Overnight US stocks | The three major indices closed mixed; SpaceX (SPCX.US) and Tesla, Inc. (TSLA.US) are exploring the possibility of a merger.

Tuesday saw the three major indices close mixed. US President Trump stated that the Iran war will end soon. Oil prices retreated from earlier gains, helping to improve investor sentiment. US StocksAs of the close, the Dow Jones Industrial Average rose 530.08 points, or 1.02%, to 52,496.11; the S&P 500 rose 21.92 points, or 0.29%, to 7,712.65; the Nasdaq Composite fell 6.07 points, or 0.02%, to 26,424.82. SK Hynix (SKHY.US) fell 2%, General Motors Company (GM.US) fell 6.8%, Western Digital Corporation (WDC.US) rose 3%, and Apple Inc. (AAPL.US) fell 1%. The Nasdaq Golden Dragon China Index rose 0.69%, with XPeng, Inc. ADR Sponsored Class A (XPEV.US) up more than 7%. European StocksGermany's DAX30 index fell 3.91 points, or 0.02%, to 25,315.86; the UK's FTSE 100 fell 34.98 points, or 0.32%, to 10,729.71; France's CAC40 fell 29.56 points, or 0.38%, to 7,838.49; the Euro Stoxx 50 fell 20.06 points, or 0.33%, to 6,124.75; Spain's IBEX35 rose 58.90 points, or 0.31%, to 19,098.20; Italy's FTSE MIB fell 16.77 points, or 0.03%, to 49,069.50. ForexThe US Dollar Index, which measures the greenback against six major currencies, fell 0.27% on the day to close at 101.701 in late New York trading. As of the close of the New York forex market, 1 euro traded at 1.1237 dollars, up from 1.1212 dollars the previous trading day; 1 pound traded at 1.3383 dollars, up from 1.3305 dollars the previous trading day. 1 dollar traded at 158.20 yen, down from 158.52 yen the previous trading day; 1 dollar traded at 0.8248 Swiss francs, down from 0.8265 Swiss francs the previous trading day; 1 dollar traded at 1.4057 Canadian dollars, down from 1.4106 Canadian dollars the previous trading day; 1 dollar traded at 9.8979 Swedish kronor, down from 9.9200 Swedish kronor the previous trading day. CryptocurrenciesBitcoin rose more than 1%, briefly returning above the $83,000 mark, and was at $82,997 as of press time. Ethereum rose more than 2.3% to $2,459. Precious MetalsSpot gold was at $4,124.96/oz; spot silver was at $57.984/oz. Crude OilThe November light sweet crude futures contract on the New York Mercantile Exchange fell $1.87 to settle at $101.79 per barrel, a decline of 1.8%; the December London Brent crude futures contract fell 76 cents to settle at $108.79 per barrel, a decline of 0.69%. Macro News Iran's foreign minister says negotiations with the US through mediators are continuing, declines to disclose US additional conditions. Iranian Foreign Minister Araghchi said in an exclusive interview with a Middle Eastern television station that Iran and the US are continuing indirect negotiations through mediators such as Pakistan and Qatar. Iran had previously proposed a "seven-day plan" to the US and explicitly listed Iran's conditions; under the plan, the Strait of Hormuz was originally scheduled to fully open on the sixth day. Araghchi said the US had informed Iran that it agreed to these conditions but wanted to add several clauses. He declined to disclose whether the US additional conditions involved security or economic issues, saying "we will not negotiate through your station." Araghchi stressed that Iran demands the US fulfill all commitments under the previously signed Islamabad Memorandum of Understanding, and only after the US fulfills them can the two sides begin negotiations on other issues. He said that at the final stage of negotiations, the two sides can discuss any topic or issue raised by either side and reach a final agreement on it. US Treasury Secretary Bessent: Does not expect turmoil in the French bond market to spill over. US Treasury Secretary Bessent said he does not expect spillover effects from the French bond market. French bond yields had previously surged, triggering broader discussion about the European country's fiscal situation. "I don't expect the situation in France to cause spillover effects on other markets," Bessent said Tuesday. "France is in a difficult spot, but French President Macron's economic team, whom I know very well, is truly excellent." In recent weeks, France has been gripped by a wave of protests, with unrest escalating over the weekend, putting unexpected pressure on the government. This has further exacerbated the country's debt problems, with its debt performing worse than that of peer countries, while the government struggles to control the budget deficit. Bessent said: "This is not what we anticipated, but we do see funds flowing from some worrying countries into US Treasuries in search of safe haven." Individual Stock News SpaceX and Tesla, Inc. form special committees to explore merger possibility. SpaceX (SPCX.US) and Tesla, Inc. (TSLA.US) have formed special committees to explore a potential merger transaction. Musk revealed on SpaceX's earnings conference call that the two companies have separately established committees composed of independent directors to explore the possibility of a potential transaction. Musk said: "Since I am the party with a conflict of interest, I actually cannot participate in the relevant discussions." However, he also added: "I think it would be a good idea." Musk noted that strengthened cooperation between the two sides in technology areas such as artificial intelligence, chips, Siasun Robot&Automation, and communications connectivity would have significant potential benefits. But he also stressed that a merger transaction is not a done deal. Musk said: "To say this is already certain would be somewhat exaggerated." He also noted that the transaction would require approval from 50% of Tesla, Inc. shareholders, calling it a fairly high threshold. Surging fuel costs erode profits; United Airlines' fourth-quarter profit guidance misses expectations. United Airlines (UAL.US) expects its fourth-quarter profit this year to be below market expectations. This highlights that despite still-strong air travel demand, soaring aviation fuel prices continue to erode airline profits. The company expects fourth-quarter adjusted earnings per share of between $0.50 and $1.50, below the analyst average estimate of $1.88. In the previous quarter, the company's fuel expenditure surged 61.6% to $4.84 billion. The guidance assumes aviation fuel prices will rise from an average of $3.90 per gallon in the third quarter to $4.80. For an airline industry still working to absorb billions of dollars in additional costs caused by the Middle East war, this is undoubtedly another blow. High fuel costs could offset the benefits to American Airlines Group Inc. from higher ticket prices and strong spending by affluent travelers. To cope with rising costs, airlines are increasingly raising ticket prices and cutting flight schedules, but there is currently little sign that this cost pressure will ease in the near term. Qualcomm reportedly to conduct performance-oriented layoffs globally. Qualcomm (QCOM.US) CEO Cristiano Amon told employees in a memo on Monday that the company will conduct "performance-oriented layoffs" after its annual employee reviews. Amon said the layoffs are aimed at building a "stronger performance culture" and addressing the company's "continued failure to meet expectations." The memo did not specify how many positions would be affected. Amon said in the memo that factors such as business priorities, organizational needs, skills, and expertise will be comprehensively considered in the layoff process. "As our business expands, the capabilities and skills we need are also increasing," he wrote. "We must put the right people in the right positions so they can perform at their best and the company can continue to succeed."