Overnight US stocks | The three major indexes rose and fell unevenly, with the S&P 500 index approaching historic highs.

On Wednesday, the three major indices saw mixed movements with the S&P 500 nearing its historical high. Federal Reserve Chairman Powell reiterated his stance of not rushing to cut interest rates, emphasizing the significant uncertainty brought by high tariffs. [US Stocks] At close, the Dow fell by 106.59 points, down 0.25%, to 42,982.43 points; the Nasdaq rose by 61.02 points, up 0.31%, to 19,973.55 points; the S&P 500 was down by 0.02 points, to 6,092.16 points. NVIDIA Corporation (NVDA.US) closed up 4.33%, reaching a new all-time high during trading; Circle (CRCL.US) continued its decline from yesterday, closing down 10.79%. [Europe Stocks] The German DAX30 index fell 145.79 points, down 0.62%, to 23,498.42 points; the UK FTSE 100 index fell 41.39 points, down 0.47%, to 8,717.60 points; the French CAC40 index fell 57.83 points, down 0.76%, to 7,558.16 points; the Euro Stoxx 50 index fell 46.22 points, down 0.87%, to 5,250.85 points; the Spanish IBEX35 index fell 236.52 points, down 1.68%, to 13,802.78 points; the Italian FTSE MIB index fell 172.46 points, down 0.44%, to 39,302.00 points. [Asia Pacific Stocks] The Nikkei 225 index rose by 0.39%, the KOSPI index in South Korea rose by 0.15%, and the Composite index in Indonesia fell by 0.54%. [Forex] The US dollar index against six major currencies fell by 0.18% to 97.679 at the close of the market. By the end of the New York trading session, the euro exchanged at 1.1661 US dollars, higher than the previous trading day's 1.1623 US dollars; the pound exchanged at 1.3663 US dollars, higher than the previous trading day's 1.3631 US dollars. The dollar exchanged at 145.16 yen, higher than the previous trading day's 144.69 yen; the dollar exchanged at 0.8042 Swiss francs, lower than the previous trading day's 0.8044 Swiss francs; the dollar exchanged at 1.3728 Canadian dollars, higher than the previous trading day's 1.3724 Canadian dollars; the dollar exchanged at 9.4854 Swedish krona, lower than the previous trading day's 9.5233 Swedish krona. [Crude Oil] The US WTI crude oil contract closed slightly higher on Wednesday, following a consecutive two-day decline caused by the Iran-Israel ceasefire. The global benchmark Brent crude oil rose by 0.54 US dollars, up 0.8%, to 67.18 US dollars per barrel; US WTI crude oil closed up 0.85 US dollars, up 0.85%, at 64.92 US dollars per barrel. [Metals] Spot gold rose by 0.29% to 3,333.42 US dollars per ounce. COMEX gold futures rose by 0.40% to 3,347.30 US dollars per ounce. The Philadelphia Gold and Silver Index closed up 0.08% at 203.97 points. Spot silver rose by 0.99% to 36.2725 US dollars per ounce. COMEX silver futures rose by 1.38% to 36.225 US dollars per ounce. COMEX copper futures rose by 1.14% to 4.9280 US dollars per pound. [Cryptocurrency] Bitcoin rose by over 1.4% to 107,636.6 US dollars; Ethereum fell by 0.53% to 2,436.31 US dollars. [Macroeconomic News] Powell's testimony before Congress: reiterated not rushing to cut interest rates. At a hearing before the Senate Banking, Housing, and Urban Affairs Committee on Wednesday, Federal Reserve Chairman Powell once again mentioned the prospect of interest rate cuts, reiterating that he is not in a hurry to cut rates. He emphasized the significant uncertainty brought by high tariffs, pointing out that the US economy is strong, and in times of uncertainty, there is reason to proceed cautiously, while also mentioning factors that could push for rate cuts. Regarding the Trump administration's policies, Powell stated that the updated economic projections released by the Fed after last week's meeting to some extent reflect the impact of trade policy. However, with tariffs already high and creating uncertainty, it is difficult to predict how they will affect inflation. In times of uncertainty, it is reasonable to proceed more slowly with monetary policy. With regards to inflation, Powell said that stagflation is not the basic assumption for the US economy, but the Fed is monitoring prices in the US. Over time, regulatory will also contribute to inflation slowing down. White House Economic Advisor Milan: Trump's policies could reduce the deficit by up to $11 trillion. White House Economic Advisor Committee Chairman Milan stated that President Trump's economic policies could reduce the US fiscal deficit by up to $11 trillion over the next decade. This forecast is in stark contrast to analysts' views, who believe that government debt will reach record highs in the coming years. Milan stated, "We estimate that overall, within the ten-year budget window, the President's policy combination will reduce the deficit by about $8.5 trillion to $11 trillion." Milan believes that about half of the reduction, $3 trillion to $5 trillion, will come from accelerated economic growth, thanks to the upcoming Republican tax cuts bill and regulatory relaxation measures. In addition, he mentioned Trump's tariff increases that could bring an additional $3 trillion in revenue. Planning to use cryptocurrency as mortgage collateral, US housing regulator instructs "Two Houses" to prepare. On Wednesday, the Director of the Federal Housing Finance Agency (FHFA) Pulte announced on social media: "After thorough study and in line with President Trump's vision to make the US the 'capital of cryptocurrency', today I ordered Fannie Mae and Freddie Mac to prepare to include cryptocurrency as qualifying assets for mortgage loan applications." This directive marks a potential major shift in the asset review standards for evaluating mortgage loan qualifications, signaling the US government's support for enterprises use of cryptocurrency. Federal Reserve proposes easing leverage ratio requirements for large banks. The Federal Reserve announced a proposal to relax an important capital rule, following complaints from large banks that the rule limits their ability to hold more US Treasuries and serve as intermediaries in the $29 trillion market. The Federal Reserve voted on Wednesday to propose modifications to the so-called Enhanced Supplementary Leverage Ratio (ESLR), which applies to US large banks such as Bank of America Corp., JPMorgan, and Goldman Sachs Group, Inc. The proposal would reduce the capital requirements for holding companies under the ratio from the current 5% to a range of 3.5% to 4.5%, while the requirements for their bank subsidiaries would be reduced from 6% to the same range. Fed Chair Powell stated that given the significant increase in relatively safe assets on bank balance sheets, the reconsideration of the rule by the Fed is a prudent move. [Stock News] Micron Technology, Inc. (MU.US) reported operating income of $24.9 billion in the third quarter, higher than market expectations. Micron Technology, Inc. reported an adjusted operating income of $24.9 billion in the third quarter, estimated at $21.3 billion; operating cash flow in the third quarter was $46.1 billion, estimated at $46.8 billion; adjusted earnings per share in the third quarter were 1.91 US dollars, estimated at 1.60 US dollars; adjusted gross margin in the third quarter was 39%, estimated at 36.8%; adjusted revenue in the third quarter was $9.3 billion, estimated at $8.85 billion; estimated adjusted revenue for the fourth quarter is $10.4 billion to $11 billion; estimated adjusted gross margin for the fourth quarter is 41% to 43%, estimated at 39.2%; estimated adjusted earnings per share for the fourth quarter are $2.35 to $2.65. News report claiming Shell (SHEL.US) is in preliminary talks to acquire BP p.l.c. Sponsored ADR. Informed sources claim that Shell is in early discussions to acquire rival BP p.l.c. Sponsored ADR, which would be the biggest oil transaction in decades. Negotiations between the companies are ongoing, and BP p.l.c. Sponsored ADR is considering this approach carefully. The acquisition would give Shell a stronger base to challenge larger competitors like Exxon Mobil Corporation and Chevron Corporation. BP p.l.c. Sponsored ADR is currently valued at around $80 billion, and considering a premium, this deal could be the largest oil industry transaction since the $83 billion merger of Exxon Mobil Corporation at the early 2000s, easily surpassing the largest M&A deals so far this year. News report claims Apple Inc. (AAPL.US) is preparing to adjust its app store to avoid further EU fines. Apple Inc. is preparing further adjustments to its app store to appease EU antitrust regulators. According to sources, Apple is expected to submit proposals by June 26th to make it easier for third-party developers to guide users out of the Apple ecosystem to purchase software. After weeks of tense discussions with EU regulators, Apple has made this commitment, potentially avoiding penalties in the future for alleged violations of the EU Digital Markets Act (DMA). If Apple does not submit proposals before the Thursday deadline, the European Commission will prepare a formal statement of objections. In April this year, both Apple Inc. and Meta were found in violation of the DMA. Apple strongly opposed its penalty at the time, accusing regulators of discrimination and forcing it to abandon its own technology. Amazon.com, Inc. (AMZN.US): Ring's video doorbell division is launching an AI-generated notification feature. Ring's video doorbell division is launching an artificial intelligence (AI) generated notification feature to alert users of any unusual or suspicious activity in their homes. This tool utilizes AI to generate text summaries of motion activities captured by Ring doorbells and cameras and displays them as mobile notifications. The summaries only describe the main content triggering alerts and are intentionally concise for users to quickly determine whether it is urgent. This feature will be rolled out in Beta to Ring's advanced subscription users in the US and Canada starting on June 25. [Big Bank Ratings] Morgan Stanley: Maintains a buy rating for Tesla, Inc. (TSLA.US) with a target price of $410.