Overnight US stocks | The three major stock indices did not rise and fall uniformly, with the Nasdaq Index reaching a fluctuation range of 9.68% today.

On Monday, the three major indices experienced severe fluctuations, opening low and closing high. The Nasdaq surged over 3.5% at one point during the day due to a misunderstanding in the early trading session that led to reports suggesting President Trump was considering suspending tariffs on certain countries for 90 days. Kevin Hassett, the Chairman of the Council of Economic Advisers, gave an interview to Fox News. Host Jimmy Dude asked if Trump would consider suspending tariffs for 90 days, to which Hassett replied with a casual "Yep" before stating, "I think the president will make his decision...even if you think there may be some negative impact on trade, it only makes up a small part of GDP." Foreign media explained that the market had misunderstood the "Yep" as agreeing with the statement, but Hassett simply meant to indicate he understood the question. President Trump stated on the 7th that he would not suspend the so-called "reciprocal tariffs" policy. After a meeting with Israeli Prime Minister Netanyahu at the White House that day, Trump told the media that he wasn't considering suspending the tariff policy at the moment, and that many economic leaders were seeking negotiations with him. He believed that enforcing tariffs and negotiating were not contradictory. Trump also rejected the EU's proposal for mutual tariff exemptions made earlier that day, saying, "No, this is not enough," "They are deceiving us on trade." Netanyahu stated after the meeting that Israel would soon eliminate its trade deficit with the US. According to US government data, the bilateral trade between the US and Israel in 2024 was about $37 billion, with a trade surplus of $7.4 billion for the US. [US Stocks] At the close, the Dow Jones fell 349.26 points, or 0.91%, to 37,965.60 points; the Nasdaq rose 15.48 points, or 0.10%, to 15,603.26 points; the S&P 500 index fell 11.83 points, or 0.23%, to 5,062.25 points. The daily volatility of the three major indices was 6.77%, 9.68%, and 8.11% respectively. NVIDIA Corporation (NVDA.US) rose 3.5%, Apple Inc. (AAPL.US) fell 3.6%, Tesla, Inc. (TSLA.US) fell 2%. The Nasdaq China Dragon Index fell 5.1%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell 9%. [European Stocks] The German DAX30 index fell 922.77 points, or 4.46%, to 19,782.25 points; the UK FTSE 100 index fell 352.98 points, or 4.38%, to 7,702.00 points; the French CAC40 index fell 347.83 points, or 4.78%, to 6,927.12 points; the European Stoxx 50 index fell 218.36 points, or 4.48%, to 4,659.95 points; the Spanish IBEX35 index fell 634.60 points, or 5.11%, to 11,796.00 points; the Italian FTSE MIB index fell 1826.22 points, or 5.27%, to 32,823.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index fell over 7.8%, the South Korean KOSPI index fell over 5.5%, and the Indonesian composite index rose 0.59%. [Foreign Exchange] The US dollar index, which measures the US dollar against six major currencies, rose 0.24% to close at 103.267 in the forex market. At the end of the New York forex market session, 1 euro exchanged for 1.0928 US dollars, lower than the previous trading day's 1.0943 US dollars; 1 pound exchanged for 1.2755 US dollars, lower than the previous trading day's 1.2881 US dollars. 1 US dollar exchanged for 148.03 Japanese yen, higher than the previous trading day's 146.91 Japanese yen; 1 US dollar exchanged for 0.8572 Swiss francs, lower than the previous trading day's 0.8606 Swiss francs; 1 US dollar exchanged for 1.4200 Canadian dollars, lower than the previous trading day's 1.4238 Canadian dollars; 1 US dollar exchanged for 10.0758 Swedish kronor, higher than the previous trading day's 10.0390 Swedish kronor. [Cryptocurrency] Bitcoin rose 0.84% to 78,991.2 US dollars, while Ethereum fell over 1% to 1,560.5 US dollars. [Metals] Spot gold fell 1.76% to 2,984.74 US dollars per ounce, showing an inverted V-shaped trend with most of the day spent in a downward trend. COMEX gold futures fell 1.16% to 3,000.20 US dollars per ounce. [Crude Oil] New York Mercantile Exchange May delivery light crude oil futures prices fell 1.29 US dollars to close at 60.70 US dollars per barrel, a decrease of 2.08%; June delivery London Brent crude oil futures prices fell 1.37 US dollars to close at 64.21 US dollars per barrel, a decrease of 2.09%. [Macro News] Unexpected drop in US consumer credit below expectations. In February, US consumer credit unexpectedly experienced its first decline in three months, reflecting a steep drop in credit card balances, as well as a reduction in auto and other non-revolving loans. Data released by the Federal Reserve on Monday showed that total consumer credit decreased by about 8.1 billion US dollars in February, following a revision of January data to an increase of 8.9 billion US dollars. Economists had estimated a median increase of 15 billion US dollars. Credit card and other revolving credit balances increased slightly by 1.28 billion US dollars. Non-revolving credit balances for items like car purchases and tuition decreased by 9.38 billion US dollars, the first decline in nearly a year. The data shows that American households began to be more cautious about their debt burden in February. Concerns about rising inflation and personal financial conditions are heating up due to President Donald Trump's tariff actions. In addition, a sudden stock market plunge could lead to higher-income borrowers being more cautious in spending and borrowing. US House Speaker: The House will still give the green light to Trump's global tariff plan. According to Politico, US House Speaker Johnson stated on Monday that even though some Republican lawmakers publicly implored Trump to negotiate a way to cancel tariffs before they go into effect on Wednesday, the House would still give the green light to Trump's global tariff plan.The Senate will still provide "space" for Trump to implement his large-scale global tariff system. Johnson said, "We will give him the space necessary to implement his policies and then see how things develop." The Speaker went on to say that Trump is "actively engaged and trying to address" the trade deficit issue. Opposition within the Republican Party is manifested in the form of bipartisan legislation aimed at reclaiming Congress's power in tariffs from the president. Previously, Senators Maria Cantwell and Chuck Grassley introduced legislation to restrict the president's unilateral tariff authority. Republican Congressman Don Bacon (Nebraska) plans to introduce the House version of the bill on Monday. Johnson refused publicly commit on Monday to submitting the revised Senate budget plan to the House for a vote this week, due to strong opposition from a group of fiscal conservatives. However, some senior Republican aides indicated that the current plan is still on track for a final vote on Wednesday afternoon as originally planned.141United States Steel Corporation(X.US)The power lies with the Trump administration, because the Committee on Foreign Investment in the United States is actually a department of the White House.Credit rating downgrade Morgan Stanley downgraded the banking industry rating due to rising risks of economic recession. Analysts at Morgan Stanley lowered the ratings of large and mid-sized bank stocks, as President Trump's tariff policies have increased the risk of economic recession and may delay the recovery of trading activities. According to a report released on April 7th, analysts downgraded the ratings of large and mid-sized bank stocks from "attractive" to "in line with the market". They also downgraded their industry views on financial advisory and consumer finance stocks. "The evolution of the trade situation has shifted our base case toward a significant deceleration in domestic GDP, while the risks of our pessimistic recession scenario have significantly increased," analysts including Betsy Graseck wrote in the report. It is worth noting that the stock rating of Goldman Sachs Group, Inc. (GS.US) was downgraded from "overweight" to "neutral" due to its sensitivity to investment banking revenue. Analysts stated that within the financial sector, Goldman Sachs Group, Inc.'s investment banking business reacts the fastest to economic recession and worsening market conditions, far outpacing the loan growth of traditional commercial banks. Analysts also predict that as banks begin to release earnings reports this week, management may lower revenue guidance. JPMorgan Chase (JPM.US), Wells Fargo & Company (WFC.US) and Morgan Stanley (MS.US) will be the first to release banking earnings on April 11th. "In the recent market volatility, it is clearly necessary to make more conservative expectations for the outlook of investment banking business and wealth management fees," they wrote.