Overnight US stocks | Unfazed by Moody's downgrade of the US credit rating! The three major indexes closed higher, with the S&P 500 index rising for the sixth consecutive day.

On Monday, all three major indexes closed higher, with the S&P 500 index recording its sixth consecutive trading day of gains, largely shrugging off the impact of Moody's Corporation's downgrade of the US credit rating. White House Economic Council Director Hassett suggested that there will be more trade agreements this week. [US Stocks] At the close, the Dow Jones Industrial Average rose 137.33 points, or 0.32%, to 42792.07 points; the Nasdaq rose 4.36 points, or 0.02%, to 19215.46 points; the S&P 500 index rose 5.22 points, or 0.09%, to 5963.60 points. Tesla, Inc. (TSLA.US) fell by over 2%, Apple Inc. (AAPL.US) fell by 1%, Novavax, Inc. (NVAX.US) rose by 15%. The Nasdaq Golden Dragon Index fell by 0.17%, Niu Technologies Sponsored ADR Class A (NIU.US) fell by 12%, ZAI LAB (ZLAB.US) rose by over 6%. [European Stocks] The German DAX30 index rose by 180.54 points, or 0.76%, to 23929.75 points; the UK FTSE 100 index rose by 15.41 points, or 0.18%, to 8699.97 points; the French CAC40 index fell by 14.34 points, or 0.18%, to 7872.35 points; the Euro Stoxx 50 index fell by 2.88 points, or 0.05%, to 5424.65 points; the Spanish IBEX35 index rose by 48.00 points, or 0.34%, to 14097.00 points; the Italian FTSE MIB index fell by 477.26 points, or 1.17%, to 40179.00 points. [Asia-Pacific Stock Markets] The Nikkei 225 index fell by 0.68%, the KOSPI index in South Korea fell by 0.89%, and the comprehensive index in Indonesia rose by 0.49%. [Foreign Exchange] The US Dollar Index, which measures the dollar against six major currencies, fell by 0.66% to close at 100.426 in the FX market. At the close of the New York FX market, 1 euro exchanged for 1.1235 US dollars, higher than the previous trading day's rate of 1.1152 US dollars; 1 pound exchanged for 1.3356 US dollars, higher than the previous trading day's rate of 1.3278 US dollars. 1 US dollar exchanged for 144.97 Japanese yen, lower than the previous trading day's rate of 145.90 Japanese yen; 1 US dollar exchanged for 0.8348 Swiss francs, lower than the previous trading day's rate of 0.8390 Swiss francs; 1 US dollar exchanged for 1.3959 Canadian dollars, lower than the previous trading day's rate of 1.3985 Canadian dollars; 1 US dollar exchanged for 9.6928 Swedish kronor, lower than the previous trading day's rate of 9.7871 Swedish kronor. [Metals] Spot gold rose by 0.88% to 3231.90 US dollars per ounce, remaining in an upward trend throughout the day, reaching a high of 3249.82 US dollars at 08:26 Beijing time. COMEX gold futures rose by 1.38% to 3231.30 US dollars per ounce, also reaching a high of 3252.90 US dollars at 08:17, following Moody's Corporation's downgrade of the US rating after the New York close on Friday. This means the US lost its AAA rating from all three major international rating agencies. Spot silver rose by 0.21% to 32.3629 US dollars per ounce, and COMEX silver futures rose by 0.40% to 32.485 US dollars per ounce. COMEX copper futures rose by 1.48% to 4.6615 US dollars per pound, continuously rising after hitting a low of 4.5610 US dollars at 11:49. [Cryptocurrency] Bitcoin fell by over 1% to 105353.5 US dollars, and Ethereum fell by 0.86% to 2518.53 US dollars. [Crude Oil] NYMEX light crude oil futures for delivery in June rose by 20 cents to close at 62.69 US dollars per barrel, a 0.32% increase; ICE Brent crude oil futures for delivery in July rose by 13 cents to close at 65.54 US dollars per barrel, a 0.20% increase. [Macro News] The Conference Board's Leading Economic Index for April showed a decline. According to the Conference Board, the Leading Economic Index for the US declined in April. The data released showed a 1% monthly decline to 99.4, lower than economists' expectations and the largest drop for the index in two years. Conference Board analyst Justyna Zabinska-La Monica stated: "Consumer expectations have been growing increasingly pessimistic month by month since January 2025, and the contributions of building permits and average manufacturing workweek turned negative in April. When looking at the six-month trend of various components of the LEI, there is a general softness, which is a warning sign for growth." (LEI is a predictive index based on 10 components including new orders for manufacturers, initial claims for unemployment insurance, new private housing permits, stock prices, and consumer expectations aimed at indicating changes in the business cycle.) Federal Reserve Vice Chairman Jefferson: Moody's Corporation downgrading will be considered normal data in policy making. Federal Reserve Vice Chairman Jefferson stated that Moody's Corporation's downgrade of the US credit rating will be considered normal economic data when formulating monetary policy. Jefferson said, "We will look at this rating downgrade in the context of all upcoming information: what does it mean for us to achieve our established goals, rather than comment on what the rating downgrade might mean in a political and economic context." He also said, "Our goals are to fulfill our dual mandate of achieving maximum employment and price stability. It is especially important to stay focused on our mission during periods of financial market turmoil." Dallas Fed President Logan: The Fed should strengthen rate control mechanisms. Dallas Fed President Logan stated that the US central bank should consider strengthening mechanisms to more effectively prevent spikes in money market rates when market pressures arise. Speaking at the 2025 Financial Markets Conference prepared by the Atlanta Fed,.ResumeLayoutIn the meeting, Logan once again called for more banks to use the discount window and to concentrate the clearing of the standing repurchase agreement facility (SRF) operations. She also hosted a panel discussion on the role of non-bank institutions in the US Treasury and money markets. Logan also pointed out that the Federal Reserve should focus on a broader range of market rates, not just the federal funds rate. "In my view, rate control is not just about keeping the federal funds rate within the target range," she said.Federal Reserve Williams: Not immediately worried about foreign investors selling US assets. New York Fed President Williams acknowledged that concerns about foreign investors withdrawing from US assets do exist against the backdrop of trade turmoil, but he believes that the US "safe haven" status is not currently facing imminent risks. Williams said that such concerns mostly remain in the stage of "people just talking about whether to discuss." He stated that the US still has a unique appeal to global investors, citing US technological prowess, and mentioning that the "American exceptionalism" has until recently dominated global trade. Williams said, "The US economy is really vibrant. Honestly, we are the center of the artificial intelligence universe." [Stock News] Microsoft Corporation (MSFT.US) open-sources Windows Subsystem. Early this morning, Microsoft Corporation announced the open-sourcing of the Windows Subsystem for Linux (WSL). WSL is a major feature released by Microsoft in 2016, allowing the running of Linux environments on the Windows operating system without the need for separate virtual machines or dual-booting. It can quickly install various Linux distribution software, such as Ubuntu, Debian, Kali, etc., enabling developers to seamlessly use Windows and Linux for project development. Sources: If the Trump administration approves the deal, Japan's Nippon Steel plans to invest $14 billion in United States Steel Corporation (X.US). According to a document and two informed sources, if the Trump administration approves Nippon Steel's acquisition of United States Steel Corporation, Nippon Steel plans to invest $14 billion in United States Steel Corporation's business, including up to $4 billion to build a new steel plant. The details from the document show that by 2028, the company plans to invest $11 billion in United States Steel Corporation's infrastructure, including $1 billion in greenfield sites, with $1 billion earmarked for a new project and an expected increase to $3 billion in the coming years. This significant investment commitment, higher than the initial $14 billion, is seen as part of the final effort to win approval for the merger.