Overnight US stocks | Nasdaq and S&P 500 indexes rose more than 1%, SanDisk (SNDK.US) rose 11.8% to hit a new high, with a year-to-date increase of over 300%.

On Monday, the three major indices rose, with the Nasdaq and S&P 500 rising more than 1%, and they have recovered all the losses since the outbreak of the recent US-Iran conflict. News reports that contact between the US and Iran is still ongoing and "progress is being made in reaching an agreement". [US Stocks] At the close, the Dow rose 301.68 points, or 0.63%, to 48218.25; the Nasdaq rose 280.84 points, or 1.23%, to 23183.74; the S&P 500 rose 69.35 points, or 1.02%, to 6886.24. Oracle Corporation (ORCL.US) rose 12.69%, SanDisk (SNDK.US) rose 11.8%, with a year-to-date increase of over 300%; Intel Corporation (INTC.US) rose over 4%. The Nasdaq Golden Dragon Index closed up 0.7%, and Baidu Inc Sponsored ADR Class A (BIDU.US) rose over 3%. [European Stocks] The German DAX30 index fell 124.97 points, or 0.52%, to 23730.22; the UK FTSE 100 index fell 21.66 points, or 0.20%, to 10578.87; the French CAC40 index fell 23.62 points, or 0.29%, to 8235.98; the Euro Stoxx 50 index fell 20.11 points, or 0.34%, to 5906.00; the Spanish IBEX35 index fell 180.14 points, or 0.99%, to 18024.16; the Italian FTSE MIB index fell 64.86 points, or 0.14%, to 47544.50. [Asian Stock Market] The Nikkei 225 index fell by 0.74%, and the South Korean KOSPI index fell by 0.86%. [Cryptocurrencies] Bitcoin rose over 3% to $73248.33, and Ethereum rose over 2.6% to $2257.1. [Crude Oil] Oil prices rose due to the possibility of further tightening of global crude oil supply as the US blocked Iranian ports, but signs that ceasefire negotiations may continue limited the gains. May WTI rose by 2.6%, settling at $99.08 per barrel; June Brent rose by 4.4%, settling at $99.36 per barrel. [US Dollar Index] The US Dollar Index, which measures the US dollar against six major currencies, fell by 0.28% to close at 98.370 in the foreign exchange market. At the close of the New York exchange market, 1 euro exchanged for 1.1728 US dollars, higher than the previous trading day's 1.1725 US dollars; 1 pound exchanged for 1.3477 US dollars, higher than the previous trading day's 1.3463 US dollars. 1 US dollar exchanged for 159.50 Japanese yen, higher than the previous trading day's 159.28 Japanese yen; 1 US dollar exchanged for 0.7859 Swiss francs, lower than the previous trading day's 0.7893 Swiss francs; 1 US dollar exchanged for 1.3800 Canadian dollars, lower than the previous trading day's 1.3830 Canadian dollars; 1 US dollar exchanged for 9.2013 Swedish kronor, lower than the previous trading day's 9.2781 Swedish kronor. [Precious Metals] Spot gold fell slightly by 0.17% to close at $4741.14, and spot silver rose slightly to $75.62. [Macroeconomic News] Media: US-Iran contact is still ongoing or may hold face-to-face talks again. Citing a US official, the media reported that contact between the US and Iran is still ongoing, and "progress is being made in reaching an agreement". According to informed sources, US government officials are discussing the details of a second face-to-face meeting before the expiration of the US-Iran temporary ceasefire agreement. Whether the talks can take place depends on whether progress can be made in the coming days, and officials are discussing potential dates and locations for the talks. The report also said that a "regional source" revealed that before the last negotiation location in Islamabad, Pakistan was finally confirmed, multiple alternative locations were proposed, including Geneva, Switzerland, Vienna, Austria, and Istanbul, Turkey. Currently, Geneva and Islamabad are back on the list of considerations. According to informed sources, depending on the progress of communication between the parties in the coming days, the US and Iran may also extend the two-week ceasefire deadline to allow more time for negotiations. According to reports on social media, the next round of "direct talks" between the United States and Iran may take place in Islamabad on the 16th. BlackRock, Inc. resumes its overweight view on US stocks, believing that the impact of the Iran war is controllable. BlackRock, Inc. strategists have resumed their overweight view on US stocks, as they believe that the impact of the Middle East conflict on global economic growth is "likely to be controlled". In a report on Monday, the team led by Jean Boivin, head of investment research at BlackRock, Inc., stated that they have been closely monitoring "two signs of increased risk exposure", including the resumption of shipping through the Strait of Hormuz and signs that the war has limited impact on the economy. They stated, "We have seen progress in both areas," and a recent ceasefire is "crucial," with a "high threshold" for returning to war. BlackRock, Inc. also emphasized the upcoming earnings season. In terms of US stocks, BlackRock, Inc. said, "The impact of the Middle East conflict on global growth is controllable, and strong earnings expectations, especially in the technology sector, maintain our risk preference". Fed's Gulsby: Strong performance of US consumers is key to the US economy. Fed's Gulsby stated on Monday that the current pricing in the oil futures market reflects an expectation that the surge in oil prices related to the Iran war will be temporary, and if this situation holds true, the impact on the US economy may be limited. Gulsby said in an interview with Fox News, "As long as consumers remain strong, I think economic growth will remain strong. If this situation persists - if gasoline prices remain at high levels for an extended period, or even higher - then we must reassess what this means for consumer spending; but if trends continue as expected by the market, it will be temporary". White House says there is a shortage of 10 million single-family homes in the US. According to a recent report released by the White House economists, there is a shortage of at least 10 million single-family homes in the US, which is higher than some previous estimates by the US government and the private sector. According to the latest annual "President's Economic Report" from the White House Council of Economic Advisers, "if single-family home construction and growth in housing stock had not declined significantly after 2008 but continued at their historical pace, today there would be an excess of 10 million or more single-family homes." In November 2024, the government-controlled Fannie Mae stated that, due to demand from population growth, there is a shortage of 3.7 million housing units in the US. The National Association of Realtors estimated in June 2021 that, based on trends over the past 20 years and a comparison with construction rates from 1968 to 2000, there is a shortage of 5.5 million housing units. The report comes as policymakers in Washington are trying to show voters that they are taking action on the issue of high housing prices. The high cost of housing is a key issue in the upcoming midterm elections, and is expected to focus on affordability. SEC clarifies regulatory boundaries for crypto trading interfaces: Specific scenes may be exempt from broker licenses. The Securities and Exchange Commission (SEC) Trading and Markets Division issued a staff statement providing guidance on whether user interfaces (Covered User Interfaces) used to generate trading instructions for crypto asset securities need to be registered as broker-dealers. The statement points out that, under specific conditions, providers of such interfaces may not need to register as broker-dealers under Section 15 of the Securities Exchange Act. These conditions include: not actively soliciting individual trades, not providing investment advice, not controlling or executing trades, generating trading instructions based only on objective parameters, and fully disclosing fee structures, potential conflicts of interests, and related risks. The SEC emphasized that this type of interface typically exists in the form of websites, browser plugins, or wallet applications, used to convert user-set trading parameters into on-chain executable instructions, while providing market data such as prices, routes, and fees. This exemption does not apply to activities such as engaging in trade matching, fund custody, order routing, or providing investment advice. The guidance is an interim opinion, and if no further action is taken, it will automatically expire five years from April 13, 2026, aiming to provide a clearer regulatory framework for activities related to crypto asset securities, and continuing to seek market feedback. Fed's unrealized losses on bond holdings narrowed to less than $850 billion. The New York Fed stated on Monday that the Fed's unrealized losses on its large bond holdings have narrowed from $1.06 trillion in 2024 to $844.2 billion in 2025. This data was disclosed when the System Open Market Account (SOMA) annual report was released, covering the Fed's holdings of a large amount of cash, bonds, and other assets. The Fed's unrealized losses on bond holdings are mainly considered at the accounting level, and in the view of the Fed and many observers, such unrealized losses will not affect the Fed's operations, as it does not plan to sell the US Treasuries and mortgage-backed securities it holds. As long as they are held until maturity, there will be no actual losses relative to the purchase price. However, some believe that these unrealized losses reflect a negative record of the Fed's use of its balance sheet as a tool for market stabilization and stimulus, and that these losses could potentially turn into real issues in the future. [Stock News] NVIDIA Corporation denies acquisition of a PC manufacturer. According to reports, NVIDIA Corporation (NVDA.US) is in talks to acquire a major personal computer (PC) manufacturer. The media claims that NVIDIA Corporation has been in talks for over a year, trying to acquire a "major company" that could "redefine the PC industry". While the target was not named, investors immediately pointed to Dell Technologies, Inc. Class C and HP Inc. - the second and third largest PC manufacturers globally, with 17% and 19% of the global market share, respectively. Dell Technologies, Inc. Class C (DELL.US) and HP Inc. (HPQ.US) stocks surged on the rumors. However, an NVIDIA Corporation spokesperson denied post-market negotiations with PC manufacturers. [Major Banks Ratings] Wells Bush: Raised Netflix's (NFLX.US) target price from $115 to $118.