Overnight US stocks | Three major indices closed higher, with Tesla, Inc. (TSLA.US) rising by 2.46%. Gold plummeted from a high position.

On Friday, the three major indexes closed higher. The Cboe Volatility Index (VIX), also known as the "Wall Street Fear Index," steadily declined, indicating that market fears are easing. The index had surged on Thursday due to concerns that a credit crisis in banks could erupt again. Earlier on Friday, Trump stated that high tariffs on Chinese goods would not exist in the long term. When asked if the current tariff levels would continue, Trump said in an interview, "This is unsustainable." US StockAt the close, the Dow Jones Industrial Average rose 238.37 points, or 0.52%, to 46190.61 points; the Nasdaq rose 117.44 points, or 0.52%, to 22679.97 points; the S&P 500 index rose 34.94 points, or 0.53%, to 6664.01 points. Tech stocks had mixed performance, with Tesla, Inc. up 2.46%, Apple Inc. up nearly 2%, and Oracle Corporation down nearly 7%. The Nasdaq China Golden Dragon Index fell by 0.14%, Alibaba Group Holding Limited Sponsored ADR rose 1.19%, and MNSO fell 1.39%. European StocksThe German DAX30 index fell 447.61 points, or 1.84%, to 23825.32 points; the UK FTSE 100 index fell 85.19 points, or 0.90%, to 9350.90 points; the French CAC40 index fell 14.39 points, or 0.18%, to 8174.20 points; the Euro Stoxx 50 index fell 44.76 points, or 0.79%, to 5607.25 points; the Spanish IBEX35 index fell 27.80 points, or 0.18%, to 15597.50 points; the Italian FTSE MIB index fell 639.18 points, or 1.51%, to 41735.00 points. Crude OilNYMEX light crude oil futures for delivery in November rose 8 cents to close at $57.54 per barrel, up 0.14%; London Brent crude oil futures for delivery in December rose 23 cents to close at $61.29 per barrel, up 0.38%. CryptocurrencyBitcoin fell over 1% to $107104.6, while Ethereum fell over 1% to $3855.42. US Dollar IndexThe U.S. dollar index rose on the 17th. The U.S. dollar index, which measures the U.S. dollar against six major currencies, rose 0.09% on the day to close at 98.432 in the forex market. At the close of the New York forex market, 1 euro exchanged for 1.1668 U.S. dollars, lower than the previous trading day's 1.1689 U.S. dollars; 1 pound exchanged for 1.3434 U.S. dollars, lower than the previous trading day's 1.3436 U.S. dollars. 1 dollar exchanged for 150.50 yen, higher than the previous trading day's 150.30 yen; 1 dollar exchanged for 0.7926 Swiss francs, lower than the previous trading day's 0.7934 Swiss francs; 1 dollar exchanged for 1.4017 Canadian dollars, lower than the previous trading day's 1.4046 Canadian dollars; 1 dollar exchanged for 9.4243 Swedish kronor, higher than the previous trading day's 9.4201 Swedish kronor. Precious MetalsSpot gold fell by 1.76% to $4252.98 per ounce, with a cumulative increase of 5.74% this week. From October 13th to 17th, gold continued to rise smoothly, hitting a record high of $4379.93 before briefly falling below $4200 on the 17th. COMEX gold futures rose 6.53% this week, with prices rising to a record high of $4392 in the Asia-Pacific session on October 17th before briefly falling below $4200. Macro News Fed's Mester: May support another rate cut, policy not predetermined. Federal Reserve official Mester said he may support another rate cut to boost the slowing labor market, emphasizing that officials should make decisions on a meeting-by-meeting basis given the uncertainty in the economy. Mester said, "If there are further risks to the labor market and if inflation risks remain under control, I might support further easing of the policy rate path." He added, "I do believe that we do not need to go on a predetermined path." Mester also said he estimates the Fed's current policy is "somewhere between moderately restrictive and neutral." "That's why we need to be cautious," he said. "I think there is limited room for further easing before monetary policy becomes too accommodative." As the government shutdown continues, U.S. courts are running out of funds and beginning furloughs. Starting from Monday, the U.S. federal court system will begin cutting non-essential functions and sending some employees on furlough, as the funds that have allowed the federal courts to operate paid during the government shutdown are running out. This means that for the first time in nearly 30 years, some of the more than 33,000 employees of the federal judiciary will be forced to go home, while others will be required to work without pay, as Congress has failed to pass legislation to fund the courts and other government departments during the shutdown. Unlike Trump's administration, the judiciary was able to operate with paid funding that does not rely on new congressional appropriations at the start of the shutdown on October 1. However, due to budget constraints in recent years, the available funds at the start of this shutdown were less than during the 2019 shutdown, when the courts operated with paid funds for a full five weeks. Bank of Canada Governor Macklem: Despite a rebound in September, the Canadian labor market remains "soft". Bank of Canada Governor Macklem has stated that while recent data shows an increase of 60,400 jobs in Canada in September, he believes that the Canadian job market remains "soft." Macklem noted that last month's job growth only partially reversed the situation of job losses of over 100,000 in the previous two months, describing the data as having "large fluctuations." He stated, "The labor market and the overall economy have not experienced a significant downturn, but are certainly soft." He also pointed out that the unemployment rate has risen from 6.6% at the beginning of the year to 7.1%. "In industries affected by high tariffs, people are seeing the loss of jobs. In other sectors of the economy, we are seeing very weak hiring. I think this is consistent with the fact that businesses are feeling uncertainty." Macklem also stated that the Bank of Canada expects soft growth in the second half of the year following an economic contraction in the second quarter. He said that consumer spending during the period from April to June was unexpectedly strong, but data going forward may slightly weaken. Stock News NVIDIA Corporation and Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR introduce the first made-in-the-USA Blackwell chip wafer. NVIDIA Corporation and Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR are set to announce on Friday that they have completed the first wafer manufactured in the USA, which will be used to make the Blackwell chip for artificial intelligence in the future. This milestone represents one of the first achievements of the Trump administration's push to build AI technology in the USA and marks a crucial step for the USA in the competition for control of the future of artificial intelligence. NVIDIA Corporation's founder and CEO Huang Renxun visited Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR's semiconductor manufacturing plant in Phoenix on Friday to announce this development. NVIDIA Corporation stated, "NVIDIA Corporation and Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR are working together to build the infrastructure supporting global AI factories on U.S. soil." In a joint statement, NVIDIA Corporation and Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR said, "The Arizona plant of Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR is expected to create thousands of high-tech job positions and attract a wide ecosystem of suppliers." However, while this wafer is an important first step in bringing key chip production back to the USA, there is still a long way to go before the demand for chips in the USA can fully shed its reliance on overseas companies and factories. Goldman Sachs Group, Inc. forms a global infrastructure financing team betting on AI and energy transition opportunities. Goldman Sachs Group, Inc. is ramping up efforts to enter the hot market of data center and other infrastructure financing in order to gain a larger share in the AI boom. According to sources, Goldman Sachs Group, Inc. is forming a dedicated team within its global banking and markets division focused on global infrastructure financing business, including increasing lending in this area and finding investors for this debt. This move is being driven by a new wave of transactions worth tens of billions of dollars involving AI data centers, their massive energy needs, and the financing of processing units that support AI development. The new team will also focus on traditional infrastructure construction or upgrading projects in developed and emerging markets. Additionally, the new team will be responsible for raising funds for renewable energy and some types of liquefied natural gas projects, as well as financing military and other equipment related to increased defense spending in various countries. Tesla, Inc.: ISS once again completely ignores fundamental principles of investment and corporate governance. Tesla, Inc. took to social media to criticize Institutional Shareholder Services (ISS) for recommending against the compensation package (already approved by shareholders twice) for CEO Elon Musk and the CEO performance award for 2025 (where Musk will not receive any awards unless shareholders get huge returns). Tesla, Inc. lambasted ISS for their baseless and absurd opposition, demonstrating their detachment from reality. As the longest-serving independent director at Tesla, Inc., Ira has built a governance framework that has achieved an incredible approximately 39,000% total shareholder return during his tenure. He embodies our highly engaged board hands-on leadership and effective governance, and focus on long-term value. When ISS has no vested interest, it's easy for them to tell others how to vote. Support Tesla, Inc., vote in favor of all proposals. Rating Updates Barclays: Raises the target price for Oracle Corporation (ORCL.US) to $400 from $367; Raises the target price for Tesla, Inc. (TSLA.US) to $350 from $275.