Overnight US stocks | The Dow welcomes a historic moment as Bitcoin surpasses the $70,000 mark, and Strategy (MSTR.US) rises over 26%.

On Friday, the three major indices closed up, with the Dow hitting a record high of 50169.65 points, breaking the 50,000 mark for the first time in history and setting a new intraday high. The Dow first broke the 40,000 mark on May 16, 2025. Technology stocks rebounded after several days of massive sell-offs, and Bitcoin surged significantly after a sharp drop. [US Stocks] At the close, the Dow rose 1206.95 points, or 2.47%, to 50115.67 points; the Nasdaq rose 490.63 points, or 2.18%, to 23031.21 points; the S&P 500 index rose 133.90 points, or 1.97%, to 6932.30 points. Strategy (MSTR.US) surged more than 26%, AMD (AMD.US) surged more than 8%, NVIDIA Corporation (NVDA.US) surged more than 7.8%, and CoreWeave (CRWV.US) surged more than 20%. [European Stocks] The German DAX30 index rose 270.95 points, or 1.11%, to 24719.53 points; the UK FTSE 100 index rose 58.12 points, or 0.56%, to 10367.34 points; the French CAC40 index rose 35.67 points, or 0.43%, to 8273.84 points; the Euro Stoxx 50 index rose 71.55 points, or 1.21%, to 5997.25 points; the Spanish IBEX35 index rose 189.24 points, or 1.07%, to 17935.54 points; and the Italian FTSE MIB index rose 36.93 points, or 0.08%, to 45856.50 points. [Cryptocurrency] Bitcoin skyrocketed by over 12%, returning to above $70,000, after briefly falling below $61,000 overnight, hitting the lowest level since October 2024; Ethereum surged over 12.6%, surpassing $2050. [Metals] Spot gold rose 3.98% to $4966.48 per ounce; spot silver rose 9.95% to $77.949 per ounce. [Crude Oil] March WTI crude oil rose 0.4% on the New York market, settling at $63.55 per barrel; April Brent crude oil rose 0.7% to $68.05 per barrel. [Macro News] The Dow made a historic breakthrough of 50,000 points. During the US trading session on Friday, the Dow made a historic breakthrough of the 50,000 mark. This milestone represents a new milestone for the US economy after many years of strong growth. During this period, the US economy not only surpassed other developed economies but also attracted a large amount of investment globally. Chris Hyzy, chief investment officer of Bank of America Private Bank, said, "In any case, we do not believe the opportunities in the US market have ended." The steady rise of the Dow in recent months marks a reversal from the trend earlier last year when market turbulence was caused by Trump's tariffs. However, since then, many worries about the impact of tariffs on Wall Street have not materialized, and with the continued strong growth of the US economy, investors remain optimistic about the Federal Reserve continuing to cut interest rates this year. However, despite the Dow steadily approaching the 100,000 mark, there are still warning signals in some areas of the economy. Price pressures continue to squeeze the lives of millions of low and middle-income Americans, and US job growth remains weak. Meanwhile, overseas economic growth and expansionary government policies have caused international markets to outperform the overvalued US markets in recent months. This may mean that some of the stocks driving the Dow higher may face greater pressure in the future. Fed Vice Chairman Jefferson suggests no policy adjustments needed in the short term. Fed Vice Chairman Jefferson stated that the current interest rate stance of the central bank is "completely appropriate" for the stable economic conditions, indicating that he is not in a hurry to resume the rate cuts that the Fed paused in January. Jefferson pointed out that although the inflation rate has been consistently above the Fed's 2% target, the downward trend in inflation rates is expected to reappear later this year. At the same time, he estimated that the overall economic conditions are good, and the economic growth rate for 2026 is expected to reach around 2.2%. He said, "I see some signs that the labor market is stabilizing, inflation is expected to return to our target level of 2%, and sustainable economic growth will continue." Jefferson stated that the three rate cuts implemented by the Fed from September to December of last year, adjusting rates to a range of 3.5% to 3.75% - close to the market's expectation of a "neutral level" that will neither stimulate nor suppress the economy. He emphasized that this stance strikes a reasonable balance between the two major risks facing the central bank. Fed's Daly: Fed must balance the two-way risks of its dual mandate. Fed's Daly wrote that if they were to speak with businesses, they would express a cautiously optimistic outlook. The economic growth is good, consumer spending remains stable, job supply is sufficient, and the improvement in productivity is helping to control costs. However, after speaking with workers, they are not so certain. This mismatch is also evident in recent surveys, which show that Americans expect fewer job opportunities in the future and an increase in the unemployment rate. In many ways, this disconnect is understandable. We have been in a period with relatively few hires and layoffs, and this situation has lasted for some time. This situation may continue, but workers are clearly aware that the situation could change rapidly, putting them in a labor market with reduced hiring and increased layoffs. With the inflation rate above the FOMC's target of 2%, this situation indeed feels unstable. What does this mean for policy? We must balance the two aspects of our mission. Americans need both stable prices and full employment, and we cannot take either for granted. US Treasury Secretary Benson: Trump administration's policies show support for a strong dollar. US Treasury Secretary Benson stated on Friday that despite the recent depreciation of the dollar, Trump continues to push for a strong dollar policy because his administration is taking measures to make investment in dollar assets more attractive. When asked in an interview with CNBC about Trump's remarks that the dollar depreciation in late January was a "good thing" when the dollar exchange rate hit a four-year low, Benson said, "The so-called strong dollar policy is about whether we are taking measures to create a favorable environment for the dollar? Our tax policies, trade policies, deregulation policies, energy policies, and the reaffirmation of sovereignty in key mineral sectors - are these measures making the US the best destination for global capital? I don't think anyone is doing better in this regard than Trump." Benson also mentioned that Trump's weekend comment about suing Fed Chair nominee Kevin Walsh unless he lowers interest rates was just a joke. "And, the president respects the Fed as well as the Fed's independence." Survey shows slight increase in US consumer confidence. Inflation and employment concerns persist. A survey showed that despite ongoing concerns about the labor market and rising living costs, US consumer confidence improved slightly early in February. The University of Michigan Consumer Survey showed that the consumer confidence index rose to 57.3 this month, up from the final value of 56.4 in January. Joanne Hsu, the head of the survey, said, "Although the current confidence index is the highest since August 2025, the increases in recent months have been very limited. From a historical perspective, overall confidence levels are still very low. High prices eroding personal financial situations, and concerns about rising unemployment risks, are still widespread." Consumers' expectations for inflation in the next year fell from 4.0% in January to 3.5% this month; and expectations for inflation in the next five years rose from 3.3% last month to 3.4%. [Stock News] Apple Inc. plans to allow third-party voice-controlled AI chatbot Siasun Robot & Automation to access CarPlay. According to sources, Apple Inc. is preparing to allow other companies' voice-controlled artificial intelligence applications to access the CarPlay system. This will allow users to interact with artificial intelligence chatbot Siasun Robot & Automation through their in-car interface for the first time. The company is expected to provide support for applications in the CarPlay system in the coming months. This change marks a strategic shift for Apple Inc. Previously, Apple Inc. only allowed its own Siri assistant as a voice control option in its popular in-car entertainment software. With the implementation of this measure, artificial intelligence providers such as OpenAI, Anthropic PBC, and Alphabet Inc. Class C will be able to introduce CarPlay versions of their applications that support voice control modes. However, there are still some limitations. Sources said that Apple Inc. will not allow users to replace the Siri button on CarPlay or the wake word that activates the service. Users will need to open the related application to activate the third-party voice control feature. [Big Banking Ratings] UBS Group AG: Lowers Amazon.com, Inc. (AMZN.US) target price from $311 to $301.