Overnight US stocks | The three major indexes fell this week, while stocks related to Bitcoin concept rebounded significantly.

This week, all three major US stock indexes saw declines, with the Dow Jones falling by 1.23%, the Nasdaq dropping by 2.1%, and the S&P 500 index decreasing by 1.39%. The year-on-year growth rate of US commodities and services prices in January was lower than expected, bringing hope for relief from the ongoing inflation issue in the US. The US Bureau of Labor Statistics reported on Friday that the Consumer Price Index (CPI) rose by 2.4% year-on-year in January, down 0.3 percentage points from the previous month. This inflation rate dropped to the level seen in May 2025 after President Trump announced high import tariffs on US imported goods the following month. [US Stock Market] As of Friday's close, the Dow Jones rose by 48.95 points, an increase of 0.10%, to 49500.93 points; the Nasdaq fell by 50.48 points, a decrease of 0.22%, to 22546.67 points; the S&P 500 index rose by 3.41 points, an increase of 0.05%, to 6836.17 points. Stocks related to Bitcoin rose, with Coinbase (COIN.US) rising by over 16% after earnings, Strategy (MSTR.US) rising by over 8.8%, Robinhood (HOOD.US), Circle (CRCL.US) rising by over 6%, and Iren Ltd (IREN.US) rising by over 5%. [European Stocks] The German DAX30 index rose by 78.91 points, an increase of 0.32%, to 24906.74 points; the UK FTSE 100 index rose by 39.01 points, an increase of 0.38%, to 10441.45 points; the French CAC40 index fell by 28.82 points, a decrease of 0.35%, to 8311.74 points; the Euro Stoxx 50 index fell by 26.63 points, a decrease of 0.44%, to 5984.66 points; the Spanish IBEX35 index fell by 236.58 points, a decrease of 1.32%, to 17660.32 points; the Italian FTSE MIB index fell by 807.45 points, a decrease of 1.75%, to 45415.50 points. [Cryptocurrency] Bitcoin saw a significant rebound, rising by over 4% during the day to $68927.36; Ethereum rose by over 5.4% to $2053.51. [Precious Metals] Spot gold rose by 2.45% to $5043.08 per ounce; spot silver rose by 2.83% to $77.37 per ounce. Antonio Di Giacomo from XS.com stated in a report that despite the volatility in the precious metals market, the demand for safe-haven assets continues to support the rise in gold and silver prices. [Oil] WTI March futures settlement price rose by 0.1% to $62.89 per barrel; Brent April futures settlement price rose by 0.3% to $67.75 per barrel. [Macro News] US January CPI increase lower than expected, labor force stability may lead to Federal Reserve status quo. The US Bureau of Labor Statistics reported on Friday that the January CPI increased by 0.2% month-on-month, slightly lower than the 0.3% increase in December and lower than the expected 0.3%. Excluding volatile food and energy prices, the core CPI increased by 0.3% month-on-month, slightly higher than the 0.2% increase in December. In terms of year-on-year data, the CPI increased by 2.4%, down from 2.7% in December, mainly due to the impact of higher base effects last year; the core CPI increased by 2.5% year-on-year, lower than 2.6% in December. The January report for the first time included seasonal adjustment factors reflecting price changes in 2025. Economists pointed out that core CPI data in January often exceeded expectations, as the labor department model did not fully account for one-time price increases at the beginning of the year. This month's increase likely reflects both this early-year effect and the transmission impact of Trump's wide-ranging tariffs. Despite the slowdown in inflation, labor market stability may lead the Federal Reserve to keep interest rates unchanged for a period of time. Economists expect that inflation may rise in stages this year due to the transmission of import tariffs and the depreciation of the US dollar last year. The US Supreme Court will announce its opinion on the Trump tariff case on February 20. The US Supreme Court has set February 20 as the date for the next opinion release, with the world currently waiting for a ruling that could render much of former President Trump's signature tariff policy ineffective. Justices are also expected to issue opinions on February 24 and 25. This tariff dispute is one of the 12 cases argued in October or November and not yet decided. Federal government data shows that the disputed tariffs cost importers more than $16 billion a month. Economic analyst Chris Kennedy estimates that at this rate, the total amount of tariffs imposed by the core law, the International Emergency Economic Powers Act of 1977, may exceed $170 billion by February 20. US Treasury Secretary: Senate Banking Committee agrees to advance Wohl's nomination for Federal Reserve chairmanship hearing. US Treasury Secretary Benson stated on Friday that despite a key senator holding reservations about the nomination, the Senate Banking Committee has agreed to advance President Trump's nomination of Wohl to succeed as Federal Reserve chair for a confirmation hearing. Benson stated: "I believe holding a hearing is essential. Chairman Powell's term will expire in mid-May, and anyone concerned about the Federal Reserve's integrity and independence wants to see Kevin Wohl ensure continuity." Bank of America: "Anything But The Dollar" transactions will boost international assets. Bank of America Corp strategist Michael Hartnett stated that US trade policy is creating a "Shanghai New World Order," with investors dumping the dollar and US stocks and turning to international assets. In a report, the strategist wrote that the Trump administration's "overheated policies" have given rise to a new "Anything But The Dollar" (ABTD) trading environment, replacing the US exceptionalism in the global rebalancing. Hartnett stated that this will boost international stock markets, with emerging market commodity producers expected to benefit from increased demand from artificial intelligence. He pointed out that investor allocations to China and India are still underweight. Federal Reserve plans to appoint Wall Street bank lawyer Quin as regulatory affairs director. According to two sources, the Federal Reserve is expected to appoint Randall Guynn as the new head of regulatory affairs, a veteran Wall Street figure with strong ties to the banking industry who will wield significant regulatory authority. Guynn has been a partner at Davis Polk & Wardwell law firm, representing several large US banks. He will succeed Michael Gibson, who announced his retirement last July after more than 30 years at the Federal Reserve. Since May 2025, Guynn has been an advisor to Federal Reserve Governor and Vice Chair of Regulatory Affairs Bauman. It is reported that Guynn's appointment plan still needs to be voted on by the seven-member Board of Governors of the Federal Reserve. The specific timing of this closed-door vote is not currently known. Once he takes office, he will continue to report to Bauman. The selection of Guynn as head of regulatory affairs marks a significant shift in the Federal Reserve's personnel arrangements, as the position has been held by long-serving internal Federal Reserve employees since at least 1977. US supports imposing 133% preliminary tariffs on Russian palladium imports. It is reported that the US Department of Commerce preliminarily supported a mining company's application to impose anti-dumping duties on Russian palladium imports, with a tariff rate of nearly 133%, with a final decision to come later this year. Sibanye Stillwater, which owns the Stillwater palladium mine in Montana, submitted a petition last year to the US Department of Commerce and the International Trade Commission for the above relief measures, stating that the palladium exported from Russia to the US is being sold at prices below fair value. The company stated in the petition that the Russian government provides various forms of financial support to its palladium mining companies, including subsidies, preferential loans, and lenient environmental regulations. The preliminary ruling of imposing a 132.83% tariff on non-rolled Russian palladium remains to be made by two government agencies. Sibanye stated that the relevant ruling is expected to be completed by June. [Individual Stock News] Amazon.com, Inc. (AMZN.US)-supported nuclear energy company X-Energy Reactor Co.'s nuclear reactor fuel has been approved by US regulatory agencies. It is reported that X-Energy, an advanced nuclear energy company supported by Amazon.com, Inc., has received federal approval to produce uranium fuel for advanced reactors, the first such new license in over 50 years. The company's Triso-X division has been constructing its first factory, expected to start producing fuel by 2028. The license issued by the US Nuclear Regulatory Commission last Friday allows for the construction of two production facilities at the Oak Ridge site in Tennessee. X-Energy is one of many companies researching new generation reactor technologies, including new nuclear fuels. The Tennessee facility will produce Triso fuel cores-petite uranium beads with a triple structure the size of a poppy seed, with higher temperatures and longer endurance than traditional fuels. These cores will be made into larger capsules or spheres, using high-enriched low-concentration uranium (HALEU), providing power for multiple new reactor designs. SpaceX plans to adopt a dual-class stock structure in its IPO to strengthen CEO Musk's control. According to reports, SpaceX is considering adopting a dual-class stock structure in its planned IPO this year, following a model proposed by founder Musk at Tesla, Inc. The dual-class stock structure would give certain shareholders holding stocks greater voting rights, allowing them to control company decisions. This would allow Musk and other insiders to maintain control even with a minority stake. Sources said that SpaceX is expanding its Board of Directors in preparation for its IPO and is pushing Musk's space ambitions beyond traditional rocket satellite business. SpaceX plans to go public later this year, with a financing scale of up to $50 billion, to build space AI data centers and moon factories. The company recently acquired Musk's xAI, officially entering the field of artificial intelligence. Discussions are still ongoing, and IPO details may be adjusted. SpaceX has yet to comment. The dual-class stock structure is commonly used in companies like Meta and Alphabet Inc. Class C, typically giving founders 10 to 20 times more voting rights than regular shareholders, who have just one vote. Critics argue that this reduces company accountability. If adopted, the dual-class structure would enable Musk to fend off interference from activist investors and retain firm control of the company. Musk has publicly supported dual-class stock structures and has attempted to establish a similar structure at Tesla, Inc., to secure at least 25% voting rights, threatening to move AI and Siasun Robot & Automation businesses elsewhere. The media has previously reported that SpaceX has explored the feasibility of merging with Tesla, Inc., with some investors also pushing for the move. NVIDIA Corporation's leased data center completes highly anticipated $3.8 billion bond issuance. According to reports, Tract Capital issued $3.8 billion in bonds for its Nevada-based 200-megawatt data center project, which is expected to be long-term leased to NVIDIA Corporation. The bond offering received $14 billion in investor subscriptions, showing strong demand, with a coupon rate of 5.875% lower than expected, and the issuance size increased by $150 million from the initial plan. According to the issuance documents, NVIDIA Corporation has an initial lease term of about 16 years for the data center, with the option to renew for two 10-year periods; the excess funds raised from the bond issuance will be used to reduce equity contributions from Tract Capital's funds. JPMorgan led the transaction, with Morgan Stanley serving as joint underwriter. This transaction highlights the financing fervor for AI computing infrastructure, with even junk bonds tied to long-term NVIDIA Corporation leases still attracting capital and reflecting continued optimism in the market for AI infrastructure development. Apple Inc. (AAPL.US) and Alphabet Inc. Class C (GOOG.US, GOOGL.US) lose again in court challenge to US patent review policy. According to reports, the US Federal Circuit Court of Appeals on Friday rejected lawsuits by Apple Inc., Alphabet Inc. Class C, Intel Corporation, Cisco Systems, Inc., and Edwards Lifesciences Corporation against a regulation of the US Patent and Trademark Office (USPTO). The regulation reduces the number of inter partes reviews (IPRs) on patent validity. The court did not support the companies' attempt to halt a rule change by the USPTO. The rule gives patent office judges greater discretion to reject IPR applications-these reviews are often used by tech giants to invalidate patents they are accused of infringing. The companies argued that the rule greatly reduces their opportunities to use the IPR process. They sued the patent office in federal court in California in 2020, alleging that the rule was illegal and weakened the patent protection system. The 2021: California court rejected the lawsuit 2023: Federal Circuit Court of Appeals reinstated the case 2024: California court rejected the lawsuit again This time: The Federal Circuit Court of Appeals upheld the original ruling, stating that the rule is just an internal policy statement and does not require a public comment process. The USPTO and Intel Corporation declined to comment, and other companies have not responded yet. FTC upgrades antitrust investigation against Microsoft Corporation (MSFT.US), questioning cloud and AI businesses to competitors. The US Federal Trade Commission (FTC) is accelerating its scrutiny of Microsoft Corporation (MSFT.O) as part of its ongoing investigation into whether the company has gained a large share of the enterprise computing market through illegal monopolistic practices with its cloud software and artificial intelligence products (including Copilot). Sources say the agency has issued civil investigative demands to Microsoft Corporation's competitors in the business software and cloud computing markets in recent weeks. These demands include inquiries about Microsoft Corporation's licensing and other business practices. At least six companies have received such demands. Through these orders akin to civil subpoenas, the FTC is seeking evidence to prove that Microsoft Corporation is making it harder for customers to use competitors' cloud services than to use Windows, Office, and other products. Some sources say the agency is also looking for information on how Microsoft Corporation bundles AI, security, and identity software into its Windows and Office products.