Overnight US stocks | Powell refuses to rescue the market! The three major indexes closed lower and NVIDIA Corporation (NVDA.US) plunged by more than 10% at one point.

On Wednesday, the three major indices fell, with the Nasdaq dropping over 4% at one point. NVIDIA Corporation (NVDA.US) fell more than 10%, as the chip giant stated in a filing that quarterly expenses related to exporting H20 graphics processors to certain regions and countries are approximately $5.5 billion. Federal Reserve Chairman Powell expressed concern on Wednesday that the Fed may be caught in a dilemma between controlling inflation and supporting economic growth. With uncertainty rising about the impact of President Trump's tariffs, Powell stated that while he expects inflation to rise and economic growth to slow, it is currently unclear where the Fed needs to focus more attention. U.S. StocksAt the close, the Dow fell 699.57 points, or 1.73%, to 39,669.39 points; the Nasdaq fell 516.01 points, or 3.07%, to 16,307.16 points; the S&P 500 fell 120.93 points, or 2.24%, to 5,275.7 points. Tesla, Inc. (TSLA.US) fell nearly 5%, Apple Inc. (AAPL.US) fell nearly 4%. European StocksThe German DAX30 index rose 59.97 points, or 0.28%, to 21,291.49 points; the UK FTSE 100 index rose 21.52 points, or 0.26%, to 8,270.64 points; the French CAC40 index fell 5.43 points, or 0.07%, to 7,329.97 points; the Euro Stoxx 50 index fell 9.58 points, or 0.19%, to 4,960.85 points; the Spanish IBEX35 index rose 58.40 points, or 0.45%, to 12,928.00 points; the Italian FTSE MIB index rose 175.18 points, or 0.49%, to 36,019.00 points. Asian StocksThe Nikkei 225 index fell over 1%, the South Korean KOSPI index fell over 1.2%, and the Indonesian Composite Index fell 0.65%. ForexThe U.S. dollar index against a basket of six major currencies fell 0.83% to 99.385 at the end of the forex market session. At the close of the New York forex market session, 1 euro exchanged for 1.1386 U.S. dollars, up from 1.1273 U.S. dollars the previous trading day; 1 pound exchanged for 1.3229 U.S. dollars, up from 1.3216 U.S. dollars the previous trading day. 1 U.S. dollar exchanged for 142.10 Japanese yen, down from 143.16 Japanese yen the previous trading day; 1 U.S. dollar exchanged for 0.8143 Swiss francs, down from 0.8223 Swiss francs the previous trading day; 1 U.S. dollar exchanged for 1.3880 Canadian dollars, down from 1.3968 Canadian dollars the previous trading day; 1 U.S. dollar exchanged for 9.7584 Swedish kronor, down from 9.8931 Swedish kronor the previous trading day. CryptocurrencyBitcoin rose over 1% to $84,593.91, while Ethereum fell 0.09% to $1,590.41. MetalsSpot gold rose 3.35% to $3,339.10 per ounce, rising to $3,342.54 per ounce at 03:09 Beijing time, hitting a new high after one trading day. COMEX gold futures rose 3.52% to $3,354.40 per ounce, rising to $3,358.40 per ounce at 03:09, hitting a new high after two days. Crude OilWTI futures rose 1.9% to around $62.50 per barrel at the end of the day, marking the third increase in the past four trading days. June Brent crude oil rose 1.8% to $65.85 per barrel. Macro News Powell: Don't expect the Fed to save the market each time Trump changes. Federal Reserve Chairman Powell stated on Wednesday that the market's expectations for the Fed to intervene to calm volatility may be misguided. When asked if the Fed would intervene to address the sharp decline in the stock market, Powell said, "My answer is no, but I will give an explanation." Powell said at a conference in Chicago, "I believe the market is digesting the current situation, the market is dealing with a lot of uncertainty, which means volatility." Powell said the market is grappling with difficulties given the significant changes in President Trump's tariff system. He also explained that it is difficult to know in real-time what is causing trouble. Powell said, "I have experienced many major market fluctuations, such as in the bond market. People usually form an idea, but when looking back two months later, they find that their initial idea was completely wrong. So it is too soon to determine what is happening in the market." At this point, he pointed out that part of the market turbulence stems from hedge funds reducing leverage or debt, adding, "In the short term, you may continue to see market volatility." More and more U.S. states have more unemployed than job vacancies, indicating increasingly grim job market conditions. According to data analysis released by the Bureau of Labor Statistics on Wednesday, in February, 14 states in the U.S. had more unemployed people than job vacancies, the highest since April 2021. Kentucky, New York, Ohio, and Rhode Island joined the ranks in February, indicating increasingly difficult job market conditions. From November 2022 to April 2023, as the U.S. economy strengthened its rebound post-pandemic, the ratio of unemployed people to job vacancies in all 50 states was below 1. This means that theoretically, there are enough job opportunities for all unemployed individuals. In May 2023, California and New Jersey became the first two states where this ratio exceeded 1. In February of this year (the most recent month with available data), California had the highest ratio, with approximately 150 unemployed individuals for every 100 job vacancies, according to data from the Bureau of Labor Statistics. South Dakota had the lowest ratio, with approximately 40 unemployed individuals for every 100 job vacancies. U.S. homebuilder confidence slightly rises, but tariffs dampen outlook. Despite a slight rebound in current sales, the confidence index of U.S. homebuilders only slightly increased this month. Meanwhile, expectations for future demand fell to the lowest level in over a year, and building material prices continue to rise amid increasing tariffs.The National Association of Home Builders (NAHB) and Wells Fargo & Company jointly released the overall market conditions index for April, which rose 1 point to 40, still hovering in a low range since the end of 2023. However, the individual components of the index showed mixed performance. Builders' expectations for sales prospects in the next six months decreased by 4 points to 43, reaching the lowest level since November 2023. Meanwhile, the current sales index for single-family homes and the foot traffic of potential homebuyers both slightly increased.Trump "boasts" that tariff revenue is $20 billion per day, but Customs data shows only $2.5 billion. According to foreign media reports, the data from the US Customs and Border Protection (CBP) seems to contradict President Trump's statements regarding the revenue generated by recent tariffs. The CBP stated, "Since April 5, CBP has collected over $500 million in equivalent tariffs, and the total tariff revenue collected based on 15 presidential trade actions since January 20 exceeds $21 billion." American Financial Group, Inc. experienced a 10-hour system failure, causing US importers to be unable to enter a code that could have exempted higher tariffs on goods transported by sea. The CBP stated, "Even during the brief system failure, the average daily tariff revenue of $2.5 billion was not interrupted." However, Trump has repeatedly claimed that the US receives $20 billion in revenue from tariffs every day. OpenAI releases o3 and o4-Mini reportedly able to understand images. OpenAI has released its latest artificial intelligence models, which are reportedly able to understand uploaded images such as whiteboard drawings, sketches, and charts, even if the quality of the uploaded content is low. The company claims that o3 is the most advanced model to date and has also released a smaller model, o4-mini. As competitors such as Alphabet Inc. Class C, Anthropic, and Elon Musk's xAI accelerate their development, OpenAI is also striving to maintain its leading position in the field of generative artificial intelligence. In addition, OpenAI has also released the open-source AI agent CodeX CLI to help users execute programming tasks and improve their competitiveness in the market. Bank of Canada maintains interest rate at 2.75%, ending seven consecutive cuts. After seven consecutive rate cuts, the Bank of Canada kept its key interest rate unchanged at 2.75% on Wednesday, stating that officials need time to determine the final magnitude and severity of the tariffs imposed by the US on Canada and other countries, as well as their impact on inflation. Bank of Canada Governor Tiff Macklem stated that policymakers are working to digest the "dramatic" changes in global trade policy triggered by President Trump, which have disrupted financial markets, forced businesses to cancel or reduce spending and hiring plans, and led to an increase in inflation expectations for businesses and households. "I still don't know what tariffs will be imposed, whether they will be reduced or increased, and how long this will all last. Interest rate policy will ensure good control of inflation and support economic growth in Canada in the face of this unnecessary trade war." WTO: US tariff policy leads to severe deterioration in global trade prospects. The World Trade Organization, based in Geneva, Switzerland, released its latest "Global Trade Outlook and Statistics" report. The report shows that the US tariff policy has led to a severe deterioration in global trade prospects. With the current tariff situation, global merchandise trade is expected to decrease by 0.2% in 2025, nearly 3 percentage points lower than the forecast under the "low-tariff" baseline scenario. The decline in merchandise trade in the North American region is particularly significant, with exports expected to decline by 12.6%. The report predicts that trade in the Asian region will achieve moderate growth in 2025, with export and import increases of 1.6%, respectively, while exports in the European region are expected to grow by 1.0% and imports by 1.9%. Although the trade growth expectations of these two regions have been revised down due to the impact of tariffs, they still remain important contributors to global trade. The report states that the US "equivalent tariffs" and the broader spillovers of policy uncertainty pose severe downside risks, which could lead to a further decline in global merchandise trade by 1.5% in 2025 and have an impact on the least developed countries that rely on exports. Stock news: Tesla, Inc. (TSLA.US) market share in California's electric car market drops below 50% due to product aging and controversies. In California, which accounts for nearly one-third of all electric vehicles sold in the US, Tesla, Inc. no longer dominates the market for newly registered electric vehicles. The California New Car Dealers Association stated on Wednesday that Tesla, Inc.'s market share for electric car sales in California in the first quarter dropped from 55.5% a year ago to 43.9%. Although Tesla, Inc.'s registrations fell by 15%, sales of all other electric vehicles increased by 35% at the beginning of this year. The association noted in its quarterly report, "The aging product lineup and antipathy towards CEO Elon Musk's political behavior may be key factors leading to the decline in Tesla, Inc.'s market share in the pure electric vehicle market."