Overnight US stocks | Three major indices fell this week. The US stock market was closed on Friday due to Good Friday.

IMF On Thursday, the three major indices showed mixed results, and on Friday, the US stock market will be closed for Good Friday. This week, all three major US stock indices recorded weekly declines, with the Dow falling 2.66%, the Nasdaq falling 2.62%, and the S&P 500 falling 1.5%. [US Stock Market] At the close, the Dow fell 527.16 points, a decrease of 1.33%, to 39,142.23 points; the Nasdaq fell 20.71 points, a decrease of 0.13%, to 16,286.45 points; the S&P 500 index rose 7.00 points, an increase of 0.13%, to 5,282.70 points. Eli Lilly (LLY.US) rose by 14.2%, Apple Inc. (AAPL.US) rose by 1.3%, and NVIDIA Corporation (NVDA.US) fell by nearly 3%. The Nasdaq Golden Dragon Index fell by 0.4%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose by 2%, Sohu.com Limited Sponsored ADR (SOHU.US) rose by 5.3%, XPeng, Inc. ADR Sponsored Class A (XPEV.US) fell by over 2%. [European Stocks] The DAX30 index in Germany fell 125.51 points, a decrease of 0.59%, to 21,190.45 points; the FTSE 100 index in the UK fell 3.43 points, a decrease of 0.04%, to 8,272.17 points; the CAC40 index in France fell 44.11 points, a decrease of 0.60%, to 7,285.86 points; the Euro Stoxx 50 index fell 32.95 points, a decrease of 0.66%, to 4,933.55 points; the IBEX35 index in Spain fell 22.22 points, a decrease of 0.17%, to 12,914.28 points; the FTSE MIB index in Italy fell 100.57 points, a decrease of 0.28%, to 35,967.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index rose by 1.35%, the KOSPI index in South Korea rose by 0.94%, and the comprehensive index in Indonesia rose by 0.6%. [Foreign Exchange] The US dollar index against six major currencies fell by 0.01% to close at 99.375 in the foreign exchange market. At the close of the New York foreign exchange market, 1 euro exchanged for 1.1373 US dollars, lower than the 1.1386 US dollars the previous trading day; 1 pound exchanged for 1.3269 US dollars, higher than the 1.3229 US dollars the previous trading day. 1 US dollar exchanged for 142.46 Japanese yen, higher than the 142.10 Japanese yen the previous trading day; 1 US dollar exchanged for 0.8188 Swiss francs, higher than the 0.8143 Swiss francs the previous trading day; 1 US dollar exchanged for 1.3841 Canadian dollars, lower than the 1.3880 Canadian dollars the previous trading day; 1 US dollar exchanged for 9.6191 Swedish Krona, lower than the 9.7584 Swedish Krona the previous trading day. [Cryptocurrency] Bitcoin rose by over 1% to $85,053.83, and Ethereum rose by 0.5% to $1,585.66. [Metals] Spot gold fell by 0.42% to $3,328.33 per ounce. COMEX gold futures fell by 0.13% to $3,342 per ounce. [Crude Oil] At the close on the day, the price of light crude oil futures for delivery in May on the New York Mercantile Exchange rose by $2.21 to close at $64.68 per barrel, an increase of 3.54%; the price of Brent crude oil futures for delivery in June on the London Mercantile Exchange rose by $2.11 to close at $67.96 per barrel, an increase of 3.20%. [Macro News] US mortgage rates see largest increase in a year, spring housing market sales could be under pressure. US mortgage rates saw their first increase in four weeks, marking the largest weekly increase since April 2024. According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage is 6.83%, up from 6.62% last week. Higher rates may dampen what is typically a busy spring market as broader economic uncertainty pressures homebuyers. The trade war disruption has roiled markets and pushed up the yield on the 10-year US Treasury, which serves as a benchmark for mortgage rates. "As it goes up, mortgage rates typically follow," said Jiayi Xu, economist at Realtor.com. "Looking ahead, multiple economic forces are pulling mortgage rates in opposite directions, making forecasting their path increasingly difficult." Demand has already started to slow. According to data from Redfin, contract signings were down 0.8% year-over-year in the four weeks ending April 13. Trump says he believes Powell will resign upon his request, even though Powell has stated he will not resign. US President Trump said on Thursday that he believes if he asks Federal Reserve Chairman Powell to resign, Powell would resign, even though Powell himself has stated that he will not resign even if the president requests it. Trump told reporters he is not pleased with Powell, saying he "acted too slowly." Powell has repeatedly stated that he intends to finish out his remaining term as chairman, which ends in May 2026, and has said that he would refuse to resign if requested by the president. Earlier on Thursday, Trump had said that firing Powell "sooner rather than later" and called for rate cuts by the Federal Reserve, while just the day before, Powell had pledged to resist pressure from policymakers, as the Fed navigates the complex landscape created by Trump's policies. Trump says not in a hurry to reach trade deal, expected to impose high baseline tariffs. US President Trump said on Thursday that he expects progress towards reaching a trade deal, but is not in a hurry to reach an agreement, and is expected to impose high baseline tariffs on imported goods. Trump earlier said that he had "very productive" talks with the president of Mexico on Wednesday and had a "very productive" meeting with Japan's trade representative. IMF warns that a global trade "restart" will drag down growth, not yet concerned about recession. The managing director of the International Monetary Fund (IMF) warned that a US-led restart of world trade will drag down global economic growth, but concerns about a recession are not yet the primary concern. She stated that the global trade situation is tumultuous, and recovery will be difficult, calling on governments to take measures to alleviate uncertainty in the global supply chain. She also stated that while global economy is recovering, it still faces significant challenges that require enhanced policy coordination and cooperation to address.Retreat is not in the forecast. Before the Spring Annual Meeting in Washington next week, IMF Managing Director Kristalina Georgieva said on Thursday that US President Donald Trump's tariff threats have fueled protectionism, will lead to costly uncertainty, slow down economic activity, and hinder productivity. "Trade continues, but interruptions come at a cost," she said in Washington. "Our growth forecast will be significantly revised downward, but does not include a recession," while inflation is expected to accelerate in some countries.Individual stock news Alibaba Group Holding Limited Sponsored ADR (BABA.US) upgrades open-source AI model to support generating videos from inputting first and last frames. Alibaba Group Holding Limited Sponsored ADR announced on Thursday that the company has released the latest open-source artificial intelligence model, which can automatically generate videos by only providing two photos as the first and last frames. This model is based on the company's Wan2.1 basic model architecture, providing greater creative freedom for short video creators. The model, known as Wan2.1-FLF2V-14B, can be found on HuggingFace, GitHub, and Alibaba Cloud's Moda community. Users can create 5-second videos for free on the Tongyi Wanxiang official website. A federal judge rules that Alphabet Inc. Class C (GOOG.US, GOOGL.US) unlawfully monopolizes part of the online advertising technology market. A U.S. federal judge ruled that Alphabet Inc. Class C constitutes illegal monopoly in certain online advertising technology markets, dealing a significant blow to a key business of the company. U.S. District Judge Leonie Brinkema ruled on Thursday that this subsidiary of Alphabet violated antitrust laws in two markets: the advertising exchange platform and the tool used on websites to sell ad space (i.e., ad server). However, she pointed out that in another market, the tool used by advertisers to purchase display ads, Alphabet Inc. Class C did not meet the definition of monopoly. Following this ruling, Alphabet's stock price quickly fell, reaching a decline of up to 3.2%, while Trade Desk's stock price surged by nearly 8% at one point. This marks another significant setback for Alphabet Inc. Class C. In a previous case, the court had already determined that Alphabet Inc. Class C monopolized the online search market.