusing to buy US assets. In order to "real-time" observe the recent trends of foreign investors, George Saravelos, the Head of Foreign Exchange Strategy at Deutsche Bank, studied the flow of various funds that attract overseas funds into US stocks and bonds. Saravelos wrote that the data shows a "sudden stop" in foreign purchases of US assets over the past two months, and even last week, when it seemed like the dark clouds that overshadowed the market were beginning to dissipate, there was no reversal in sight.Elephant.Latest poll: Nearly 60% of Americans believe that Trump's policies are worsening the US economy. A recent poll conducted by the CNN polling agency shows that 59% of the public believes that President Trump's policies have worsened the US economic situation, up from 51% in March. The survey also found that Americans are generally dissatisfied with the state of the economy, and lack enthusiasm for the White House's new trade policy. 60% of the people surveyed said that Trump's policies have raised the cost of living in their communities, while only 12% believe that his policies help to lower prices. In addition, only 34% of Americans are optimistic about the economy, 29% are pessimistic, and 37% are worried. [Stock News] Alibaba released and open-sourced Qwen3. Alibaba Group Holding Limited Sponsored ADR released a new version of the Qwen3 series model early this morning, including 2 MoE models and 6 dense models, with parameters ranging from 0.6B to 235B. Compared to other top models like DeepSeek-R1, o1, o3-mini, Grok-3, and Gemini-2.5-Pro, the flagship model Qwen3-235B-A22B performed competitively in benchmark evaluations in encoding, mathematics, and general capabilities. Alibaba also stated that the inference ability of the Qwen3 model has greatly improved, reaching the industry SOTA level in evaluations such as mathematics, code, and logical reasoning. [Major Bank Rating] Bank of America: Lowered the target price for Apple Inc. (AAPL.US) to $240, and lowered revenue and profit forecasts for fiscal year 2026.