Overnight US stocks | Three major indices closed higher this week, with the Nasdaq rising 7.15% in total.

On Friday, the three major indexes all rose. This week, the three major US stock indexes all recorded gains, with the Dow Jones up 3.41%, the S&P 500 up 5.27%, and the Nasdaq Composite up 7.15%. After the closing today, Moody's Corporation downgraded the US credit rating from AAA to AA1. Moody's Corporation stated that the downgrade reflects the increase in government debt; by 2035, US federal debt burden will rise to 134% of GDP; it is expected that by 2035, the US federal government deficit will reach 9% of GDP; as the economy adjusts in response to tariffs, GDP growth may slow down. [US Stock Market] As of the close, the Dow Jones rose 331.99 points, or 0.78%, to 42654.74 points; the Nasdaq rose 98.78 points, or 0.52%, to 19211.10 points; the S&P 500 index rose 41.45 points, or 0.70%, to 5958.38 points. The S&P 500 index rose for the fifth consecutive trading day. [European Stocks] Germany's DAX30 index rose 83.78 points, or 0.35%, to 23764.25 points; the UK's FTSE 100 index rose 50.00 points, or 0.58%, to 8683.75 points; France's CAC40 index rose 33.22 points, or 0.42%, to 7886.69 points; the Euro Stoxx 50 index rose 14.67 points, or 0.27%, to 5426.75 points; Spain's IBEX35 index rose 153.42 points, or 1.10%, to 14062.82 points; Italy's FTSE MIB index rose 212.18 points, or 0.52%, to 40631.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index was slightly down, the KOSPI index in South Korea rose by 0.21%, and the composite index in Indonesia rose by 0.94%. [Forex] The US dollar index, which measures the US dollar against a basket of six major currencies, rose 0.21% on the day, closing at 101.092 in the foreign exchange market. At the end of the New York exchange, 1 euro exchanged for 1.1152 US dollars, lower than the previous trading day of 1.1178 US dollars; 1 pound exchanged for 1.3278 US dollars, lower than the previous trading day of 1.3299 US dollars. 1 US dollar exchanged for 145.90 yen, higher than the previous trading day of 145.68 yen; 1 US dollar exchanged for 0.8390 Swiss francs, higher than the previous trading day of 0.8362 Swiss francs; 1 US dollar exchanged for 1.3985 Canadian dollars, higher than the previous trading day of 1.3966 Canadian dollars; 1 US dollar exchanged for 9.7871 Swedish Krona, higher than the previous trading day of 9.7397 Swedish Krona. [Metals] Spot gold fell by 1.21% to $3200.00 per ounce, a cumulative decline of 3.72% this week, rebounding slightly after falling to $3120.98 on Thursday. COMEX gold futures fell by 0.79% to $3201.10 per ounce, with a weekly decline of 4.32% (a 4.62% decline in the week of November 15, 2024), falling to $3123.30 on Thursday. [Cryptocurrency] Bitcoin fell by 0.28% to $103484.9 million, while Ethereum rose by 0.25% to $2554.84. [Crude Oil] The July Brent crude oil on the European Intercontinental Exchange, Inc. rose by 88 cents, or 1.36%, to $65.41 per barrel. The June delivery of West Texas Intermediate crude oil (WTI) on the New York Mercantile Exchange rose by 87 cents, or 1.41%, to $62.49 per barrel. Brent crude oil and US crude oil both rose by more than 2% this week. [Macro News] US consumer confidence in May fell slightly after a significant drop for four consecutive months. Joanne Hsu, director of the University of Michigan Consumer Survey, stated that the consumer confidence index remained basically stable this month, falling only 1.4 points after a significant drop for four consecutive months. Since January 2025, market confidence has fallen by nearly 30%. Nearly three-quarters of consumers spontaneously mentioned tariffs, higher than the nearly 60% in April; the uncertainty of trade policy continues to dominate consumers' economic views. The survey was conducted between April 22 and May 13, ending two days after the US and China announced a partial suspension of tariffs. After temporarily lowering tariffs, many indicators showed some signs of improvement, but the initial improvements were too small to change the overall situation - consumers continue to hold a pessimistic view of the economy. The initial response so far echoes a slight increase in sentiment after the partial tariff suspension on April 9, despite sentiment continuing to decline. US one-year inflation expectations in May rose to 7.3%. Joanne Hsu, director of the University of Michigan Consumer Survey, stated that one-year inflation expectations in May rose from 6.5% in the previous month to 7.3%. Expectations from both Democrats and Republicans increased. Long-term inflation expectations rose from 4.4% in April to 4.6% in May, with Republicans' expectations showing a particularly large monthly increase. The final value for May will show to what extent the US-China tariff suspension on May 12 led consumers to update their expectations. 5 Republican lawmakers voted against the bill: The House Budget Committee voted 21-16 to reject the bill, with Republican members Chip Roy, Ralph Norman, Josh Brecheen, Lloyd Smucker, and Andrew Clyde voting against it alongside Democratic members. It is very rare for a bill to fail at this stage of the process, as the Budget Committee vote is usually just a routine step before sending the bill for full House consideration. Trump's tax cut bill was rejected by a House committee. A key House committee was unable to advance a large-scale tax and spending bill proposed by Republicans on Friday due to opposition from hardline conservatives. These lawmakers demanded larger cuts to healthcare subsidies and other government programs. Although this vote did not completely end the bill process, it was a setback for Republican leaders.Major setback. They must now weigh whether to find a way to garner support from opponents. Previously, a group of right-wing Republicans had sent signals to House Speaker Mike Johnson and his leadership team through public and private channels, indicating their plan to oppose the bill at Friday's House Budget Committee meeting. However, Republican leaders are still taking the risk of pushing for a vote. It is currently unclear how House Republicans will regroup, bridge their differences, and move the bill forward.LME intends to set position limits to curb massive holdings. According to sources, the London Metal Exchange (LME) is discussing setting position limits to restrain large position behaviors. The LME has been in informal discussions with market participants to discuss appropriate levels of position limits. The LME has suggested that it may try to prevent traders from holding positions in excess of total inventory in near-month contracts. According to a policy statement released earlier this year by the Financial Conduct Authority (FCA) in the UK, responsibility for setting position limits in UK commodity markets will be transferred from the FCA to individual exchanges starting in July 2026. Sources suggest that the LME may formally propose position limit proposals to the market at some point before then. [Stock News] Super Micro Computer, Inc. (SMCI.US) will partner with DataVolt to create an artificial intelligence campus in Saudi Arabia. Super Micro Computer, Inc. announced today that it has entered into a strategic partnership with DataVolt to initially build a large-scale artificial intelligence campus in the Kingdom of Saudi Arabia. This move aims to drive local digital transformation and technological innovation. The campus will integrate advanced artificial intelligence technologies to attract global businesses and talent. Through this project, Saudi Arabia hopes to further enhance its position in the global technology sector. Specific construction times and details have not been disclosed. The partnership is subject to negotiation between the two parties and the completion of one or more final agreements. The expected minimum market value of products in the transaction is $20 billion. The collaboration will accelerate the delivery of Super Micro's ultra-dense GPU platform, storage, and rack PnP systems, to serve DataVolt's large-scale megawatt renewable and net-zero green artificial intelligence campus, providing customers with unprecedented scale and sustainability. Super Micro's cutting-edge liquid cooling solutions can reduce power costs by up to 40%, accelerate deployment and launch times, and operate data centers at a higher efficiency with lower power usage effectiveness (PUE). US cable TV giant Charter Communications (CHTR.US) will merge with Cox Communications in a deal valuing the latter at nearly $34.5 billion. On May 16, the two major cable TV companies in the United States, Charter Communications and Cox Communications, announced a definitive merger agreement. The proposed transaction values Cox Communications at approximately $34.5 billion. Within one year of the completion of the transaction, the merged company will be renamed Cox Communications. The headquarters of the merged company will be located in Stamford, Connecticut, where Charter Communications is located, while maintaining a significant presence at Cox Communications' current headquarters in Atlanta, Georgia.