Overnight US stocks | Investors are in a state of uncertainty? The three major indexes surged and then plummeted, with the Nasdaq falling more than 4%.

On Thursday, US stocks fell sharply again, with President Trump stating that he does not rule out extending the delay of the original 90-day tariff deadline, but the market remains concerned about his unpredictable policy changes. Trump's announcement yesterday of a 90-day tariff delay for most countries led to a big surge on Wednesday, but Wall Street executives doubt that the US stock market has yet recovered from its troubles and that the US economy is very likely to fall into recession. Bridgewater Associates founder Dalio stated that the tariff storm has greatly damaged America's reliable image. He said that the massive shocks in the global markets this week have left investors with feelings of trauma, shock, or fear. [US Stocks] At the close, the Dow fell 1014.79 points, or 2.50%, to 39593.66 points; the Nasdaq fell 737.66 points, or 4.31%, to 16387.31 points; the S&P 500 fell 188.85 points, or 3.46%, to 5268.05 points. Tesla, Inc. (TSLA.US) fell 7.2%, Apple Inc. (AAPL.US) fell 4.2%, NVIDIA Corporation (NVDA.US) fell 5.9%. The Nasdaq Golden Dragon Index fell 1.1%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell 0.6%, Li Auto, Inc. Sponsored ADR Class A (LI.US) rose 5%. [European Stocks] The German DAX30 Index rose 875.93 points, or 4.45%, to 20555.59 points; the UK FTSE 100 Index rose 233.16 points, or 3.04%, to 7912.64 points; the French CAC40 Index rose 263.00 points, or 3.83%, to 7126.02 points; the Euro Stoxx 50 Index rose 194.21 points, or 4.20%, to 4816.35 points; the Spanish IBEX35 Index rose 481.50 points, or 4.07%, to 12305.00 points; the Italian FTSE MIB Index rose 1520.43 points, or 4.65%, to 34251.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index rose more than 9%, the South Korean KOSPI index rose more than 6%, and the Indonesian composite index rose more than 4.7%. [Foreign Exchange] The US dollar index against six major currencies fell 1.99% to close at 100.866 in the currency market. At the close of the New York currency market, 1 euro exchanged for 1.1215 US dollars, higher than the previous trading day's 1.0964 US dollars; 1 pound exchanged for 1.2982 US dollars, higher than the previous trading day's 1.2803 US dollars. 1 US dollar was exchanged for 144.58 Japanese yen, lower than the previous trading day's 147.45 Japanese yen; 1 US dollar was exchanged for 0.8242 Swiss francs, lower than the previous trading day's 0.8549 Swiss francs; 1 US dollar was exchanged for 1.3986 Canadian dollars, lower than the previous trading day's 1.4116 Canadian dollars; 1 US dollar was exchanged for 9.8491 Swedish krona, lower than the previous trading day's 9.9452 Swedish krona. [Cryptocurrency] Bitcoin fell more than 3.4%, breaking the $80,000 mark; Ethereum fell more than 8.6% to $1524.37. [Metals] Spot gold rose 3.02% to $3175.89 per ounce, continuing to fluctuate upwards, with a trading range of $3071.52-3176.46. COMEX gold futures rose 3.59% to $3190.00 per ounce, rising to $3195.00 after the New York stock market closed, approaching the historical high of $3201.60 set on April 2. [Crude Oil] At the close on the 10th, the price of light crude oil futures for May delivery on the New York Mercantile Exchange fell $2.28 to $60.07 per barrel, a decrease of 3.66%; Brent crude oil futures for June delivery in London fell $2.15 to $63.33 per barrel, a decrease of 3.28%. [Macro News] The US House of Representatives passed a budget framework to pave the way for tax cuts and raising the debt ceiling for Trump. The US House of Representatives passed a budget plan on Wednesday that lays the groundwork for extending Trump's 2017 tax cuts, despite all Democrats and two Republicans who are worried that spending cuts are not sufficient voting against it. The House passed the budget with 216 votes in favor and 214 votes against, a preliminary but necessary outcome. This will allow Republicans to bypass Democratic opposition and pass tax cut bills later this year along party lines. Republicans will develop these tax cut plans in the coming months. The legislation passed on Thursday is a broad budget blueprint with few details. With the budget passed, the next package plan will cut taxes by up to $5.3 trillion over ten years and raise the debt ceiling by $5 trillion in exchange for $40 billion in spending cuts. House Speaker John Johnson had hoped to pass the bill on Wednesday, but he postponed action due to some Republicans opposing the bill for not cutting spending enough. Trump: Tariffs may bring "transition problems." President Trump stated that his tariff policy may bring "transition problems" but that the US is currently "doing very well." Trump said at the cabinet meeting on Thursday, "In the end, it will be a good thing." He also pointed out that after announcing a 90-day suspension of "reciprocal tariffs," US stocks rose on Wednesday. He said, "Yesterday was a big day." Trump also stated that government officials have been in talks with countries that have reached out actively for agreements. White House tariff team power reshuffle: Hawkish commerce secretary and trade advisor marginalized. According to Politico, sources close to the White House revealed that Treasury Secretary Besent now controls the trade situation. Meanwhile, trade advisor and populist Navarro has been marginalized, while Wall Street "outlet" Commerce Secretary Lutnick has been reintroduced as the "bad cop" (strict, tough role). This reflects the tumult this week surrounding Trump's trade policy and the shift towards the "fair trade" that Besent has long advocated.A person close to Trump and Navarro said that the trade hawk can still influence the president. Trump respects Navarro's radical populist ideas, but that doesn't mean he is in a central position. Another source said that the White House believes they can use Lighthizer's tough personality to play a role in negotiations. This role change is happening amid a tug-of-war between the fair trade camp and the protectionist camp within the White House. A former Trump administration official said, "Trump likes to create chaos, then calm down, create chaos again, then restore calm, just to keep people guessing." This dynamic also exists within Trump's inner circle, with various factions constantly coming in and out of influence. Although the internal struggles commonly seen in Trump's first term have largely disappeared in his second term, the shifting positions of the tariff policy leadership remind us that the competition for power and influence is still ongoing.Fed Governor Bauman: The impact of tariffs is "still unclear". Fed Governor Bauman said on Thursday that the U.S. economy is strong, and recent data shows a decrease in inflation last month. She acknowledged that investors are concerned that Trump's trade policies could harm the economy, leading to recent financial market volatility, but she refused to comment on how tariffs would affect inflation or the labor market. During a hearing to review Bauman's nomination as Vice Chair of the Fed, Bauman stated, "We are watching and waiting to see how these policies evolve, and we will understand their economic impact." "It is not clear yet, because we do not know what economic policies will look like." Fed's Collins: Tariff increases may delay rate cuts. Boston Federal Reserve Bank President Susan Collins said the central bank may cut rates later this year, but tariff-driven inflation may delay further rate cuts. Collins stated, "New price pressures may delay further policy normalization as confidence is needed to ensure tariffs do not disrupt inflation expectations." With policymakers waiting for a clearer picture of how tariffs will affect the economy, Collins said that "temporarily" keeping rates stable is the best approach. She said, "I believe that in this highly uncertain environment, monetary policy can respond well to various potential economic consequences." [Stock News] Analysts expect Apple Inc. (AAPL.US) to have a 50% chance of exemption from tariffs. CFRA analyst Angelo Zino stated that tariff risks have led to significant selling pressure on Apple Inc. stock, with the company having a 50% chance of obtaining tariff exemptions. He pointed out that the U.S. is "unlikely to maintain tariff policy on Apple Inc. as it is a domestic company and has committed to investing $500 billion in the U.S. Continued taxation will put Apple Inc. at a disadvantage in competition with its biggest rival Samsung Electronics, which benefits from production layouts in low-tariff areas like Vietnam." Apple Inc. stock fell 5% on Thursday. Alphabet Inc. Class C (GOOG.US, GOOGL.US) lowers prices for commercial software for U.S. federal agencies. Alphabet Inc. Class C will offer significant discounts on its commercial application software suite for U.S. federal agencies, hoping to capitalize on the Trump administration's cost-cutting drive and weaken Microsoft Corporation's long-standing control of the government software market. Alphabet Inc. Class C stated on Thursday that as part of an agreement with the General Services Administration (GSA), a 71% discount could save federal agencies up to $2 billion in costs. [Major Bank Ratings] Wedbush: Lowers Microsoft Corporation (MSFT.US) target price from $550.00 to $475.00