Overnight US stocks | The three major indexes closed down, while NVIDIA Corporation (NVDA.US) rose 5% in after-hours trading.

On Wednesday, the three major indexes fell. The minutes of the Federal Reserve meeting underscored the need for patience. Almost all committee members are concerned that inflation is more stubborn than expected. [US Stock Market] As of the close, the Dow Jones Industrial Average fell 244.95 points, or 0.58%, to 42,098.70; the Nasdaq fell 98.23 points, or 0.51%, to 19,100.94; the S&P 500 Index fell 32.99 points, or 0.56%, to 5,888.55. DJT.US fell nearly 7%, GameStop Corp. Class A (GME.US) fell 10.8%, and NVIDIA Corporation (NVDA.US) fell 0.5%. The Nasdaq China Golden Dragon Index fell 0.7%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell more than 2%. [European Stocks] The German DAX30 Index fell 222.44 points, or 0.92%, to 24,035.84; the UK FTSE 100 Index fell 51.10 points, or 0.58%, to 8,726.95; the French CAC40 Index fell 38.69 points, or 0.49%, to 7,788.10; the Euro Stoxx 50 Index fell 39.20 points, or 0.72%, to 5,376.25; the Spanish IBEX35 Index fell 156.80 points, or 1.10%, to 14,088.00; the Italian FTSE MIB Index fell 15.90 points, or 0.04%, to 40,109.00. [Asia-Pacific Stock Market] The Nikkei 225 Index edged lower, the South Korean KOSPI Index rose by more than 1.2%, and the Indonesia Composite Index fell by 0.32%. [Foreign Exchange] The US Dollar Index, which measures the dollar against six major currencies, rose 0.35% on the day, closing at 99.874 in the forex market. At the close of the New York forex market, 1 euro exchanged for $1.1294, lower than the previous trading day's $1.1337; 1 pound exchanged for $1.3470, lower than the previous trading day's $1.3511. 1 dollar exchanged for 144.84 yen, higher than the previous trading day's 144.26 yen; 1 dollar exchanged for 0.8270 Swiss francs, lower than the previous trading day's 0.8272 Swiss francs; 1 dollar exchanged for 1.3830 Canadian dollars, higher than the previous trading day's 1.3795 Canadian dollars; 1 dollar exchanged for 9.6504 Swedish kronor, higher than the previous trading day's 9.6103 Swedish kronor. [Metals] The price of spot gold in the US stock market fell after hours, with Bloomberg data showing a drop from above $3290 to $3276.84 to refresh the daily low, with an overall intraday decline of about 0.7%. Earlier, NVIDIA Corporation released its earnings report. At the end of Wednesday (May 28), COMEX gold futures fell 0.26% to $3291.80 per ounce; August contracts fell 0.33% to $3317.20. [Cryptocurrency] Bitcoin fell by more than 1.3% to $107522.3, while Ethereum fell by 0.45% to $2649.39. [Crude Oil] Light crude oil futures for delivery in July on the New York Mercantile Exchange rose 95 cents to close at $61.84 per barrel, up 1.56%; Brent crude oil futures for delivery in July on the London exchange rose 81 cents to close at $64.90 per barrel, up 1.26%. [Macro News] The Federal Reserve is prepared to wait for further clarification of the economic outlook. The minutes of the Federal Reserve meeting show that Fed officials generally believe that increased economic uncertainty is the reason for their patience in adjusting interest rates. Policymakers judge that since the March meeting, the risks of rising unemployment and inflation have increased, mainly due to the potential impact of tariffs. This situation may make it difficult for the Fed to achieve its dual objectives of price stability and full employment. The latest meeting minutes stated, "Participants agreed that, given that the labor market remains strong and current monetary policy is moderately tight, the FOMC is in a position to wait for more clarity on inflation and economic prospects." "Participants agreed that the uncertainty about the economic outlook has further increased, so it is appropriate to adopt a cautious attitude until the net economic impact of a series of changes in government policies becomes clearer." The meeting minutes highlight that Fed officials are willing to maintain interest rates unchanged for a period of time as Washington's policy changes cloud the economic outlook. The Federal Reserve warns: a loss of "safe haven" status for US assets will have a long-term impact on the US economy. Federal Reserve officials warn that President Trump's global trade war that leads to the United States losing its safe haven status may have a "long-term" impact on the US economy. The latest minutes of the Federal Reserve meeting show that some rate setters have noticed a decline in US Treasury bonds, stocks, and the US dollar prices in the weeks following Trump's announcement of comprehensive tariffs on trading partners. The minutes stated, "These participants noted that the sustained shift in this correlation, or the weakening of US assets as a safe haven, could have long-term effects on the economy." The FOMC meeting in early May was the first meeting after the turmoil following Trump's announcement of imposing tariffs on April 2. Historically, during periods of market volatility, global investors have always flocked to (rather than away from) US assets. Jensen Huang: China is one of the largest AI markets in the world and a springboard for success globally. NVIDIA Corporation CEO Jensen Huang said on a call with analysts that China's $500 billion AI market is essentially a closure to American industry. He said, "China is one of the largest AI markets in the world and a springboard for success globally. Half of the world's AI researchers are in China, winning the platform in China will lead globally." Currently, US policy is based on the assumption that China cannot manufacture its own AI chips, Huang pointed out that this assumption has always been problematic, but now it is clearly wrong. "The problem is not whether China will"Having artificial intelligence, the question is whether one of the world's largest artificial intelligence markets will operate on American platforms."Fed Whisperer": Fed stagflation forecast may set the tone for June economic forecast summary. The "Fed Whisperer" Nick Timiraos pointed out that Fed staff presented a clear stagflation forecast at the May meeting, which is important as it may become the framework for the Summary of Economic Projections (SEP) to be submitted by officials next month. As usual, the Fed's description is quite calm, but Fed staff clearly pointed out a substantial slowdown in the labor market, which will lead to an increase in the unemployment rate this year and maintaining a high unemployment rate through the forecast period (until 2027). Fed staff also forecast a "significant" increase in inflation this year, with a "smaller" rise in prices in 2026. It is worth noting that staff stated that if their forecasts for 2026 and 2027 (expecting inflation to reach 2%) are incorrect, it is more likely to underestimate than overestimate inflation risk. Yellen predicts that American Bitcoin holders will double and promises to establish a friendly regulatory framework. US Vice President Yellen welcomed the entry of cryptocurrency into the US economy, promising to establish "innovation-supporting" rules for digital assets, and praising cryptocurrency billionaires who supported Trump's presidential candidacy last year. On Wednesday, Yellen delivered a speech in Las Vegas to thousands of Bitcoin investors dressed in orange uniforms, extolling the rise of cryptocurrency and predicting that the number of Americans holding Bitcoin will double soon. "This is a movement - I am proud to stand with you today," Yellen said on a stage named after Bitcoin's anonymous developer Satoshi Nakamoto. "We hope our fellow Americans know that cryptocurrency and digital assets, especially Bitcoin, are part of the mainstream economy and will continue to exist." Yellen said the Trump administration would quickly establish a token regulatory framework tied to the US dollar. The next priority will be to create a "transparent and tailor-made digital asset regulatory framework - one that supports innovation and fully integrates cryptocurrency into the mainstream economy." [Individual Stock News] NVIDIA CorporationQ1 revenue exceeds expectations, stock price up 5% after hours. NVIDIA Corporation (NVDA.US) reported a 69% year-on-year increase in Q1 overall revenue to $44.1 billion, exceeding the market's expectation of $43.1 billion, with data center revenue increasing by 73% year-on-year to $39.1 billion (market expectation $39.3 billion), accounting for 88% of sales. NVIDIA Corporation's stock price rose 5% after hours. The company's stock has been relatively flat year-to-date, having almost doubled in price last year. NVIDIA Corporation stated that excess H20 chip inventory in the first quarter resulted in a $4.5 billion charge, which if not restricted, the company should have recorded an additional $2.5 billion in sales. NVIDIA Corporation CEO Jensen Huang previously estimated that the revenue impact related to restrictions on H20 chip exports was about $15 billion. NVIDIA Corporation stated in its earnings report that excluding the sales loss caused by recent restrictions on its H20 chips, its performance estimate would be about $8 billion higher. NVIDIA Corporation expects second-quarter revenue to be $45 billion with a fluctuation of 2%, while the market expectation is $45.9 billion. Apple Inc. to completely rename operating systems, plans to use year identifiers instead of version numbers. Apple Inc. is planning the most thorough reform of its operating system names to date. According to insiders, the new system will use year identifiers instead of version numbers. The current iOS 18 will be changed to "iOS 26", with synchronized updates including iPadOS 26, macOS 26, watchOS 26, tvOS 26, and visionOS 26. This move aims to unify brand identities and address confusion caused by different initial release dates of existing version numbers, such as the current iOS 18, watchOS 12, macOS 15, and visionOS 2. It is reported that Apple Inc. will announce this change at the global developer conference on June 9. [Major Bank Ratings] JPMorgan: Lowers Baidu Inc Sponsored ADR Class A (BIDU.US) target price from $100 to $90