Overnight US stocks | The three major indexes, precious metals, and Bitcoin have all fallen. Micron Technology, Inc. (MU.US) rose against the trend by 3.4%, with its stock price reaching a historic high.

On Monday, the three major indexes fell. Traders are preparing for the strong performance of the year-end 2025. For Wall Street, 2025 was a year of impressive performance for the US stock market, with the S&P 500 index up nearly 18% year-to-date. The Dow Jones Industrial Average rose 14.5% and is expected to achieve its best annual performance since 2021. The Nasdaq Composite Index has performed even better this year, with an increase of over 22%. [US Stocks] At the close, the Dow fell 249.04 points, or 0.51%, to 48,461.93 points; the Nasdaq fell 118.75 points, or 0.50%, to 23,474.35 points; the S&P 500 index fell 24.20 points, or 0.35%, to 6,905.74 points. Micron Technology, Inc. (MU.US) rose 3.4%, hitting a historic high; Tesla, Inc. (TSLA.US) fell 3.2%, NVIDIA Corporation (NVDA.US) fell 1%. The Nasdaq China Golden Dragon Index fell by 0.66%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell by more than 2%, NIO Inc. Sponsored ADR Class A Car (NIO.US) rose by 5%. [European Stocks] The German DAX30 index rose 22.37 points, or 0.09%, to 24,362.43 points; the UK's FTSE 100 index fell 5.16 points, or 0.05%, to 9,865.52 points; the French CAC40 index rose 8.44 points, or 0.10%, to 8,112.02 points; the Euro Stoxx 50 index rose 6.91 points, or 0.12%, to 5,753.15 points; the Spanish IBEX35 index rose 16.38 points, or 0.10%, to 17,189.28 points; the Italian FTSE MIB index fell 164.08 points, or 0.37%, to 44,442.50 points. [Asia-Pacific Stock Market] The Nikkei 225 index fell by 0.44%, the South Korea KOSPI index rose by 2.2%, the India BSE SENSEX index fell by 0.41%, and the Indonesia Composite index rose by 1.25%. [Foreign Exchange] The US Dollar Index, which measures the US dollar against six major currencies, fell by 0.35% on the day, closing at 97.942 in the foreign exchange market. At the end of the New York exchange market, 1 euro exchanged for 1.1790 US dollars, higher than the 1.1755 US dollars the previous trading day; 1 pound exchanged for 1.3497 US dollars, higher than the 1.3458 US dollars the previous trading day. 1 US dollar exchanged for 156.20 Japanese yen, lower than the 156.92 Japanese yen the previous trading day; 1 US dollar exchanged for 0.7877 Swiss francs, lower than the 0.7918 Swiss francs the previous trading day; 1 US dollar exchanged for 1.3694 Canadian dollars, lower than the 1.3747 Canadian dollars the previous trading day; 1 US dollar exchanged for 9.1684 Swedish kronor, lower than the 9.2396 Swedish kronor the previous trading day. [Cryptocurrency] Bitcoin fell by 0.83%, to $87,183.34; Ethereum fell by 0.58%, to $2,933.9. [Precious Metals] Spot gold fell by over 4.4%, to $4,331.48; spot silver plummeted by over 8%, to $72.171. [Crude Oil] Light crude oil futures for delivery in February 2026 on the New York Mercantile Exchange rose by $1.34 to close at $58.08 per barrel, up 2.36%; Brent crude oil futures for February delivery in London rose by $1.30 to close at $61.94 per barrel, up 2.14%. Crude oil futures recovered some of the losses from Friday on Monday because the weekend meeting between Trump and Zelensky did not resolve some key issues. Robert Aug, an analyst at Mizuho, said, "Oil trading is based on the expectation that the Russia-Ukraine peace process will not reach a ceasefire agreement in the short term. There has been a lot of discussion but no agreement has been reached, and the continued conflict will put pressure on Russia's oil production. Sanctions will test Russia's ability to deliver oil to international customers, and attacks on refineries in Ukraine will challenge Russia's ability to operate refineries in a state of high utilization." [Macro News] Analysts: Gold prices pull back from historic highs as thin liquidity accentuates the downturn trend. After hitting a historic high over the weekend, gold prices fell sharply on Monday, with international spot gold prices falling to around $4,300 per ounce. In the thin liquidity environment before the year-end holidays, gold is facing strong profit-taking, which amplifies the correction trend after a significant rise in recent months. In addition, a mild rebound in the US dollar has added pressure on gold. However, some analysts believe that despite the short-term pullback in gold prices, the overall macroeconomic environment still supports its trend. The market continues to expect the Federal Reserve to loosen monetary policy next year, and concerns about US political developments, particularly regarding the independence of the central bank, also maintain an environment of uncertainty that tends towards safe-haven assets. US existing home sales surge to near three-year high in November. The National Association of Realtors (NAR) said on Monday that US existing home sales unexpectedly surged to nearly a three-year high in November as improved housing affordability attracted buyers. NAR reported that existing home sales in November grew 3.3% month-on-month, with October's data also revised up to show a 2.4% increase. Economists surveyed by institutions had expected the indicator to rise by only 1.0%. Existing home sales grew by 2.6% year-on-year, reaching the highest level since February 2023. US bond volatility may record largest annual decline since 2009. Against the backdrop of the Federal Reserve's interest rate cuts effectively easing the risk of an economic recession, a key indicator measuring bond market volatility in the US is moving towards its largest annual decline since the global financial crisis. As of last Friday, the ICE BofA MOVE Index (reflecting bond market expected volatility) had fallen to around 59, the lowest point since October 2024. The index has been continuously declining from around 99 at the end of 2024 and is expected to record one of the most significant annual declines since data was available in 1988, second only to the sharp decline in 2009. [Stock News] NVIDIA Corporation invests $5 billion in Intel Corporation, providing crucial funding support. NVIDIA Corporation (NVDA.US) said in a filing on Monday that it has purchased $5 billion worth of shares in Intel Corporation (INTC.O), finalizing the deal announced by the US semiconductor company in September. The leading artificial intelligence chip designer announced in September that it would acquire Intel Corporation common shares for $23.28 per share. This transaction is seen as an important financial support for Intel Corporation after years of mistakes and financial depletion due to capital-intensive expansion. According to the filing on Monday, the world's largest company has purchased over 2.147 billion shares of Intel Corporation stock at the price set in the agreement through a private placement. According to a notice released earlier this month by the US Federal Trade Commission (FTC), the US antitrust agency has approved NVIDIA Corporation's investment in Intel Corporation. Lululemon founder nominates three new board candidates, accuses current board of dereliction of duty. Lululemon's (LULU.US) founder Chip Wilson is pushing for a restructuring of the company's board before a new CEO is elected. Wilson, one of Lululemon's largest shareholders, nominated three board candidates at the company's 2026 annual meeting: former co-CEO of On Holding Marc Maurer, former CMO of ESPN Laura Gentile, and former CEO of Activision Eric Hirshberg. Wilson said in a statement on Monday, "The recent CEO turnover announcement marks the third complete dereliction of the board's oversight function, and a clear succession plan has yet to be created. Shareholders have no confidence that the current board can select and support the next CEO without the participation of board members with more extensive product experience." SoftBank to acquire data center company DigitalBridge for $4 billion. SoftBank Group has agreed to acquire private equity firm DigitalBridge Group (DBRG.US) in a deal that values the data center investor at $4 billion (including debt). The two companies said in a statement on Monday that the Japanese conglomerate will acquire DigitalBridge, which is listed in New York, for $16 per share in cash, in a move that is part of SoftBank's push to invest in digital infrastructure and drive the prosperity of artificial intelligence. The deal represents a 15% premium over DigitalBridge's closing price on December 26. The transaction is expected to be completed in the second half of 2026, pending regulatory approvals. [Major Bank Ratings] Wells Fargo & Company reiterates "overweight" rating on Apple Inc. due to surging iPhone sales in China. Wells Fargo & Company reiterated a buy rating on Apple Inc. (AAPL.US) and set a target price of $300, citing a significant increase in sales of non-Chinese brand smartphones in the Chinese market. Data from the China Information and Communication Research Institute showed that in November, implied shipments of non-Chinese brand smartphones in the Chinese market surged by 128% year-on-year to about 6.93 million units, with market share increasing accordingly; while shipments of Chinese domestic brand smartphones fell by 13%. Apple Inc. stock has been fluctuating around $273 recently. Wells Fargo & Company said the data indicates that the market growth momentum for iPhones is improving. In addition, Jefferies Financial Group Inc. raised its target price for Apple Inc. to $283.36, maintaining a hold rating; while Morgan Stanley raised its target price to $315 and continued to recommend buying.