Overnight US stocks | The three major indices rose, with the S&P 500 and the Nasdaq both nearing record highs.

On Thursday, the three major indices rose, with the S&P 500 index and the Nasdaq both nearing historical highs. On the news front, a source familiar with the White House deliberations said on Thursday that President Trump has not yet decided who will replace Federal Reserve Chairman Powell, and he will not make a decision quickly. The source played down the speed at which Trump may take action. [US Stocks] At the close, the Dow rose 404.41 points, or 0.94%, to 43,386.84 points; the Nasdaq rose 194.36 points, or 0.97%, to 20,167.91 points; the S&P 500 rose 48.86 points, or 0.80%, to 6,141.02 points. Tesla, Inc. fell 0.5%, while Amazon.com, Inc. rose 2.4%. The Nasdaq China Golden Dragon Index fell 0.29%, with XPeng, Inc. ADR Sponsored Class A down 6.5%. [European Stocks] The German DAX30 index rose 138.48 points, or 0.59%, to 23,646.43 points; the UK's FTSE 100 index rose 21.32 points, or 0.24%, to 8,740.07 points; the French CAC40 index fell 0.85 points, or 0.01%, to 7,557.31 points; the Euro Stoxx 50 index fell 8.86 points, or 0.17%, to 5,243.15 points; the Spanish IBEX35 index fell 5.50 points, or 0.04%, to 13,813.50 points; the Italian FTSE MIB index rose 37.86 points, or 0.10%, to 39,357.00 points. [Asia-Pacific Stock Markets] The Nikkei 225 index rose 1.65%, the South Korean KOSPI index fell 0.92%, and the Indonesian Composite index rose 0.96%. [Forex] The US Dollar Index, which measures the dollar against six major currencies, fell 0.18% to 97.679 in the forex market. At the close of the New York forex market, 1 euro exchanged for 1.1661 US dollars, up from 1.1623 US dollars on the previous trading day; 1 pound exchanged for 1.3663 US dollars, up from 1.3631 US dollars on the previous trading day. 1 US dollar exchanged for 145.16 Japanese yen, up from 144.69 Japanese yen on the previous trading day; 1 US dollar exchanged for 0.8042 Swiss francs, down from 0.8044 Swiss francs on the previous trading day; 1 US dollar exchanged for 1.3728 Canadian dollars, up from 1.3724 Canadian dollars on the previous trading day; 1 US dollar exchanged for 9.4854 Swedish kronor, down from 9.5233 Swedish kronor on the previous trading day. [Crude Oil] Light crude oil futures for delivery in August on the New York Mercantile Exchange rose 32 cents to close at $65.24 per barrel, up 0.49%; Brent crude oil futures for August delivery rose 5 cents to close at $67.73 per barrel, up 0.07%. [Metals] Spot gold fell 0.12% to $3328.32 per ounce. COMEX gold futures fell 0.04% to $3341.6 per ounce. [Cryptocurrency] Bitcoin rose 0.29% to $107645.9, while Ethereum rose 0.8% to $2438.1. [Macro News] Source: Trump will not make a decision on the "shadow Fed chairman" in the short term. According to foreign media reports, a source familiar with the White House deliberations said on Thursday that President Trump has not yet decided who will replace Federal Reserve Chairman Powell, and he will not make a decision quickly. The source played down the speed at which Trump may take action. The Wall Street Journal previously reported that Trump is considering nominating a successor to Powell in advance, hoping that this person can immediately wield influence and convince the Federal Reserve to cut interest rates according to the President's requirements. Chicago Fed Chairman Gulserbi said that appointing a "shadow" chairman would not have any effect. US Treasury Secretary Benson calls on Congress to remove the "Article 899 retaliatory tariff". The US Treasury Department announced an agreement with G7 countries that will exempt US companies from certain countries' tax laws. In exchange, the Trump administration will remove the "Article 899 retaliatory tariff" from the "Big and Beautiful" tax reform bill. US Treasury Secretary Benson said on Thursday, "The global minimum tax policy under the OECD Pillar Two framework will not apply to US companies. We will work with other OECD-G20 Inclusive Framework members in the coming weeks and months to implement this agreement together." He added, "Based on this progress and consensus, I have requested both Houses to remove the protective provision 'Article 899'. This provision primarily targets ally countries that levy digital service taxes on US tech companies or participate in the global minimum tax rate mechanism. Previously, Wall Street was concerned that this policy would reduce the willingness of foreign individuals and companies to invest in the US. The possibility of a rate cut in July is dim, and many Fed officials lean towards continuing to watch. Several Fed officials this week have explicitly stated that they need to observe for several more months before determining that the price increases caused by tariffs will not persistently boost inflation. Board members Christopher Waller and Vice Chairman Michelle Bowman's remarks earlier attracted attention as they indicated that if inflation remains in check, they may support a rate cut at the July meeting. However, about 12 policymakers, including Chairman Powell, New York Fed President John Williams, and San Francisco Fed President Mary Daly, poured cold water on this view. In addition, three regional Fed presidents also hinted that they are not ready to cut rates at the next meeting. Powell said in congressional testimony on Tuesday that if it were not for uncertain future price prospects caused by tariffs, the Fed might have already started cutting rates based on the decline in inflation. But there is no need to rush to adjust rates at the moment. EU considers reducing tariffs on US imports. According to the Wall Street Journal, sources revealed that the EU is considering lowering tariffs on a range of US imports in order to quickly reach a trade agreement with President Trump. EU leaders are scheduled to meet in Brussels on Thursday evening to discuss how much concessions they are willing to make to win Trump's support. Other measures being considered include reducing non-tariff barriers and increasing purchases of US liquefied natural gas and other products. Negotiators familiar with the talks said that many European officials and diplomats have accepted the reality that the Trump administration is not interested in canceling the 10% standard tariffs, but instead focus on obtaining as many exemptions as possible to mitigate the economic impact of these and other tariffs. Germany and Italy are leading efforts to quickly reach a preliminary agreement with the US. Negotiators said that such agreements may only require a few pages and details can be updated in subsequent negotiations.