Overnight US stocks | The US-Iran ceasefire agreement is expected to be extended by 60 days, and the three major stock indexes have reached new highs for two consecutive days.

US stocks closed higher on Thursday, with all three major indices hitting new record highs. Technology stocks led the gains. The market is weighing reports on negotiations between the US and Iran representatives to extend the ceasefire agreement. US stocksAt the close, the Dow rose 24.69 points, or 0.05%, to 50668.97; the Nasdaq rose 242.74 points, or 0.91%, to 26917.47; the S&P 500 rose 43.27 points, or 0.58%, to 7563.63. Technology stocks rose across the board on Thursday, as strong performance outlook from Snowflake reignited the market's enthusiasm for AI trading. European stocksThe German DAX 30 Index fell 0.34% to 25092.25; the French CAC 40 Index fell 0.23% to 8188.87; the UK's FTSE 100 Index fell 0.75% to 10425.96. The European Stoxx 50 Index fell 0.25% to 6055.11. Asian stocksThe Nikkei 225 Index fell 0.47%, and the South Korean KOSPI Index fell 0.53%. US dollar indexThe US dollar index, which measures the dollar against six major currencies, fell 0.01% to close at 98.997 in the foreign exchange market. CryptocurrencyBitcoin fell 1.14% to $73,590, while Ethereum fell over 0.83% to $2,008.50. OilBrent crude oil futures for July fell $0.58, or 0.62%, to $93.71 per barrel; WTI crude oil futures for July rose $0.22, or 0.25%, to $88.90 per barrel. Precious metalsAt the end of New York trading, spot gold rose 1% to $4498.64 per ounce; silver rose slightly by 1% to $75.61 per ounce. Macro News The US and Iran reportedly agree to extend the ceasefire for 60 days, pending Trump's approval. An informed source revealed that Iran and the US have reached a preliminary agreement to extend the ceasefire by 60 days and start further negotiations on Tehran's nuclear program. This raised hopes in the market that the three-month conflict may be close to a resolution. This source confirmed an earlier report by Axios. US President Trump still needs to approve the terms. Both the US and Iran had claimed progress before, with Trump repeatedly stating that the US was close to an agreement, but the deadlock continued. When asked on Thursday if a temporary agreement had been reached, US Treasury Secretary Benson only said, "The team has been communicating back and forth." He emphasized that Trump's three "red lines" - reopening the Strait of Hormuz, Iran handing over high enriched uranium, and terminating its nuclear program - are still necessary conditions for any agreement. Fed favorite inflation measure meets expectations, consumer spending remains resilient. Against the backdrop of heightened energy prices due to the Middle East conflict, US inflation accelerated in April but was mostly in line with expectations, while consumer spending showed a slight increase. Data released on Thursday showed that the US Fed's preferred inflation gauge, the US April PCE price index, rose by 3.8% year-on-year, in line with market expectations and higher than the previous month's 3.5%; the monthly rise was 0.4%, lower than the market's expectation of 0.5% and the previous month's 0.7%. The April core PCE price index, excluding food and energy items, rose by 3.3% year-on-year, matching market expectations and higher than the previous month's 3.2%; the monthly increase was 0.2%, lower than the market's expectation of 0.3% and the previous month's 0.3%. Meanwhile, US personal spending in April rose by 0.5% month-on-month, in line with market expectations but lower than the previous month's 0.9%; real personal consumption expenditures, adjusted for inflation, rose by 0.1% month-on-month, lower than the previous month's 0.2%. US initial jobless claims unexpectedly rise to a one-month high, but remain near historic lows. US initial jobless claims rose slightly but remained at a level consistent with a stable labor market. According to data released by the US Department of Labor on Thursday, initial jobless claims increased by 5,000 to 215,000 in the week ending May 23, higher than market expectations and the highest level since mid-April. Continued jobless claims rose to 1.786 million, higher than market expectations. Despite recent increases, both indicators remain near historic lows. Although some prominent companies have announced multiple rounds of layoffs, especially in white-collar positions in industries such as technology, US jobless claims this year remain low. Fed's Mursalem warns: Don't count on AI to solve inflation problems, door to rate hike should not be closed. St. Louis Fed President Mursalem said on Thursday that policymakers cannot rely on potential productivity gains from artificial intelligence (AI) to alleviate current inflationary pressures, and warned that the possibility of future rate hikes cannot be ruled out. Speaking at a conference in Reykjavik, Iceland, Mursalem said, "I think it is risky to rely on the prospect of higher future productivity growth to solve our inflation problem today." While he admitted to being a fervent user of AI and optimistic about the long-term potential of the technology to boost the economy, he also noted that market enthusiasm for AI is driving up demand for electricity and chips, and pushing up the stock prices of related companies, which could prompt central banks to raise interest rates. Fed's Balkan: AI investment is putting pressure on neutral interest rates. Richmond Fed President Balkan said that investments in the field of artificial intelligence (AI) are putting pressure on neutral interest rates. Balkan pointed out at an event in Washington on Thursday, "A range of factors related to AI are now showing signs of inflation pressure" "Everything around these investments, whether it's construction, labor, or electricians, are aspects to watch when observing signs of inflation pressure; "Pressure from AI investments is putting pressure on neutral interest rates; "The longer inflation remains high, the harder it is to complete the final mile of the task." Individual stock news Dell Technologies, Inc. Class C Technology (DELL.US) skyrockets after earnings! AI revenue surges 757%, raises full-year guidance significantly. The explosive growth of demand for AI infrastructure drove Dell Technologies, Inc. Class C Technology to deliver its strongest quarterly performance ever, with revenue of $43.8 billion for the first quarter of fiscal year 2027 (ending May 1, 2026), up 88% year-on-year. AI-optimized server revenue reached $16.1 billion, a staggering 757% increase from the same period last year; total AI orders for the quarter reached $24.4 billion. Adjusted earnings per share were $5.24, up 282% year-on-year; the company subsequently raised its full-year guidance, raising the expected AI-optimized server revenue to approximately $60 billion for the year, a 144% increase year-on-year; the mid-point of full-year revenue guidance was raised to $167 billion, a year-on-year increase of about 50%. Anthropic raises $36 billion in special financing for Alphabet Inc. Class C (GOOGL.US) TPU, backed by credit from Broadcom Inc. (AVGO.US). Apollo Global Management Inc. and Blackstone Inc. are jointly raising about $36 billion in debt financing for the artificial intelligence company Anthropic PBC, to support its large-scale acquisition of Alphabet Inc. Class C (GOOGL.US) customized AI chips - Tensor Processing Units (TPUs), which will be leased and used by Anthropic. Insiders revealed that Broadcom Inc. (AVGO.US) will provide support for most of the payment for this transaction, marking one of the largest chip financing deals in the private credit market to date.