Overnight US stocks | The S&P 500 index fell for two consecutive days, AMD (AMD.US) plunged over 17%, and Bitcoin briefly dropped below $72,000.

On Wednesday, the three major stock indexes showed mixed movements, with technology stocks continuing to decline and the S&P 500 index falling for the second consecutive trading day. AMD (AMD.US) closed down sharply by 17.31% after the company's first-quarter performance outlook failed to meet some analysts' expectations. Regarding the financial performance, the company's CEO Lisa Su explained to the media on Wednesday that demand has increased in recent months, stating, "The development of artificial intelligence has far exceeded my expectations." [US Stocks] At the close, the Dow Jones Industrial Average rose by 260.31 points, a 0.53% increase, to 49501.30 points; the Nasdaq fell by 350.61 points, a 1.51% decrease, to 22904.58 points; and the S&P 500 index fell by 35.09 points, a 0.51% decrease, to 6882.72 points. Tesla, Inc. (TSLA.US) fell by nearly 4%, NVIDIA Corporation (NVDA.US) dropped by over 3%, Micron Technology, Inc. (MU.US) fell by nearly 10%, and Apple Inc. (AAPL.US) rose by over 2%. The Nasdaq China Golden Dragon Index fell by nearly 2%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell by nearly 3%. [European Stocks] The Germany DAX30 Index fell by 154.31 points, a 0.62% decrease, to 24621.04 points; the UK FTSE 100 Index rose by 95.67 points, a 0.93% increase, to 10410.26 points; the France CAC40 Index rose by 82.66 points, a 1.01% increase, to 8262.16 points; the Europe Stoxx 50 Index fell by 24.60 points, a 0.41% decrease, to 5970.75 points; the Spain IBEX35 Index fell by 19.94 points, a 0.11% decrease, to 18099.26 points; and the Italy FTSE MIB Index rose by 189.98 points, a 0.41% increase, to 46610.50 points. [Cryptocurrency] Cryptocurrencies continued to decline, with Bitcoin briefly falling below $72,000 and hitting a low of $71,888, while Ethereum briefly fell below $2,100 and hit a low of $2,076.92. [Oil] Light crude oil futures for delivery in March on the New York Mercantile Exchange rose by $1.93 to close at $65.14 per barrel, a 3.05% increase; Brent crude oil futures for delivery in April rose by $2.13 to close at $69.46 per barrel, a 3.16% increase. [Metals] Spot gold rose by 0.38% to $4965.31 per ounce, while spot silver rose by 0.57% to $88.736 per ounce. [Macro News] The Federal Reserve announces it will maintain large bank capital requirements until 2027. The Fed announced on Wednesday that it will not adjust the capital levels of large banks during the 2026 stress test cycle, and is currently considering multiple reforms to improve transparency in its annual stress tests. Fed Vice Chairman Bowman, responsible for regulatory affairs, stated that the deadline for adjusting the stress capital buffer requirements for large banks has been deferred to 2027 to allow sufficient time to assess any potential flaws in their testing models when simulating economic downturn scenarios. Previously, in October of last year, the Fed voted to open its testing models to public input and feedback, as well as to publish stress scenario tests conducted on banks. U.S. Treasury Secretary: Continues to support a strong dollar policy. Treasury Secretary Benson stated on Wednesday that the independence of the Fed is based on the trust of the American people in the central bank. However, due to the Fed's failure to effectively control inflation and preventing it from spiraling out of control, this trust no longer exists. He stated during a hearing in the House Financial Services Committee that President Trump has the right to openly express his views on the Fed's monetary policy decisions. In addition, he reiterated his support for a strong dollar policy. In the hearing, he addressed his previous statement made in January 2024 (before Trump won re-election) to partners that "tariffs would lead to inflation," stating that he hopes to correct his earlier remarks. "If I was wrong before, I am willing to correct it." Benson stated that despite Trump's implementation of a series of tariff policies since taking office, the U.S. economy has continued to grow, and inflation has gradually decreased. U.S. Service sector growth accelerates in January, new orders highs. As commercial activities recover, U.S. service sector companies recorded the strongest consecutive growth since 2024 last month. Data released on Wednesday showed that the Institute for Supply Management (ISM) Services Index remained unchanged at 53.8 in January, tying its highest level since October 2024. Although the recovery in commercial activities supported the overall index, the growth in new orders cooled down, and employment almost did not expand. The ISM index measuring commercial activity rose by over 2 points to 57.4, reaching a new high since October 2024. The new orders index fell from a one-year high to 53.1. The report indicated a sharp decline in demand from overseas clients, with export orders shrinking at the fastest pace since March 2023. The services and materials payment price index rose to 66.6, reaching a three-month high. The supplier delivery index rose to its highest level since October 2024, indicating further extension of the delivery cycle. The U.S. announces cooperation with Japan, Mexico, and the EU to jointly develop critical mineral resources. The Trump administration stated on Wednesday that the U.S. has agreed to cooperate with Japan, Mexico, and the EU to jointly develop critical mineral resources used in industries such as national defense. According to officials, under the proposed agreement, the parties will work together to identify critical minerals needed by certain industries and develop policies to encourage the extraction and processing of these minerals to be transformed into products like rare earth magnets. According to the joint statement, the U.S., Japan, and the EU will reach a memorandum of understanding on how to jointly support mining, refining, processing, and recycling projects within 30 days under the agreement. The U.S. Trade Representative's office stated in another statement that the U.S. and Mexico will implement similar action plans in the next 60 days. Vice President Pence stated that part of these measures will be to establish a "preferential trade zone" for critical minerals among allied countries. This will involve setting minimum prices for critical minerals and maintaining this price by imposing tariffs on countries outside the trade zone. [Stock News] Alphabet's quarterly performance exceeds expectations, with capital spending reaching $185 billion this year. Alphabet Inc. Class C (GOOG.US) parent company Alphabet's fourth-quarter revenue data exceeded expectations, with projected capital spending for 2025 expected to be between $175 billion to $185 billion, far exceeding investor expectations of $119.5 billion. Alphabet Inc. Class C's Q4 revenue was $113.828 billion, while the market expected $111.375 billion. The company has swiftly improved the Gemini model and fully integrated it into its product lines, requiring significant investment to support model optimization and meet cloud customer demand. These investments have already begun to show results. Alphabet Inc. Class C is supplying up to 1 million specialized AI chips to Anthropic, consolidating its position as a key infrastructure supplier in the AI field. Additionally, Gemini will provide AI technology support for Apple Inc.'s iPhone's Siri. However, to justify the massive spending, Alphabet needs to demonstrate growth momentum in its cloud services and search advertising business. The company stated that large-scale investments in the field of AI, including building new infrastructure, research and development investments, and talent acquisition, are crucial for competing with rivals such as Amazon.com, Inc., Microsoft Corporation, and OpenAI. SpaceX reportedly has begun issuing IPO invitations to non-Bank of America Corp. According to sources, Elon Musk's SpaceX, a rocket and satellite manufacturer, has held meetings with banks outside the United States regarding its initial public offering (IPO). The company aims to go public this year. In mid-January, several foreign banks reportedly sent letters of interest to SpaceX's office in California. One group is composed of European banks, while another group consists of companies from other regions.