Overnight US stocks | The three major indices experienced mixed movements, while the recently listed stock Newsmax (NMAX.US) surged 22 times in two days.

As of the closing, the three major stock indexes showed mixed movements, with the S&P 500 index rising for the second consecutive trading day. Trump's tariffs will take effect on Wednesday, and traders are waiting for Trump to make a clear statement on the details of the tariffs. [US stocks] At the close, the Dow fell 11.80 points, or 0.03%, to 41989.96 points; the Nasdaq rose 150.60 points, or 0.87%, to 17449.89 points; the S&P 500 index rose 21.22 points, or 0.38%, to 5633.07 points. Newsmax (NMAX.US), a right-wing media outlet affiliated with Trump's allies, has gained 2240% in two days since its listing, with a 180% increase today, reaching a market value of $300 billion. Tesla, Inc. (TSLA.US) rose by 3.5%, while NVIDIA Corporation (NVDA.US) rose by 1.6%. The Nasdaq China Golden Dragon Index rose 0.5%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose 0.4%, and Netease Inc Sponsored ADR (NTES.US) rose over 3%. [European stocks] The Germany DAX30 index rose 368.32 points, or 1.66%, to 22530.04 points; the UK FTSE 100 index rose 48.16 points, or 0.56%, to 8630.97 points; the France CAC40 index rose 85.65 points, or 1.10%, to 7876.36 points; the Euro Stoxx 50 index rose 68.06 points, or 1.30%, to 5316.45 points; the Spain IBEX35 index rose 159.08 points, or 1.21%, to 13303.08 points; the Italy FTSE MIB index rose 488.01 points, or 1.28%, to 38540.00 points. [Asia-Pacific stock market] The Nikkei 225 Index was slightly up, the South Korea KOSPI Index rose by 1.62%, and the Indonesia Composite Index rose by 0.59%. [Foreign exchange] The US Dollar Index, which measures the US dollar against six major currencies, rose 0.04% on the day, closing at 104.260 in the forex market. At the close of the New York forex market, 1 euro exchanged for 1.0787 US dollars, lower than the previous trading day's 1.0813 US dollars; 1 pound exchanged for 1.2910 US dollars, unchanged from the previous trading day. 1 US dollar exchanged for 149.40 Japanese yen, lower than the previous trading day's 150.14 Japanese yen; 1 US dollar exchanged for 0.8840 Swiss francs, lower than the previous trading day's 0.8848 Swiss francs; 1 US dollar exchanged for 1.4336 Canadian dollars, lower than the previous trading day's 1.4373 Canadian dollars; 1 US dollar exchanged for 10.0208 Swedish kronor, lower than the previous trading day's 10.0431 Swedish kronor. [Cryptocurrency] Bitcoin rose by over 3%, reaching $85,305.76, while Ethereum rose by over 5%, reaching $1,914.38. [Metals] Spot gold fell by 0.15% to $3,118.95 per ounce, rising to $3,149.00 per ounce at 13:38 Beijing time before quickly giving up the gains and falling to $3,100.99 per ounce at 00:19 Beijing time, hitting a daily low. COMEX gold futures for June rose by 0.06% to $3,152.30 per ounce, rising to $3,177.00 per ounce during the day to continue to hit an intra-day historical high before falling to $3,130.50. [Oil] At the close on the 1st, the price of light crude oil futures for May delivery on the New York Mercantile Exchange fell by 28 cents to $71.20 per barrel, a decrease of 0.39%; the price of Brent crude oil futures for June delivery in London fell by 28 cents to $74.49 per barrel, a decrease of 0.37%. [Macro News] Fed's Barkin: Tariffs may reduce employment and raise inflation. Richmond Fed President Barkin said that Trump's tariffs may raise inflation and unemployment, posing a huge challenge for the Fed. The price impact of tariffs may lead to a showdown between discouraged consumers and goods and service providers who "really believe that costs have to be passed on". Clearly, some of the effects of tariffs will be transmitted to prices, leading to inflation. Barkin also warned that the job market will feel some impact. Rising prices may reduce demand and sales. If companies don't raise prices, profit margins will decrease; if companies need to start improving operational efficiency, it means increasing manpower. US Retail Organization urges Trump to abandon tariff policy. Before Trump announced the imposition of tariffs, the American Retail Leaders Association called for a change in government priorities. The organization strongly urges Trump to double down on policies from his first term, such as the Tax Cuts and Jobs Act and the US-Mexico-Canada Agreement (USMCA), which will reduce costs while driving growth, while also urging Trump to abandon policies that bring uncertainty to US businesses and families. Michael Hanson, who leads the organization's public affairs, said in a statement, "Americans expect Trump to help make life more affordable for them, and families, after years of rising prices, also hope for financial certainty when budgeting." PIMCO: There are good reasons to shift investments from overvalued US stocks to more broadly global high-quality bonds. Economists at The Pacific Investment Management Company (PIMCO), including Tiffany Wilding, wrote in a report, "There are good reasons to shift investments from overvalued US stocks to more broadly global high-quality bonds. The market is in the early stages of a cycle that could last for several years, in which fixed income assets are expected to outperform stocks, while providing a more favorable risk-return profile." So far, PIMCO's forecasts have yielded significant returns. Its $180 billion income fund has achieved a 3.3% return year-to-date, outperforming 96% of its competitors and is the world's largest active bond fund. Zelensky says Ukraine and the US are negotiating on a minerals agreement, emphasizing that it does not involve NATO issues.On April 1st, Ukrainian President Zelensky stated that legal teams from Ukraine and the United States are currently negotiating a mineral agreement. He specifically pointed out that the agreement does not involve NATO issues. Zelensky said that lawyers from both Ukraine and the United States are discussing a new draft of the agreement, and the related results may be determined in the coming days. He stated that there are no NATO issues in the agreement, and such a situation does not exist. Previously, according to CNN, U.S. President Trump said that the Ukrainian side reportedly requested to sign a mineral agreement in exchange for joining NATO.Israel cancels remaining US goods import tariffs to win Trump's "probation" for reciprocal tariffs. According to the Israeli Times, on Tuesday, Israeli Finance Minister Smotrich signed an order to immediately cancel all remaining US goods import tariffs, apparently in order to win the "probation" for reciprocal tariffs that the Trump administration is expected to announce on Wednesday. The order was coordinated with Israeli Prime Minister Netanyahu and Minister of Economy Carter's Incorporated, but still requires final approval from the Israeli parliamentary finance committee. In a letter sent on March 20 to Carter's Incorporated and Agriculture Minister Avi Dichter, Smotrich requested the cancellation of tariffs on US products, particularly in the agricultural sector. Israel and the US signed a free trade agreement in 1985. According to the agreement, the US and Israel implemented phased tariff reductions, eventually nearly eliminating tariffs on manufactured goods in 1995. However, the agreement does allow the US and Israel to maintain certain import and tariff restrictions, such as quantity limits and charges on agricultural products, mainly to protect local production and food security. [Stock News] New York Comptroller accuses Musk of hurting Tesla, Inc. (TSLA.US) shareholders. New York pension funds lose over $300 million. New York City Comptroller Brad Lander, who is the investment advisor for the city's five pension funds, accused Tesla, Inc. of misrepresenting facts about CEO Elon Musk's management of the company. Lander stated that Tesla, Inc. made significant misstatements to shareholders, claiming that Musk devoted a significant amount of time to the company, despite his role as head of the Trump administration's Department of Government Efficiency (DOGE). Lander said that since Musk took over DOGE, Tesla, Inc.'s stock price has plummeted, harming shareholders' interests. In less than three months, the city's $285 billion pension funds have lost over $300 million as Tesla, Inc.'s stock price has dropped nearly 40%. Lander stated, "Tesla, Inc. shareholders have not gotten a full-time CEO who is attentive to the company and their interests." Newsmax (NMAX.US) listing makes Trump ally Ruddy a billionaire. According to the Financial Times, right-wing media tycoon and Trump's old friend Christopher Ruddy has become a billionaire as Newsmax's stock price continued to soar after its listing on Monday, an unlikely result for a loss-making cable news channel. On Tuesday morning, Newsmax's stock price rose over 70%, later expanding over 150%, after finishing up over 700% on Monday, mirroring the "meme stock frenzy" that swept the US stock market in 2021. Ruddy, a former New York Post reporter and a frequent guest at Trump's Mar-a-Lago estate, holds 39.2 million shares of Newsmax Class A stock, which was valued at $5.6 billion on Tuesday morning. Nippon Steel works to revive deal to acquire United States Steel Corporation (X.US) as Trump administration contacts other competitors. US Commerce Secretary Luttig intervenes in Nippon Steel's potential deal to acquire United States Steel Corporation. In the past week, Luttig has met with several competitors of Nippon Steel, including Ancora Holdings, who are activist shareholders of United States Steel Corporation and seek to oust the company's board and appoint a new CEO, with plans to invest $60-$70 billion. According to sources, Nippon Steel has proposed adding $7 billion to the deal in order to salvage the potential transaction. [Analyst Rating] UBS Group AG: Neutral rating for Apple Inc. (AAPL.US), target price of $236.