Overnight US stocks | Three major indexes closed higher, with most star tech stocks rising. NVIDIA Corporation (NVDA.US) rose 1.63%.

On Wednesday, the three major indices closed up, led by technology stocks. The latest meeting minutes from the Federal Reserve showed officials expressing concerns about inflation again, with some policymakers suggesting that if inflation continues to stay above target, the central bank may need to raise interest rates. US StocksAt the close, the Dow rose 129.47 points, or 0.26%, to 49662.66 points; the Nasdaq rose 175.25 points, or 0.78%, to 22753.63 points; the S&P 500 rose 38.09 points, or 0.56%, to 6881.31 points. Most popular tech stocks rose, with NVIDIA Corporation(NVDA.US) up by 1.63%, Micron Technology, Inc.(MU.US) up by 5.3%, Microsoft Corporation(MSFT.US) up by 0.69%. European StocksThe German DAX30 index rose 264.43 points, or 1.06%, to 25,269.77 points; the UK FTSE 100 index rose 131.73 points, or 1.25%, to 10,687.90 points; the French CAC40 index rose 67.57 points, or 0.81%, to 8,429.03 points; the Euro Stoxx 50 index rose 80.81 points, or 1.34%, to 6,102.66 points; the Spanish IBEX35 index rose 240.36 points, or 1.34%, to 18,195.76 points; the Italian FTSE MIB index rose 565.43 points, or 1.24%, to 46,329.50 points. CryptocurrencyBitcoin fell by over 1.8%, to $66298; Ethereum fell by over 2%, to $1947.26. Precious MetalsSpot gold briefly returned above $5000, ultimately closing at $4976.39. Crude OilWTI rose by 4.6%, closing around $65 per barrel; Brent closed above $70 per barrel, for the first time in over two weeks. Macro News US industrial production growth hits nearly one-year high. Driven by broad-based growth in manufacturing, industrial production in the US surged in January, the biggest increase in nearly a year. Data released by the Fed on Wednesday showed that factory, mining, and utility production rose by 0.7%, with the previous month's data revised downwards to 0.2%. Manufacturing output, which accounts for three-quarters of total industrial production, rose by 0.6%, the largest increase since February 2025. The growth was widespread and included strong growth in production of business equipment and consumer goods. US housing starts rise to highest level in five months. As homebuilders ramp up production using lower borrowing costs, US new home construction in December reached its highest level in five months. According to data released by the government on Wednesday, new home starts in December rose by 6.2% year-on-year, with an annualized rate of 1.4 million units. The data was delayed due to the federal government shutdown in the fall. The figure exceeded all economists' expectations. The strong construction data indicate that despite builders still working through a backlog of new home inventory, their confidence remained strong at the year-end. However, new home construction for the whole year continued to decline for the fourth consecutive year. Hassett criticizes NY Fed's tariff study, claims tariffs will benefit consumers. Kevin Hassett, director of the White House National Economic Council, said the New York Fed's tariff study is "embarrassing" and those involved should be "disciplined." A report released by the New York Fed last week found that nearly 90% of the economic burden of tariffs is borne by US companies. Hassett said, "Their conclusions have sparked a lot of highly partisan news coverage and their methodology is even something that an Econ 101 freshman would find unacceptable." Hassett argued that tariffs would benefit US consumers. Fed minutes show officials worried about shift in focus: labor market risks recede, inflation concerns rise. Nick Timiraos of the "Fed Speak" column wrote that the Fed meeting minutes showed more officials were less concerned about the labor market and more worried about inflation. The minutes warned that progress in reducing inflation "may be slower and more uneven than currently expected." They believed the risk of inflation remaining above the Fed's 2% target "is substantial." Similarly, according to the minutes, Fed staff described persistent, elevated inflation above the target range as "a significant risk." Data released after the January meeting may provide some reassurance to officials who think there is no hurry to continue rate cuts, with markets widely expecting the Fed to hold steady at the next meeting. Last week, the Labor Department reported that employers added 130,000 jobs in January, surpassing expectations, and the unemployment rate fell slightly to 4.3%, easing concerns of a more severe slowdown in the labor market. However, annual revisions showed a sharp slowdown in job growth over the past year. Fed Speak: Fed minutes show little appetite for rate cuts, multiple officials support "two-way" description. Nick Timiraos of the "Fed Speak" column wrote that Fed officials showed little appetite for rate cuts at the last meeting, with most saying they wanted to see more progress on inflation before considering further cuts a process that may take months. Additionally, while two officials dissented at the January meeting in favor of a rate cut, the minutes showed that other officials instead supported a more neutral wording, describing the outlook for rate cuts or hikes as balanced. The minutes indicated that these officials would be willing to revise the carefully worded post-meeting statement to reflect the possibility of rate hikes if inflation remains elevated above the Fed's target. The minutes stated, "Several participants indicated that they would support a two-way description of the Committee's future rate decisions, reflecting the possibility of an increase (in rates) if inflation remains elevated." Castle Securities: Software stocks hit hard as retail investors rush to buy at "unprecedented" speed. As Wall Street reprices software makers' stocks in response to the threat of AI tools, a group of investors is lining up to buy on dips. According to Castle Securities' head of stock and stock derivative strategies, Scott Rubner, retail traders on their platform are buying software stocks at a record level. The company has been tracking this data since 2017. "The nominal value on our platform has reached levels we have never seen before," Rubner wrote in a report to clients on Tuesday. "The scale, sustainability, and breadth of buying activity have far exceeded previous peaks, underscoring the role of retail traders as a primary source of incremental demand in early 2026." Stocks ranging from small software developers to large wealth management companies are caught in the sell-off after Anthropic PBC launched a productivity tool customized for internal legal teams. Stock News Figma(FIG.US) Q4 revenue reaches $3 billion, up 40% year-on-year, surpassing guidance upper limit; expects Q1 revenue to be between $3.15 billion and $3.17 billion. Figma's revenue for the fourth quarter of 2025 reached $3.038 billion, up 40% year-on-year, surpassing Figma's previously released revenue guidance for the fourth quarter. Operating loss under GAAP was $1.955 billion, with a GAAP operating margin of -64%; non-GAAP operating income was $44 million, with a non-GAAP operating margin of 14%. Net cash provided by operating activities was $39.9 million, with an operating cash flow margin of 13%; adjusted free cash flow was $38.5 million, with an adjusted free cash flow margin of 13%. GAAP net loss was $2.266 billion, non-GAAP net profit was $43 million. GAAP basic and diluted net loss per share were both $0.44; non-GAAP basic and diluted net profit per share were both $0.08. As of December 31, 2025, cash, cash equivalents, and securities totaled $1.7 billion. Bank of America Corp(BAC.US) expands rewards program to attract more customers. Bank of America Corp is expanding the coverage of its rewards program to encourage customers to increase their business with the bank. This is part of the bank's efforts to achieve the financial goals it committed to investors last year. Bank of America Corp executives said the bank will allow customers with checking accounts to enjoy rewards and discounts regardless of their account balance. Previously, customers needed to hold at least $20,000 to enjoy the first-tier reward, and as funds retained with the bank increased, the value of rewards would also increase accordingly. In order to attract new users and retain existing customers, Bank of America Corp has also waived certain fees, increased fraud monitoring services, and offered other promotional measures. These are all part of the bank's broader goal of expanding its consumer business division. Bank of America Corp has pledged that by the end of this decade, the division's profit will double to $20 billion. Executives expect the revamped rewards program to increase the customer base by an additional 30 million consumer customers on top of the existing 11 million users.