Overnight US stocks | S&P 500 index closes above 7100 points for the first time, Nasdaq achieves longest winning streak since 1992.

On Friday, the three major indices rose sharply, with the Nasdaq and S&P 500 hitting new all-time highs again, and the Nasdaq achieving the longest continuous upward trend since 1992. This week, all three major US stock indices recorded gains, with the Dow Jones rising by 3.19%, the S&P 500 rising by 4.54%, and the Nasdaq rising by 6.84%. [US Stocks] As of the close, the Dow rose by 868.71 points, an increase of 1.79%, to 49447.43 points; the Nasdaq rose by 365.78 points, an increase of 1.52%, to 24468.48 points; the S&P 500 rose by 84.78 points, an increase of 1.20%, to 7126.06 points. The Nasdaq has continued to rise for 13 consecutive trading days to set a new record high, the longest continuous upward trend since January 1992. Apple Inc. (AAPL.US) closed up 2.5%, Tesla, Inc. (TSLA.US) up 3%, Meta Platforms (META.US) up 1.7%. Netflix (NFLX.US) dropped nearly 10%. The Nasdaq Golden Dragon Index closed up 0.5%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose 1.7%. [European Stocks] The German DAX30 index rose by 561.32 points, an increase of 2.32%, to 24711.86 points; the UK's FTSE 100 index rose by 76.98 points, an increase of 0.73%, to 10666.97 points; the French CAC40 index rose by 162.43 points, an increase of 1.97%, to 8425.13 points; the Euro Stoxx 50 index rose by 125.57 points, an increase of 2.12%, to 6058.85 points; the Spanish IBEX35 index rose by 378.81 points, an increase of 2.09%, to 18472.21 points; the Italian FTSE MIB index rose by 833.56 points, an increase of 1.74%, to 48860.50 points. [Asian Stocks] The Nikkei 225 Index fell by 1.75%, and the South Korea KOSPI Index fell by 0.55%. [Cryptocurrency] Bitcoin rose by over 3%, to $77379.98, and Ethereum rose by over 3.6%, to $2427.05. [Crude Oil] Crude oil prices tumbled as news of the reopening of the Strait of Hormuz boosted optimism that the US-Iran conflict may be ending. Light sweet crude oil futures for May delivery on the New York Mercantile Exchange fell by $10.84 to close at $83.85 per barrel, down 11.45%, while Brent crude oil futures for June delivery fell by $9.01 to close at $90.38 per barrel, down 9.07%. [US Dollar Index] After Iran announced that the Strait of Hormuz was now "completely open" to commercial shipping, the US dollar erased all its gains since the outbreak of the US-Iran war, further weakening demand for safe-haven assets. The US dollar index, which measures the dollar against six major currencies, fell by 0.12% to close at 98.098 in the currency market. At the close of the New York currency market, 1 euro exchanged for $1.1790, up from $1.1774 the previous trading day; 1 pound exchanged for $1.3544, up from $1.3525 the previous trading day. 1 dollar exchanged for 158.24 yen, down from 159.26 yen the previous trading day; 1 dollar exchanged for 0.7801 Swiss francs, down from 0.7844 Swiss francs the previous trading day; 1 dollar exchanged for 1.3676 Canadian dollars, down from 1.3706 Canadian dollars the previous trading day; 1 dollar exchanged for 9.1396 Swedish kronor, down from 9.2051 Swedish kronor the previous trading day. [Precious Metals] Spot gold rose by 0.92% to $4834.05 per ounce, up 1.78% for the week; COMEX gold futures rose by 1.01% to $4856.60 per ounce, up 1.44% for the week. Spot silver rose by 3.27% to $80.9822 per ounce, up 6.74% for the week, climbing from $72.6369 to $83.0538. COMEX silver futures rose by 3.09% to $81.720 per ounce, up 6.04% for the week, trading between $73.175 and $83.835. [Macro News] A Federal Reserve official adopts a cautious stance on rate cuts and warns of long-term conflict risks. Federal Reserve official Waller stated that due to the energy shock caused by the Iran war, he is cautious about the need for rate cuts in the short term and warns that the conflict could have a sustained impact on inflation. Waller outlined two main scenarios in his speech. In the first scenario, if the Strait of Hormuz is reopened and trade flows return to normal, officials will be able to ignore the soaring energy prices and focus on the soft job market later this year. He said, "If this happens, I see a scenario where potential inflation will continue to fall back to the 2% target, which will make me cautious about cutting interest rates at the moment and lean towards supporting the labor market through rate cuts later this year, when the outlook is more stable." However, he warned that oil prices and the overall market have underestimated the long-term risks of the conflict. "In terms of inflation, the risk is that the longer the conflict lasts and the longer energy prices remain high, the more likely these high prices will seep into other prices, as companies will consider high energy input costs when pricing." He said that if this occurs against the backdrop of a weak job market, it will limit policy responses. In this scenario, he will weigh the risks of higher inflation against a weaker labor market, "if the inflation risk outweighs the labor market risk, this may mean keeping the policy rate within the current target range." The US considers returning to Pakistan and Iran for negotiations within a few days. On April 17, local time, while imposing a naval blockade on Iran, the Trump administration is considering restarting diplomatic efforts within a few days, possibly sending senior officials to Pakistan again to resume negotiations with Iran. It is understood that the arrangements are still under evaluation, and talks could restart as early as next Monday. Vice President Pence is seen as a potential delegation leader, and may travel to Islamabad with Middle East envoy Witkoff for further behind-the-scenes discussions. Talks held in Pakistan last week did not yield a breakthrough, with differences remaining between the US and Iran on core issues such as the scope of Iran's nuclear activities and conditions for ending the conflict. However, both the US and Iran have signaled a willingness to continue dialogue, showing that diplomatic channels are still open. At the same time, European leaders held an emergency meeting in Paris to discuss measures to ensure the freedom of navigation in the Strait of Hormuz, including escort operations, mine clearance, and intelligence sharing. Trump says US-Iran negotiations are expected to take place this weekend and are expected to reach an agreement "in one or two days." US President Trump stated that US-Iran negotiations are expected to take place this weekend and that both sides "may reach an agreement in one or two days." In a phone interview, Trump said that Iran "wants to meet and reach an agreement" and is optimistic about the progress of the negotiations. At the same time, he emphasized that he will not lift the naval blockade on Iran until a formal agreement is reached, but hopes that the Strait of Hormuz will be open to all countries. While significant progress has been made in the negotiations, there are still differences on key issues, including the duration of Iran's nuclear enrichment suspension and how to handle uranium stocks. The agreement also includes the possibility that the US will unfreeze about $20 billion in Iranian assets in exchange for Iran abandoning its high-enriched uranium reserves. In addition, Trump stated that the agreement would "make Israel safer" and demanded that Israel stop its military strikes on Lebanon. Iran has not yet responded to this. The amount of US crude transported through the Panama Canal reaches nearly the highest level in four years. Due to disruptions in Middle Eastern supplies in recent weeks due to the Strait of Hormuz being disrupted, Asian refiners have turned to importing US crude, leading to a surge in US crude shipments through the Panama Canal, reaching near four-year highs. According to data from the shipping intelligence company Kpler for the first half of April, US crude exports via the shortest route connecting the US Gulf Coast with Asia through the canal have exceeded 200,000 barrels per day, approaching the highest level since July 2022. Sources said that waiting times for vessels entering the Panama Canal have significantly increased, prompting crude shippers to pay over $3 million to prioritize passage. Although the Panama Canal cannot accommodate the largest oil tankers, it provides a shortcut to the Far East. Shipping from the US Gulf Coast to Japan via the canal usually takes close to a month, while bypassing Africa's Cape of Good Hope could take almost twice as long. Data shows that the vast majority of oil tankers heading to The Pacific in March and April are carrying US crude bound for Japan and South Korea. [Company News] Meta plans to launch the first large-scale layoffs of the year on May 20. Three sources familiar with the matter stated that Meta Platforms (META.US) is planning to implement the first large-scale layoffs of the year on May 20, with further layoffs expected in the future. One source said that as part of the first round of layoffs, the company will cut about 10% of its global workforce, or close to 8,000 people. The company also plans to make further layoffs in the second half of the year, but details such as specific timing and scale have not been finalized. Sources added that management may adjust the plan based on the development of artificial intelligence capabilities. Meta's layoffs this year will be the largest since the restructuring known as the "year of efficiency" at the end of 2022 and the beginning of 2023, when the company cut about 21,000 positions. While the company's financial situation is more stable now, management envisions a future where fewer management layers and higher efficiency are achieved through AI-supported employees. According to the latest disclosure, as of December 31 last year, Meta had about 79,000 employees. [Major Bank Rating] BNP Paribas: Upgrades Apple Inc. (AAPL.US) rating from "Neutral" to "Outperform"