Overnight US stocks | Three major indexes fell, while Tesla, Inc. (TSLA.US) rose more than 3.5% against the market trend.

On Monday, the three major indexes fell as investors prepared for a series of US economic data and multiple central bank interest rate decisions to be announced this week. The November non-farm employment data will be released on Tuesday, along with the October retail sales data. These reports were delayed due to the US government shutdown in the fall. The November Consumer Price Index (CPI) will be released on Thursday. On Thursday, the Bank of England and the European Central Bank will announce their interest rate decisions. On Friday, the Bank of Japan will announce its interest rate decision. [US Stocks] At the close, the Dow fell 41.49 points, or 0.09%, to 48,416.56 points; the Nasdaq fell 137.76 points, or 0.59%, to 23,057.41 points; the S&P 500 index fell 10.90 points, or 0.16%, to 6,816.51 points. Tesla, Inc. (TSLA.US) rose more than 3.5%, Strategy (MSTR.US) fell more than 8%. The Nasdaq Golden Dragon Index fell 2.17%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell more than 3%. [European Stocks] The German DAX30 index rose 0.22 points, or 0.00%, to 24,211.59 points; the UK FTSE 100 index rose 105.32 points, or 1.09%, to 9,754.35 points; the French CAC40 index rose 56.26 points, or 0.70%, to 8,124.88 points; the European Stoxx 50 index rose 26.59 points, or 0.46%, to 5,747.30 points; the Spanish IBEX35 index rose 183.53 points, or 1.09%, to 17,037.93 points; the Italian FTSE MIB index rose 585.55 points, or 1.35%, to 44,099.50 points. [Asia-Pacific Stock Market] The Nikkei 225 index fell 1.3%, the KOSPI index in South Korea fell more than 1.8%, and the Indonesia Composite index fell 0.13%. [Foreign Exchange] The US Dollar Index, which measures the dollar against six major currencies, fell 0.09% to close at 98.306 in the foreign exchange market. At the close of the New York foreign exchange market, 1 euro exchanged for 1.1749 US dollars, higher than the previous trading day's 1.1740 US dollars; 1 pound exchanged for 1.3373 US dollars, higher than the previous trading day's 1.3366 US dollars. 1 US dollar exchanged for 155.24 Japanese yen, lower than the previous trading day's 155.90 Japanese yen; 1 US dollar exchanged for 0.7966 Swiss Franc, higher than the previous trading day's 0.7959 Swiss Franc; 1 US dollar exchanged for 1.3773 Canadian dollar, higher than the previous trading day's 1.3766 Canadian dollar; 1 US dollar exchanged for 9.2895 Swedish Krona, higher than the previous trading day's 9.2732 Swedish Krona. [Cryptocurrency] Bitcoin fell more than 2%, trading at 86,060 US dollars, breaking below the $86,000 mark; Ethereum fell nearly 4%, falling below the $3,000 mark. [Precious Metals] Spot gold rose 0.13% to $4,305.65 per ounce; spot silver fell 0.05% to $64.06 per ounce. [Crude Oil] Light crude oil futures prices for delivery in January 2026 on the New York Mercantile Exchange fell 62 cents to $56.82 per barrel, or 1.08%; Brent crude oil futures prices for delivery in February fell 56 cents to $60.56 per barrel, or 0.92%. [Macro News] Federal Reserve Governor Milan: May continue to serve after the expiration of his term at the end of January until his successor is confirmed. Federal Reserve Governor Milan stated that he is likely to continue serving after the expiration of his term at the end of January next year until a new governor is confirmed to fill his vacancy. Milan's plans to continue serving on the board coincide with President Trump's consideration of candidates to replace Federal Reserve Chairman Powell, who is expected to step down in May. Since Powell has not indicated whether he will resign from the board after his term as chairman ends, Trump is expected to use Milan's seat to nominate his preferred candidate for chairman. Trump hinted at making a decision on the chairman appointment early next year and explicitly stated that he will only select a candidate who supports his strong interest rate reduction views. Milan stated on Monday, "I expect to continue in this post until others are confirmed to succeed me." However, Milan stated that his future dissent on interest rate decisions will depend on policymakers' future actions. Federal Reserve Williams: The Federal Reserve has returned to an adequate level of reserve balances. Federal Reserve Williams stated that through balance sheet reduction, the Federal Reserve has essentially lowered bank reserve levels to an "adequate" level. "We're basically at that level now," Williams said regarding the theoretical level of adequate bank reserves. Reaching this threshold prompted the Federal Reserve to restart bond purchases last week, known as its "reserve management purchases." Williams pointed out that bank reserves must gradually increase in line with bank demand. Federal Reserve Collins says changes in inflation outlook led her to support rate cuts. Boston Federal Reserve President Collins stated on Monday that changes in the inflation outlook have made her inclined to support the Fed's rate cut decision last week. Collins said in a statement, "I supported the Federal Open Market Committee's decision to lower the target range for the federal funds rate by 25 basis points last week, although it was a difficult decision for me." Existing information suggests that the risk balance has slightly changed, and scenarios of significant further increases in inflation seem less likely. Ahead of the Federal Reserve meeting, Collins had indicated that her concerns about inflation might lead her to oppose rate cuts. She has been focused on the issue of excessively high inflation levels and their duration exceeding the Fed's target. However, Collins's unexpectedly dovish stance this time did not a new outlook on the monetary policy prospects. She noted, "It is essential for me that the forward guidance in the committee's statement remains consistent with the wording of the December 2024 statement." The rate cut process was temporarily suspended after the statement was released. Nasdaq to officially apply for 5X23-hour trading. According to reports, Nasdaq is planning to submit a filing to the US Securities and Exchange Commission on Monday to introduce round-the-clock stock trading services. Nasdaq plans to extend trading hours for stocks and exchange-traded products (ETPs) from the current five days a week, 16 hours a day to 23 hours. Nasdaq's new "5X23" model will be divided into two main trading sessions: Daytime session: starting at 4:00 am EST and ending at 8:00 pm. This period will continue to include pre-market hours, regular trading hours, and post-market hours, with the opening bell (9:30 am) and closing bell (4:00 pm) for regular trading hours remaining. Night session: starting at 9:00 pm EST and ending at 4:00 am the next day. Trades executed between 9:00 pm and 12:00 midnight will be considered part of the next calendar day's trades. Under the new plan, the trading week will start at 9:00 pm on Sunday and end at 8:00 pm on Friday. Forbes: Musk's net worth exceeds $670 billion, closer to becoming a trillionaire than losing the title of the richest person. According to reports, earlier this month, Musk's rocket company SpaceX initiated a tender offer, doubling the company's valuation from $400 billion in August to $800 billion, thereby increasing Musk's personal wealth by $168 billion. As of Monday, his estimated net worth reached $677 billion. This tender offer comes as SpaceX plans to go public with an IPO in 2026, when the company's valuation could reach $1.5 trillion. Even without the IPO, Musk's approximately 42% stake in SpaceX, valued at $336 billion, has become his most valuable asset. His 12% stake in Tesla, Inc. is worth about $197 billion. Additionally, it is reported that xAI is negotiating a new round of financing with a valuation of $230 billion, with the media estimating that Musk holds about 53% of xAI's shares, valued at approximately $600 billion. Musk now leads second-place Larry Page (co-founder of Alphabet Inc. Class C, with a net worth of approximately $252 billion) by as much as $425 billion. Goldman Sachs Group, Inc. raises copper price forecast for 2026 due to lower tariff risk. Goldman Sachs Group, Inc. raised its 2026 copper price forecast from $10,650 per ton to $11,400 per ton, citing a decreased likelihood of the US implementing refined copper tariffs in the first half of 2026 as a priority due to affordability issues. The bank added, "We maintain our 2027 copper price forecast at $10,750 per ton, as we expect the London Metal Exchange (LME) price to fall once tariffs are implemented and markets outside the US rebalance." [Individual Stock News] Ford (F.US) makes an abrupt turn in its electrification strategy, cancels production of multiple electric vehicles. Ford Motor Company announced on Monday that it will write down $19.5 billion in assets and cancel several electric vehicle models. Ford stated that it will stop production of its all-electric version of the F-150 Lightning and shift towards producing plug-in hybrid electric vehicles. The company also canceled the next-generation electric truck with the codename T3, as well as the planned electric commercial vans. Ford stated that the company will firmly transition to fuel and hybrid vehicle models and ultimately hire thousands of workers, although a battery plant in Tennessee will see some layoffs in the short term. The company expects that by 2030, its global mix of hybrid, plug-in hybrid, and all-electric vehicles will increase from the current 17% to 50%. Ford also raised its 2025 adjusted pretax profit guidance to around $7 billion, higher than the previous range of $6 billion to $6.5 billion. Chevron Corporation (CVX.US) lowers selling price of Venezuelan oil. At a time when the US military detained an oil tanker in the Caribbean Sea and global oil prices continued to decline, Chevron Corporation (CVX.N) lowered the price of Venezuelan oil it supplies to US refineries. Chevron Corporation reportedly sold a batch of Venezuelan oil on December 11 (the day after the US detained a ship near the Venezuelan coast) at a lower price than a batch provided on Monday. The Trump administration is increasing pressure on Venezuela, focusing on cutting off the crucial oil revenue that Maduro's regime relies on to survive. Ship tracking data monitored by foreign media shows that the detained tanker, the "Skipper," is currently near the Dominican Republic and appears to be heading to the US. While it is unclear when the ship will be able to offload its cargo, its expected arrival is putting further downward pressure on oil prices in the already soft Gulf Coast markets. Chevron Corporation stated in a statement that its operations in Venezuela continue to fully comply with operating laws and regulations and the sanctions framework established by the US government. Dutch PME pension fund terminates partnership with BlackRock, Inc. (BLK.US) due to climate issues. The Dutch pension fund PME, which manages around $70 billion in assets, has terminated its partnership with BlackRock, Inc., citing an assessment that the latter no longer serves its best interests on issues such as climate risk. PME stated that this decision means BlackRock, Inc. will no longer manage a 5 billion stock investment portfolio, which will be taken over by UBS Group AG and investment management company MN. Earlier this year, PME had explicitly stated that it was reassessing its relationship with BlackRock, Inc., following the latter's departure from a major net-zero emissions alliance. BlackRock, Inc. has been branded as a "global leader in sustainable and transformative investments" and claims to provide products to European clients focused on climate issues that align with their preferences and deliver performance. However, other asset owners are concerned that the company's focus on sustainable investing is insufficient. In late November, as the outgoing New York City comptroller Brad Lander proposed that the city's three pension funds divest from BlackRock, Inc., citing insufficient climate plans, which could jeopardize the city's sustainability goals.