Preview of US Stock Market | - The three major stock index futures all rose - Oil prices fell sharply - TSMC's performance rose after releasing its results

Pre-market Market Trends 1. In pre-market trading on January 15 (Thursday), the futures of the three major US stock indexes all rose. As of the time of writing, Dow futures were up 0.12%, S&P 500 futures were up 0.39%, and Nasdaq futures were up 0.80%. 2. As of the time of writing, the German DAX index fell 0.23%, the UK FTSE 100 index rose 0.43%, the French CAC 40 index fell 0.32%, and the European Stoxx 50 index rose 0.53%. 3. As of the time of writing, WTI crude oil fell 3.42% to $59.90 per barrel. Brent crude oil fell 3.37% to $64.28 per barrel. Market News US crucial cryptocurrency regulation plan stalled: Coinbase withdraws support, Senate committee delays discussion. Following Coinbase Global's withdrawal of support for the latest version of the cryptocurrency market structure bill hours ago, the Senate Banking Committee has postponed the discussion of this highly anticipated bill. Committee Chairman Tim Scott released a statement on Wednesday night saying that the discussion of the bill will be postponed due to ongoing bipartisan negotiations. He did not provide a new date. Scared away by Trump's unpredictable face! $2.2 trillion behemoth urgently reducing US assets. Trump's "unpredictable" policies have prompted bond giant The Pacific Investment Management Company (PIMCO) to begin reducing US assets to diversify investment risks. Dan Ivascyn, Chief Investment Officer of the fund company managing $2.2 trillion in assets, revealed that the company is adjusting its investment portfolio in response to the frequent policy changes of the Trump administration, increasing asset diversity. Ivascyn stated, "The key is to recognize a reality: the policy direction of this administration is extremely unpredictable. Faced with this situation, what is our response strategy? The answer is diversification... We believe that in the coming years, there will be a trend of continued reduction of US assets and advancement towards diversified allocation." Trump hints at delaying response to Iran, Brent oil falls below $65. Trump stated that he has obtained a clear commitment from Iran to "stop killing protesters," significantly reducing the likelihood of immediate US military action against Iran, as well as reducing the risk of disruptions to Iran's oil supply and blockage of key shipping lanes. However, the situation in Iran remains volatile. Iranian authorities have temporarily closed airspace around Tehran, while the US has redeployed some personnel at military bases in Qatar and other regions, indicating the subtle changes in the military situation between the two sides that continue to affect the international energy markets. Gold faith never dies! Wall Street plays the "Ode to $5000". Analysts from ANZ Bank stated that political turmoil and a backdrop of safe-haven demand should continue to boost global funds' demand for gold. The analysts pointed out that political tensions, loose global monetary policies, rising US debt burdens, and concerns about the independence of the Fed will collectively support gold prices breaking through the milestone of $5,000 per ounce in the second half of this year. Citi's bullish outlook is even more aggressive, expecting gold to break through $5000 in the next 3 months. Citi stated that the ongoing deterioration of global political situations and economic prospects brought about by the Trump administration, as well as physical gold and silver shortages, combined with threats to the Fed's independence, have all provided significant support for their forecast. Silver bull market fervor faces "tariff cooling"! Speculative forces trigger sell-off, silver prices drop more than 7%. The trading price of the hottest precious metal in the world recently, silver, fell significantly on Thursday after continuously rising and hitting historical highs for several days. Earlier on Thursday, silver prices dropped more than 7%, mainly due to US President Trump revealing plans to delay tariffs on key mineral imports, leading to a significant decline in the panic-bullish sentiment for silver in the market. In addition, the majority of the decline is likely due to profit-taking by large speculative funds in silver and the re-balancing measures of the Bloomberg Commodity Index (BCOM), which resulted in billions of dollars in selling pressure. As of the time of writing, the decline in silver prices had narrowed to about 2%, at $91.36 per ounce. Stock News Strong demand for AI adds further evidence! Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) surpasses Q4 net profit expectations, with advanced process revenue accounting for 77%. The financial report shows that Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR saw Q4 revenue of 1.046 trillion New Taiwan dollars (approximately $33.67 billion), a year-on-year increase of 20.5% and a quarter-on-quarter increase of 5.7%, exceeding the upper limit of the company's guidance range. Net profit was 505.744 billion New Taiwan dollars, a year-on-year increase of 35.0% and a quarter-on-quarter increase of 11.8%, beating the market expectation of NT$467 billion. Gross margin was 62.3%, significantly above the guidance range of 59%-61%. Revenue from advanced technology (defined as chips with 7nm and more advanced processes) accounted for 77% of total revenue. This revenue structure, focused on high-value-added products, ensures that the company can maintain a high level of profitability even in market fluctuations. Looking ahead, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR expects revenue for the first quarter of 2026 to be in the range of $34.6 billion to $35.8 billion, gross margin to be in the range of 63% to 65%, and operating profit margin to be in the range of 54% to 56%. The company also expects capital expenditure for the full year 2026 to be in the range of $52 billion to $56 billion, better than the market expectation of $48-50 billion. As of the time of writing, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR was up more than 6% in pre-market trading on Thursday. BlackRock, Inc. (BLK.US) surpasses Q4 profit expectations, asset management scales up to a record $14 trillion. The financial report shows that BlackRock, Inc.'s Q4 revenue increased 23% year-on-year to $7 billion; adjusted earnings per share increased 10% year-on-year to $13.16, beating the market expectation of $12.28. Operating expenses increased to $5.3 billion, reflecting BlackRock, Inc.'s continued active expansion in the private equity market. Meanwhile, BlackRock, Inc. attracted a total of $342 billion in client funds in the fourth quarter, driving its asset management scale to a record $14 trillion. Long-term fund net inflows in the fourth quarter reached $268 billion, better than the market expectation of $232 billion. The net inflow scale of funds for the full year reached a record $698 billion. AI wave creates European stock king! Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR's strong 2026 capital expenditure guidance boosts ASML Holding NV ADR's market value past $500 billion. Following the stronger-than-expected 2026 performance guidance from core customer Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR, lithography giant ASML Holding NV ADR's stock price surged to a new all-time high, pushing its market value past the $500 billion mark. It became the third European company after luxury goods giant LVMH Group and Danish pharmaceutical company Novo Nordisk A/S Sponsored ADR Class B to reach a market value of $500 billion. Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR's 2026 capital expenditure guidance has brought new optimism to the continued growth of global AI spending, indicating that both Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR, as the world's largest semiconductor foundry, and ASML Holding NV ADR, which provides chip manufacturing equipment for Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR, are likely to continue benefiting from the strong demand driven by the AI wave. As of the time of writing, ASML Holding NV ADR was up more than 5% in pre-market trading on Thursday. Telefonaktiebolaget LM Ericsson Sponsored ADR Class B (ERIC.US) continues to advance cost reduction plan, plans to lay off 1,600 people in Sweden. Telecommunications equipment manufacturer Telefonaktiebolaget LM Ericsson Sponsored ADR Class B plans to cut around 1,600 jobs in its native Sweden, as part of its broader cost-cutting plan. In a statement on Thursday, Telefonaktiebolaget LM Ericsson Sponsored ADR Class B stated that the company has informed the Swedish labor department and has started negotiations with the union. A spokesman for the company said that it has around 12,600 employees in Sweden, which means that the layoffs will affect about 13% of its workforce in Sweden. The spokesman added that further "efficiency enhancement measures" will be taken at the group level, but these measures will not be announced separately. Telefonaktiebolaget LM Ericsson Sponsored ADR Class B has been focusing on reducing costs and improving profit margins in recent years to cope with the sluggish telecommunications equipment market. Alphabet Inc. Class C (GOOGL.US) upgrades Gemini, fully integrates the Alphabet Inc. Class C app ecosystem. Alphabet Inc. Class C has announced a further upgrade to its AI tool Gemini, integrating it fully with Alphabet Inc. Class C's user apps such as YouTube, Gmail, etc. The company stated that the feature called "Personal Intelligence" aims to make Gemini "personalized," allowing it to provide users with "exclusive practical services." The official added, "Users can easily access Gmail, photos, YouTube, and search features with a simple and secure setup process." The full integration of Gemini with more services offered by Alphabet Inc. Class C compared to OpenAI's ChatGPT gives it a competitive advantage. Important Economic Data and Events Preview 9:00 PM Beijing time - US January Philadelphia Fed Manufacturing Index 9:30 PM Beijing time - US January New York Fed Manufacturing Index 9:30 PM Beijing time - US Initial Jobless Claims for the week ending January 10th 9:45 PM Beijing time - US January SPGI Manufacturing PMI preliminary reading 10:15 PM Beijing time - Fed Governor Brainard participates in "Stablecoins" panel discussion 1:40 AM Beijing time the next day - 2027 FOMC voter, Richmond Fed President Barkin speaks on the economic outlook for Virginia 2:30 AM Beijing time the next day - 2028 FOMC voter, Kansas City Fed President Schnidt speaks on monetary policy and economic outlook.