Overnight US stocks | Wash sworn in as Chairman of the Federal Reserve, three major indexes closed up, Qualcomm (QCOM.US) rose by 11.6%, and Bitcoin fell below $77,000.

On Friday, the three major indices closed up. On the day when Federal Reserve Chairman Kevin Wash was sworn in, President Trump declared after the closing of the US stock market, "Now that I have an excellent Federal Reserve Chairman like Wash, we will quickly lower interest rates." The S&P 500 Index rose 0.88% this week, recording consecutive eighth week of gains, marking the longest weekly winning streak since the end of 2023. [US Stocks] As of the close, the Dow Jones rose 294.04 points, or 0.58%, to 50,579.70 points; the Nasdaq rose 50.87 points, or 0.19%, to 26,343.97 points; the S&P 500 Index rose 27.73 points, or 0.37%, to 7,473.45 points. Qualcomm (QCOM.US) rose 11.6%, leading the AI chip sector, while AMD (AMD.US) rose nearly 4%. The Nasdaq Golden Dragon Index fell 2.2%. [European Stocks] The German DAX30 Index rose 244.38 points, or 0.99%, to 24,901.14 points; the UK FTSE 100 Index rose 21.66 points, or 0.21%, to 10,465.13 points; the French CAC40 Index rose 29.75 points, or 0.37%, to 8,115.75 points; the Euro Stoxx 50 Index rose 62.38 points, or 1.05%, to 6,022.70 points; the Spanish IBEX35 Index rose 5.58 points, or 0.03%, to 17,980.78 points; the Italian FTSE MIB Index rose 343.80 points, or 0.70%, to 49,512.50 points. [Asian Stock Market] The Nikkei 225 Index rose 2.68%, the KOSPI Index rose 0.41%, the Sensex Index in India rose 0.31%, and the Strait Times Index rose 0.44%. [Dollar Index] The US dollar index measuring against six major currencies fell 0.02% on the day, closing at 99.241 in the foreign exchange market. At the end of the New York foreign exchange market, 1 euro was exchanged for 1.1612 US dollars, unchanged from the previous trading day; 1 pound was exchanged for 1.3446 US dollars, higher than the previous trading day's 1.3426 US dollars. 1 US dollar was exchanged for 159.15 yen, higher than the previous trading day's 159.08 yen; 1 US dollar was exchanged for 0.7844 Swiss francs, lower than the previous trading day's 0.7874 Swiss francs; 1 US dollar was exchanged for 1.3807 Canadian dollars, higher than the previous trading day's 1.3783 Canadian dollars; 1 US dollar was exchanged for 9.3432 Swedish kronor, lower than the previous trading day's 9.3501 Swedish kronor. [Cryptocurrency] Bitcoin fell below $77,000, down more than 2.3%, to $75,800; Ethereum fell 2.8% to $2072.5. [Crude Oil] As traders assess the prospects of a ceasefire agreement between the US and Iran, oil prices fluctuated between gains and losses, closing slightly higher. WTI rose 0.3% to below $97 per barrel, falling 8.4% this week. Brent for July delivery rose 0.9% to settle at $103.54 per barrel. [Precious Metals] Influenced by the market's increase in bets on a rate hike by the Federal Reserve, precious metal prices fell. Spot gold fell 0.76% to $4,508.32 per ounce; spot silver fell 1.49% to $75.524 per ounce. [Macro News] Media: Informed sources said Iran negotiations are still ongoing. No agreement will be reached until consensus is reached on all disputed issues. Informed sources said that negotiations on contentious issues are still ongoing and no final results have yet been reached. The source emphasized that the current focus is on "ending the war", and before this issue is resolved, no negotiations will take place on any other issues. Some topics have made progress compared to before, but an agreement will not be reached until consensus is reached on all disputed issues. Wash sworn in as Federal Reserve Chairman. Kevin Wash was sworn in as Federal Reserve Chairman at the White House on Friday local time. According to foreign media reports, he is the first Federal Reserve Chairman to be sworn in at the White House since Alan Greenspan in 1987, and this is the first time he has appeared publicly with President Trump since Trump nominated him as his nominee in January. At a time when risks are highly concentrated, inflation is rising, and long-term bond yields are climbing, more and more investors believe that the Fed's next move may not be the rate cut that Trump hopes for, but a rate hike. Wash: Leading a reform-oriented Federal Reserve. Wash, the 17th Chairman of the Federal Reserve, was sworn in at the White House on Friday. Wash said, "The mission of the Federal Reserve is to promote price stability and full employment." He said, "When pursuing these goals with wisdom and clear thinking, independence and firm determination, inflation can be reduced, economic growth can be stronger, real wages can be higher, the United States can be more prosperous, and importantly, the United States' position in the world will be more secure." He added, "To fulfill this mission, I will lead a reform-oriented Federal Reserve, learning lessons from past successes and failures, breaking free from static frameworks and models, and adhering to clear standards of integrity and performance." US consumer confidence hits historic low due to inflation concerns. Influenced by the Iran war, the US consumer confidence index for May fell to a historic low, with a significant deterioration in long-term inflation expectations. Data shows that the final value of the Michigan University consumer confidence index fell to 44.8 in May, with consumers expecting an annualized price increase of 3.9% over the next five to ten years, higher than April's 3.5%, reaching a new seven-month high. They also expect prices to rise by 4.8% in the next year. Gasoline prices have continued to hover near their highest levels since 2022, exacerbating concerns among Americans about rising living costs and the failure to reach a ceasefire agreement. The impact of inflation on household budgets, especially for low-income consumers, poses risks to future consumption prospects. Joanne Hsu, who is in charge of the survey, said, "The issue of living costs is still people's primary concern. 57% of respondents pointed out that high prices are eroding their personal financial situation, an increase from 50% last month." He said, "The key is that consumers seem to be concerned that inflation will spread beyond fuel prices to other areas, and this upward trend may continue for a long time to come." Federal Reserve Governor Wall urged caution against signaling rate cuts as inflation risks rise. Federal Reserve Governor Wall said on Friday that given the increasing risks of inflation, the Fed should not default to further rate cuts. Earlier this year in January, Wall supported a rate cut. In a speech, Wall said that with the ongoing conflict in the Middle East, the rising costs of oil and other commodities are increasingly likely to trigger more widespread and persistent inflation in the economy. Therefore, it is time for the Fed to stop signaling that the next action is most likely another rate cut. Wall said that keeping rates stable within the current range of 3.5% to 3.75% in the foreseeable future is likely the right approach. He added, "If inflation does not diminish quickly, I cannot rule out the possibility of future rate hikes." Wall said he now agrees with the view that the Fed should clearly indicate that its next rate adjustment could be a rate cut or a rate hike. Institutions: The S&P 500 Index is expected to achieve its strongest earnings growth since 2021. As growth momentum expands from AI-driven gains to most US companies, the S&P 500 Index is expected to achieve its strongest earnings growth in five years. According to data compiled by institutions, about 93% of companies in the benchmark index have reported earnings, with 83% surpassing analyst expectations. This proportion is the highest since 2021. Data shows growth in all industries, except for the healthcare sector. Overall, the strong performance of the energy and technology sectors offset the weak consumer confidence caused by rising oil prices due to the Iran war. In addition, the communication services and non-essential consumer goods sectors showed the most impressive performance, with the materials and industrial sectors also exceeding expectations. Analysts Welnhofer and Cain said that if cyclical industries and non-AI industries start to play a role, and NVIDIA Corporation and the AI sector continue to generate significant returns, it is possible that 2026 may not show a slowdown at the end of the cycle, but more like a repetition of the post-2021 pandemic profit surge. Canada's producer prices rise for the fourth consecutive month in April. Canada's producer prices rose again in April, increasing the risk of cost pass-through to consumers. Data from Statistics Canada shows that the Industrial Product Price Index rose 2% month-on-month in April, marking the fourth consecutive monthly increase. Due to ongoing disruptions in shipping through the Strait of Hormuz caused by the conflict in the Middle East, prices of various commodities were under pressure that month, with energy products, chemicals, and prices of aluminum unwrought rolling rising significantly. Compared to the same period last year, the Producer Price Index surged 11.4%, marking the 19th consecutive year-on-year increase in the index, mainly due to strong demand from investors for most of last year, driving up the prices of precious metals and their alloys. [Individual Stock News] Saylor: Bitcoin is entering the "spring" warming stage, and the market will see a rebound. Strategy founder Saylor said in an interview that Bitcoin had already fallen from a high of around $125,000 to near $60,000 and is now entering the "spring" warming stage. The current position has good support, and the market is expected to rebound at the current level. He also pointed out that as the digital credit market forms, the additional Bitcoin supply from miners is being fully absorbed by the market. He said, "Our company may buy all the bitcoins produced by miners from now until 2140." In addition, Saylor said that the advancement of the US CLARITY Act and the SEC's "innovative exemption" policy for tokenized securities could be important positives for the digital asset market. Ark Invest increases holdings of Bullish stocks for the fourth consecutive day, buying $12.5 million this week. Cathy Wood's asset management company Ark Invest bought $5 million worth of Bullish stock (BLSH.US) on Thursday, marking the fourth consecutive trading day of buying shares in this cryptocurrency group. Based on the closing price, Ark Invest has accumulated $12.5 million worth of BLSH shares since Monday this week. On Thursday, BLSH closed at $35.96, down 0.2%. Over the past two weeks, the stock has fallen more than 17%. [Major Bank Ratings] JPMorgan: Lowered the target price Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) from $300 to $87.