Overnight US stocks | Risk assets experienced a "Black Tuesday" as both gold and silver hit new historical highs.

On Tuesday, US stocks erased their year-to-date gains, with the market concerned about a full-scale trade war between the US and Europe, while the selling off of Japanese bonds pushed up US Treasury yields. [US Stocks] At the close, the Dow Jones Industrial Average fell 870.74 points, or 1.76%, to 48488.59 points; the Nasdaq dropped 561.07 points, or 2.39%, to 22954.32 points; and the S&P 500 index fell 2.06% to 6796.86 points. NVIDIA Corporation (NVDA.US) fell 4.3%, Apple Inc. (AAPL.US) fell 3.4%, and Alphabet Inc. Class C (GOOG.US) fell over 2%. The Nasdaq Golden Dragon Index fell 1.44%, while Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell nearly 2%. [European Stocks] The German DAX30 index fell 250.80 points, or 1.00%, to 24709.53 points; the UK FTSE 100 index fell 72.85 points, or 0.71%, to 10122.50 points; the French CAC40 index fell 49.44 points, or 0.61%, to 8062.58 points; the Euro Stoxx 50 index fell 30.76 points, or 0.52%, to 5895.06 points; the Spanish IBEX35 index fell 245.54 points, or 1.39%, to 17419.76 points; and the Italian FTSE MIB index fell 492.39 points, or 1.09%, to 44703.50 points. [Cryptocurrencies] Bitcoin fell below $90,000 to $89,615.53, while Ethereum fell over 6% to $2995.83. [US Dollar Index] The US dollar index, which measures the US dollar against six major currencies, fell 0.41% to 98.642 in the forex market. At the close of the New York forex market, 1 Euro exchanged for 1.1712 US dollars, higher than the previous trading day's 1.1643 US dollars; 1 British pound exchanged for 1.3428 US dollars, higher than the previous trading day's 1.3426 US dollars. 1 US dollar exchanged for 158.29 Japanese yen, higher than the previous trading day's 158.09 Japanese yen; 1 US dollar exchanged for 0.7904 Swiss francs, lower than the previous trading day's 0.7974 Swiss francs; 1 US dollar exchanged for 1.3834 Canadian dollars, lower than the previous trading day's 1.3869 Canadian dollars; and 1 US dollar exchanged for 9.1369 Swedish krona, lower than the previous trading day's 9.2090 Swedish krona. [Metals] Spot gold rose 1.95% to $4763.40 per ounce; spot silver briefly exceeded $95, refreshing historical highs with gold. [Oil] The price of light crude oil futures for delivery in February on the New York Mercantile Exchange rose 90 cents to close at $60.34 per barrel, a increase of 1.51%; while the price of Brent crude oil futures for delivery in March on the London ICE Futures Exchange rose 98 cents to close at $64.92 per barrel, an increase of 1.53%. [Macroeconomic News] UBS Group AG CEO: Selling off US assets is a "risky bet". Sergio Ermotti, CEO of UBS Group AG, stated at the World Economic Forum in Davos that in the face of increased political uncertainty, investors trying to sell off US assets would be taking a "risky bet". Ermotti said that it is unrealistic to diversify investments and move away from US assets, as the US is the strongest economy globally and he does not bet on its weakness. On Tuesday, US Treasury bonds and S&P 500 stock were sold off, as investors were digesting the latest tensions in US President Trump's pushing for Greenland-related claims, leading to strained relations with NATO allies. At the same time, the Danish pension fund AkademikerPension plans to exit the US Treasury bond market by the end of this month. As the world's largest wealth management institution, UBS Group AG has a deep presence in both US and European markets, managing assets close to $70 trillion. Trump: If the Supreme Court limits federal government tariff policies, other measures can be used. On January 20, local time, US President Trump held a press conference and answered questions from reporters. When asked if an unfavorable ruling by the Supreme Court on tariff issues would affect US security policy regarding Greenland, Trump said that if current tariff tools are limited, he "can use other ways", such as through "licensing systems" and other alternative means. He emphasized that the current method being used is "the best, strongest, fastest, simplest, and least complicated", but not the only choice. Media: US Congress responds for the first time to Powell investigation, Democratic Party demands Trump officials hand over records. Two Democratic senators are now requesting Trump administration officials to submit records related to the Justice Department's criminal investigation of Federal Reserve Chairman Powell. This is the first formal response from Congress to the subpoena the Federal Reserve received earlier this month. According to a letter seen by the media sent on Tuesday, Massachusetts Senator Warren and Illinois Senator Durbin, respectively the chief Democrats on the Senate committees overseeing the Fed and Justice Department, have instructed two Trump administration officials to preserve documents and submit them to the Senate. The letters were sent to Attorney General Bondy and Paul Corporation, head of the Federal Housing Finance Agency, also known as the "anti-Fed vanguard". "This investigation seems to be a serious abuse of power," the two senators wrote to Paul Corporation. The Democrats' request does not have legal force, but it may set the groundwork for future formal investigations. US Commerce Secretary: Interest rates should be lower, economic growth for this quarter could reach 6% with rate cuts. According to reports, US Commerce Secretary Howard Lutnick stated on Tuesday that he expects US GDP growth in the first quarter of 2026 to exceed 5%, but noted that current US interest rates are too high, hindering stronger economic growth. Lutnick stated at the World Economic Forum's annual meeting in Davos, "Our interest rates should be lower so that the economy can truly prosper. I believe GDP growth will exceed 5% this quarter, which is very significant for the $30 trillion US economy." He added, "If rates were lower, growth might even reach 6%. What's holding us back is our policy." It is worth noting that Lutnick's growth forecast is his personal opinion and is higher than the expectations of US Treasury Secretary Bezent, who stated at Davos that actual US GDP growth in 2026 could be between 4% and 5%. [Individual Stock News] ServiceNow (NOW.US) partners with OpenAI for three years. ServiceNow announced on Tuesday that it has signed a three-year partnership agreement with OpenAI to provide AI intelligent agent services to enterprise customers using its artificial intelligence models. Under the agreement, ServiceNow will integrate GPT-5.2 into its enterprise workflow platform and develop AI voice technology based on the related model. Financial terms of the agreement were not disclosed. NVIDIA Corporation (NVDA.US) invests $150 million in artificial intelligence inference startup Baseten. According to sources, the artificial intelligence inference startup Baseten has completed a $300 million financing round, with a valuation of $5 billion, nearly double the valuation of the previous round. This round of financing is led by venture capital firms, IVP and Alphabet's independent growth fund CapitalG, with chip giant NVIDIA Corporation also participating in the investment and injecting $150 million into Baseten as part of the deal. This transaction highlights NVIDIA Corporation's active layout in the field of artificial intelligence inference among startup companies. As the industry's focus shifts from training models to large-scale running and inference (where AI models generate output based on input), NVIDIA Corporation is increasing its investment in related startup companies, while continuing to invest in its own AI chip clients. [Ratings by Major Banks] Stifel maintains a buy rating on Micron Technology, Inc. (MU.US) and raises the target price from $300 to $360.