Overnight US stocks | S&P 500 Index rose for two consecutive days, with Tesla, Inc. (TSLA.US) rising by 4.5%.

On Wednesday, most of the three major indices rose, with the Dow closing flat. The S&P 500 index rose for the second consecutive trading day. In the afternoon of June 9th local time, the inaugural meeting of the China-US economic and trade consultation mechanism was held in London, UK, and the latest news indicates that the meeting will continue. California sues the federal government, accusing them of deploying the state's National Guard in Los Angeles to quell riots caused by the arrest of illegal immigrants. President Trump said, "Regarding the National Guard issue, we have no choice. We took the right action. I do not want a civil war to happen." US StocksAt the close, the Dow closed slightly down 1.11 points at 42761.76 points; the Nasdaq rose 61.28 points, an increase of 0.31%, closing at 19591.24 points; the S&P 500 rose 5.52 points, an increase of 0.09%, closing at 6005.88 points. Apple Inc. fell 1%, NVIDIA Corporation rose 0.6%, Tesla, Inc. rose 4.5%, and Circle rose 7%. The Nasdaq Golden Dragon Index closed up 2%, Alibaba Group Holding Limited Sponsored ADR rose nearly 1.8%, and iQIYI, Inc. Sponsored ADR Class A rose nearly 5%. European StocksThe German DAX30 index fell 123.48 points, a decrease of 0.51%, closing at 24171.41 points; the UK FTSE 100 index fell 5.38 points, a decrease of 0.06%, closing at 8832.53 points; the French CAC40 index fell 18.23 points, a decrease of 0.23%, closing at 7786.64 points; the Euro Stoxx 50 index fell 7.42 points, a decrease of 0.14%, closing at 5422.75 points; the Spanish IBEX35 index rose 21.90 points, an increase of 0.15%, closing at 14256.00 points; the Italian FTSE MIB index fell 130.94 points, a decrease of 0.32%, closing at 40471.00 points. ForexThe US dollar index, which measures the US dollar against six major currencies, fell 0.25% to 98.939 at the end of the forex market. At the end of the New York forex market, 1 euro exchanged for 1.1428 US dollars, higher than the previous trading day's 1.1397 US dollars; 1 pound exchanged for 1.3563 US dollars, higher than the previous trading day's 1.3530 US dollars. 1 US dollar exchanged for 144.56 Japanese yen, lower than the previous trading day's 144.85 Japanese yen; 1 US dollar exchanged for 0.8213 Swiss francs, lower than the previous trading day's 0.8222 Swiss francs; 1 US dollar exchanged for 1.3677 Canadian dollars, lower than the previous trading day's 1.3696 Canadian dollars; 1 US dollar exchanged for 9.5872 Swedish kronor, lower than the previous trading day's 9.6428 Swedish kronor. MetalsSpot gold rose 0.4% to $3325.77 per ounce, briefly falling below the $3300 mark during trading. CryptocurrencyBitcoin rose more than 2.7% to $108621.25, while Ethereum rose more than 2.9% to $2581. Crude OilLight crude oil futures for July delivery on the New York Mercantile Exchange rose 71 cents to close at $65.29 per barrel, up 1.10%; Brent crude oil futures for August delivery on the London Mercantile Exchange rose 56 cents to close at $67.04 per barrel, up 0.86%. Macro News US wholesale inventories increased in April. Wholesale inventories in the US increased by 0.2% in April, lower than the 0.3% increase in March. Economists had expected inventories to remain unchanged from the previous month. The indicator is a measure of estimated quarterly GDP in the US. Prior to the implementation of the tariff plan in early April, due to a surge in imports, the US domestic product contracted in the first quarter. Durable goods inventories increased by 0.1% month-on-month, while non-durable goods inventories increased by 0.3%, reversing the trend of contraction from the previous month. The inventory-to-sales ratio, measured by the number of months it would take to sell existing inventories, remained at 1.30 in April, lower than 1.34 in the same month last year. US employment trends index declines due to tariffs. The Conference Board's Employment Trends Index (ETI) in the US declined further from 108.00 to 107.49 in May. "Compared to early 2025, the ETI continued to weaken in May. Despite a cautious attitude towards tariffs, the ETI is still higher than the average level from 2017 to 2019, indicating that the labor market remains relatively stable overall." The Conference Board noted that disparities between hard data and soft data continue to exist, "although uncertainty may dampen business and consumer confidence, the May employment data suggests that hiring continues to maintain a balance in the labor market. However, we are starting to see erosion in some industries, which may indicate pressures from tariff changes are starting to show." New York Fed survey shows a decline in inflation expectations. The New York Fed's latest survey found that consumers' expectations for inflation in the next year were lower than a month ago. The May consumer expectation survey showed a 1-year inflation expectation of 3.2%, down 0.4 percentage points from a month ago. The 3-year inflation expectation fell from 3.2% in April to 3%. The 5-year inflation expectation fell from 2.7% to 2.6%. Previously, the Trump administration canceled some high tariffs implemented in early April. Meanwhile, the US CPI up to April this year further decreased to 2.3%. US Treasury Department: Foreign investors bought $6.502 billion worth of 7-year US treasury bonds. US Treasury Department data shows that in the latest biweekly reporting period, foreign investors purchased $6.502 billion worth of 7-year US treasury bonds, up from $4.67 billion the previous month; investment funds purchased $33.491 billion worth of 7-year US treasury bonds, up from $31.438 billion the previous month. Foreign investors purchased $7.334 billion worth of 5-year US treasury bonds, down from $7.804 billion the previous month; investment funds purchased $54.515 billion worth of 5-year US treasury bonds, up from $50.110 billion the previous month.Foreign investors purchased $59.38 billion in 2-year US Treasury bonds, down from $66.18 billion last month; investment funds purchased $535.64 billion in 2-year US Treasury bonds, up from $509.64 billion last month.Deutsche Bank Aktiengesellschaft: Long-term high interest rates may hit US corporate borrowers. Strategists at Deutsche Bank Aktiengesellschaft wrote that with the impact of the Fed postponing rate cuts expected to further expand in the future, higher borrowing costs will have an impact on US businesses. Deutsche Bank Aktiengesellschaft wrote: Currently, the expectation of a soft landing means that most defaults appear in the form of asset-backed securities, with higher recovery rates. However, in the context of inflation above target, severe policy uncertainty, and a continuous rise in sovereign term premiums, the possibility of a soft landing is decreasing." Deutsche Bank Aktiengesellschaft believes that in speculative grade credit, default rates may reach as high as 5.5% by mid-next year, which means that the weighted speculative grade default rate will reach its highest level since 2012. Trump: If I were the White House border affairs director, I would arrest the California governor. US President Trump said on June 9 local time that he would support the arrest of California Governor Gavin Newsom. Recently, protests supporting illegal immigrants erupted in California, leading to Trump signing a memorandum on June 7 to deploy 2,000 California National Guard troops to the Los Angeles area, sparking dissatisfaction from Newsom and Los Angeles Mayor Bass. U.S. White House border affairs director Tom Homan said on June 7 that anyone obstructing immigration law enforcement work, including California Governor Newsom and Los Angeles Mayor Bass, should be arrested. In response to Tom Homan, California Governor Newsom stated, "Come arrest me." When asked about Newsom's response, Trump replied, "If I were Tom (the US White House border affairs director), I would do it." Newsom later said on social media that the U.S. President calling for arresting a sitting governor is something he hopes to never see. [Stock News] Apple Inc. (AAPL.US) will open up underlying artificial intelligence technology to developers. Apple Inc. announced Monday that it will open up the underlying technology it uses for its intelligent assistant Siri to developers. Apple Inc.'s software chief Craig Federighi said the company is opening up its underlying artificial intelligence models used in some of its features to third-party developers. When discussing the delay in improving features like Siri, Federighi said "it's taking a little longer to get to the quality standard we want." Federighi also said Apple Inc. plans to redesign all of its operating systems. [Major Rating] Morgan Stanley: Downgrades McDonalds Corporation (MCD.US) to hold and watch.