Overnight US stocks | The three major indexes rose, technology stocks and cryptocurrency concept stocks generally rose. Coinbase (COIN.US) rose more than 14.5%.

On Wednesday, the three major indices rose, and stocks related to Bitcoin and technology went up. Several strong economic data releases boosted investor sentiment, with the ADP report stating that private sector companies added more jobs in February than expected. In addition, the U.S. non-manufacturing sector recorded growth higher than expected last month, and inflation pressures eased. US StocksAt the close, the Dow Jones rose 238.14 points, or 0.49%, to 48,739.41 points; the Nasdaq rose 290.79 points, or 1.29%, to 22,807.48 points; the S&P 500 rose 52.87 points, or 0.78%, to 6,869.50 points. Alcoa Corporation (AA.US) fell 3.5%, Micron Technology, Inc. (MU.O), Intel Corporation (INTC.O), and AMD (AMD.O) all rose more than 5%, while NVIDIA Corporation (NVDA.O) rose more than 1%. The Nasdaq Golden Dragon Index rose 0.8%, and NIO Inc. Sponsored ADR Class A (NIO.N) rose 5%. European StocksThe German DAX30 Index rose 432.48 points, or 1.82%, to 24,185.50 points; the UK FTSE 100 Index rose 76.52 points, or 0.73%, to 10,560.65 points; the French CAC40 Index rose 63.89 points, or 0.79%, to 8,167.73 points; the Euro Stoxx 50 Index rose 98.12 points, or 1.70%, to 5,869.85 points; the Spanish IBEX35 Index rose 419.67 points, or 2.46%, to 17,482.07 points; the Italian FTSE MIB Index rose 842.04 points, or 1.89%, to 45,310.50 points. Asian Stock MarketsThe Nikkei 225 Index fell 3.61%, the South Korean KOSPI Index fell more than 12%, and the Indonesian Jakarta Composite Index fell more than 4.5%. CryptocurrencyBitcoin surged over 7.2% to $73,307.34, while Ethereum surged over 8% to $2,149.98. Stocks related to the cryptocurrency market generally rose, with Coinbase (COIN.US) rising over 14.5%, MicroStrategy (MSTR.US) rising over 10%, Robinhood (HOOD.US) rising over 8%, and Circle (CRCL.US) rising over 5.6%. Crude OilLight crude oil futures for April delivery on the New York Mercantile Exchange rose 10 cents to close at $74.66 per barrel, up 0.13%; London Brent crude oil futures for May delivery closed at $81.40 per barrel, unchanged from the previous trading day. US Dollar IndexThe US dollar index, which measures the dollar against six major currencies, fell 0.28% to close at 98.764 in the forex market. At the close of the New York forex market, 1 euro exchanged for 1.162 dollars, up from 1.1603 dollars on the previous trading day; 1 pound exchanged for 1.3351 dollars, up from 1.3334 dollars on the previous trading day. 1 dollar exchanged for 157.15 yen, down from 157.76 yen on the previous trading day; 1 dollar exchanged for 0.7800 Swiss francs, down from 0.7822 Swiss francs on the previous trading day; 1 dollar exchanged for 1.3669 Canadian dollars, up from 1.3667 Canadian dollars on the previous trading day; 1 dollar exchanged for 9.1761 Swedish Krona, down from 9.2882 Swedish Krona on the previous trading day. MetalsSpot gold rose 0.96% to $5139.31 per ounce. Spot silver showed little movement, trading at $83.504 per ounce. Macro News Fed Beige Book: U.S. economic growth slight to moderate in most regions. The Federal Reserve's Beige Book reported that economic activity in most U.S. regions has grown at a slight to moderate pace in recent weeks, but more regions are reporting that economic activity is flat or declining. In many jurisdictions, economic uncertainty, increased price sensitivity, and reduced spending by low-income consumers have hampered sales performance. Employment levels overall remain stable, although companies are seeking to improve efficiency through artificial intelligence. Eight of the Federal Reserve's 12 districts reported moderate inflation levels. U.S. adds 63,000 jobs in February, highest level in three months. Data released on Wednesday by ADP, a human resources and compensation giant, shows that private sector jobs in the U.S. grew by 63,000 in February, the highest level since November last year. This result is higher than the market's expected addition of 50,000 jobs. However, January's data was significantly downwardly revised, from 22,000 to 11,000. Job growth was concentrated in specific industries, with 58,000 new jobs in the education and healthcare services sector leading the way, followed by 19,000 jobs in the construction industry. These two industries compensated for the stagnation or decline in most other industries. Meanwhile, the professional and business services industry lost 30,000 jobs, manufacturing lost 5,000 jobs, and trade, transportation, and utilities lost 1,000 jobs. Despite the Trump administration's efforts to revive manufacturing through tariff policies, manufacturing employment continues to decline. Venezuela's major oil export center sees exports near seven-year high. Three months after the Trump administration took control of oil sales from Venezuela, the country's major export center has seen oil exports surge to the highest level in years in March. According to a preliminary loading plan, shipments from Jos Port, the country's main oil export port, are expected to soar to 848,000 barrels per day in March. If this data is realized, it would be the highest shipment level for Jos Port since 2019. The increase in exports is being bolstered by continued imports of naphtha, which is used to dilute Venezuela's heavy crude oil for export through pipelines. Similar to February, this month has at least five batches of this base oil product planned for unloading in Venezuela. Analysis: Bitcoin breaks $72,000, could quickly rise to $80,000. According to CoinDesk, there is a thin supply area between $72,000 and $80,000 for Bitcoin, with Glassnode data showing that there is relatively little Bitcoin traded within this range. Only about 1% of circulating Bitcoin is in this price range. Because there are few holders in this range, if the price starts to break through, the market may encounter limited resistance. In fact, this means that if Bitcoin successfully surpasses $72,000, the upward trend to $80,000 could be relatively quick. Historically, Bitcoin has spent very little time trading in the $72,000 to $80,000 range. In November 2024, when Trump won the U.S. presidential election, Bitcoin's price quickly soared, with almost no trading volume in that range. Additionally, earlier this year, Bitcoin dropped from around $80,000 in late January to $70,000, then further dropped to around $60,000 on February 6, a decline that was completed in just a few days. The supply dynamics can be observed through Glassnode's Unrealized Price Distribution (URPD) indicator. The URPD shows the price level at which the last movement of Unspent Transaction Output (UTXO) occurred, effectively reflecting the purchase cost of existing Bitcoin holders. CoinDesk Research points out that during the consolidation phase of Bitcoin between $60,000 and $70,000, over 400,000 BTC were absorbed, indicating strong support below the current price. Stock News Broadcom Inc. Disappoints some investors with revenue forecasts, highlighting AI concerns. Broadcom Inc.'s (AVGO.US) second-quarter revenue guidance has disappointed investors, indicating that its progress in the field of artificial intelligence computing is slower than some people's expectations. The company's second-quarter revenue (ending May 3) is expected to be around $22 billion, higher than analysts' average forecast of $20.5 billion, and some forecasts even exceeded $22 billion. Its stock was almost unchanged in the late trading session, and the market did not have much reaction to the company's performance announcement. As of the close on Wednesday, Broadcom Inc.'s stock price had fallen 8.3% since 2026. This lukewarm response reflects the extremely high threshold faced by AI companies in 2026. Investors are increasingly concerned about the AI investment bubble, with even NVIDIA Corporation's release of a huge profit report last month causing a drop in stock price. Seven major tech companies agree to bear the power costs of their data centers. Seven tech giants (Microsoft Corporation (MSFT.US), Alphabet Inc. Class C (GOOG.US, GOOGL.US), Amazon.com, Inc. (AMZN.US), Meta (META.US), Oracle Corporation (ORCL.US), OpenAI, and Musk's xAI) have committed to bear the electricity costs of their own AI data centers, invest in the power grid and local communities, and limit the increase in residential electricity prices. Trump said that this move could ease opposition to AI. These companies have also committed to negotiating new electricity prices in the states where their data centers are located and opening backup power facilities in times of power grid strain. Analysts believe that this commitment lacks details and accountability mechanisms, making it difficult to quickly change local conditions, and small businesses will still bear the work of building data centers and signing contracts with power companies. Amazon.com, Inc. lays off employees in the Siasun Robot & Automation department. Amazon.com, Inc. (AMZN.US) reportedly laid off employees in the Siasun Robot & Automation department this week, the latest move in its large-scale cost reduction initiative. The Vice President of Siasun Robot & Automation at Amazon.com, Inc. stated that the adjustment was difficult but necessary, emphasizing that the Siasun Robot & Automation business remains a strategic focus. The number of layoffs is unclear, but this layoff is part of Amazon.com, Inc.'s ongoing consolidation action since the end of 2022 - the company has already cut more than 57,000 corporate positions and is also shutting down underperforming businesses (such as Fresh and Go convenience stores). A spokesperson for Amazon.com, Inc. said that only a small number of positions in the Siasun Robot & Automation department were eliminated in this round, and the company will continue to recruit investments in strategic areas and provide support such as severance pay to affected employees. It is reported that the department has recently slowed down a new warehouse Siasun Robot & Automation project and is shifting towards a new system. As of the end of last year, Amazon.com, Inc. had approximately 1.58 million global employees, with 350,000 in corporate and technical roles. CEO Andy Jassy is pushing for organizational flattening and de-bureaucratization while the company expects capital expenditures to reach $200 billion by 2026, with a focus on investing in AI data centers. Western Digital Corporation CEO focuses on building higher-capacity hard drives rather than simply increasing production. Faced with the surge in global data storage demand, Western Digital Corporation is focusing on producing higher-capacity hard drives rather than simply increasing shipments. The company's CEO, Wei Li Chen, stated in an interview: "We are not increasing the number of hard drive shipments, but are using technology to increase the capacity per drive." Benefiting from the explosive growth of AI data centers and tight storage supply, Western Digital Corporation's hard drives have basically sold out by 2026. The company, along with Seagate, leads the global hard drive market. Driven by the surge in storage demand, Western Digital Corporation's stock has risen by 57% this year, with a staggering 282% increase in 2025, and a 8.8% increase on Wednesday to $272.76. Chen Wei Li stated that video applications are also driving storage demand significantly, giving the company more confidence in the market outlook. He also indicated that the current Middle East conflict has had a limited impact on the company's supply chain, with no significant impact on local employees and operations, and the company is closely monitoring the situation.