Overnight US stocks | The three major indexes have fallen for five consecutive weeks, the Dow Jones has entered a correction zone, and tech stocks have fallen across the board.

On Friday, the three major indexes continued their decline from yesterday, with the Dow dropping 10% from its historical high on February 10, confirming that it has entered a correction phase. A spokesperson for the Iranian armed forces stated on the 27th local time that Iran is outlining conditions for the end of the war. The spokesperson warned the United States and Israel that Iran possesses strong power and a winning advantage on the battlefield, able to determine the final outcome of the war, and that the US and Israel will be "forced" to accept this reality. The spokesperson pointed out that the US and Israel have fully recognized the strength of the Iranian armed forces and nation in actual combat, advising them to face the facts and return to rationality in a timely manner. This week, all three major stock indices recorded their fifth consecutive week of declines. The S&P 500 index fell by over 2.1% for the week, marking the longest weekly decline since 2022. The Nasdaq has fallen by over 3.2% so far this week, while the blue-chip Dow has fallen by 0.9% this week. US StocksAt the close, the Dow fell 792.67 points, or 1.72%, to 45,167.44 points; the Nasdaq fell 459.72 points, or 2.15%, to 20,948.36 points; and the S&P 500 fell 108.31 points, or 1.67%, to 6,368.85 points. Most tech stocks declined, with Meta Platforms (META.US) and Amazon.com, Inc. (AMZN.US) dropping nearly 4%, Tesla, Inc. (TSLA.US) falling by 2.76%, and NVIDIA Corporation (NVDA.US) dropping by over 2%. The Nasdaq Golden Dragon Index closed down by 1.9%, with NIO Inc. Sponsored ADR Class A (NIO.US) falling by over 4% and Alibaba Group Holding Limited Sponsored ADR (BABA.US) falling by over 2%. European StocksThe German DAX30 index fell by 282.30 points, or 1.25%, to 22,298.77 points; the UK FTSE 100 index fell by 3.98 points, or 0.04%, to 9,968.19 points; the French CAC40 index fell by 67.36 points, or 0.87%, to 7,701.95 points; the Euro Stoxx 50 index fell by 59.77 points, or 1.07%, to 5,506.16 points; the Spanish IBEX 35 index fell by 154.43 points, or 0.91%, to 16,808.47 points; and the Italian FTSE MIB index fell by 334.34 points, or 0.77%, to 43,367.50 points. CryptocurrenciesBitcoin fell by over 4%, to $66,032.09; Ethereum fell by over 3.9%, to $1,985.69. OilOn Friday, the price of US crude oil briefly touched a high of $100.04 per barrel, before slightly pulling back. West Texas Intermediate crude oil futures closed up by 5.46%, at $99.64 per barrel. International benchmark Brent crude oil futures for May delivery rose by 4.05%, to $112.38 per barrel. MetalsSpot gold rose by 2.62%, to $4495.55 per ounce; spot silver rose by 2.45%, to $69.764 per ounce. Macro News US Secretary of State: Military action against Iran will continue for 2 to 4 weeks; achieving action goals against Iran does not require the deployment of ground forces. US Secretary of State Rubio, who is currently in France attending a meeting of G7 foreign ministers, said on the 27th that military action against Iran is expected to end at the appropriate time, "we are talking about weeks, not months." According to a message posted on social media by a reporter for the US Axios news website, Rubio said at the meeting of foreign ministers that the conflict will continue for "2 to 4 weeks", and the US will still be able to achieve its military objectives against Iran without deploying ground forces. UN Secretary-General establishes a special working group on the situation in the Strait of Hormuz. The spokesperson for the UN Secretary-General stated that with the ongoing and potentially escalating conflicts in the Middle East, the interruption of maritime trade through the Strait of Hormuz could trigger a chain reaction in the coming months, affecting humanitarian needs and agricultural production. Although Secretary-General Guterres is committed to making every effort to achieve a comprehensive and lasting solution to the conflict, immediate action to alleviate these consequences is crucial. To address these challenges, the Secretary-General has established a special working group. US consumer confidence falls, short-term inflation expectations rise slightly. Joanne Hsu, Director of the University of Michigan Consumer Survey, stated that US consumer confidence index for March declined by 6%, reaching its lowest level since December 2025. Consumer confidence among different age groups and political affiliations has declined. Consumers with middle to high incomes and stock wealth have been particularly affected by the continuous rise in gasoline prices and the turbulent financial markets following the Iran conflict. Overall, short-term economic prospects declined by 14%, expectations for personal financial condition in the next year decreased by 10%, while the decline in long-term expectations was more moderate. These findings indicate that consumers may currently believe that recent negative developments will not last too long. However, if the Iran conflict lasts longer or if energy price increases lead to overall inflation, these views may change. In addition, inflation expectations for the next year increased from 3.4% in February to 3.8% this month, the largest monthly increase since April 2025. The current reading exceeds the values observed in 2024 and is still much higher than the range of 2.3%-3.0% observed in the years before the pandemic. However, long-term inflation expectations decreased slightly to 3.2%. Stock Specific News AI Credit Risk Indicator: Oracle Corporation (ORCL.US) five-year CDS reaches high since the financial crisis. According to Intercontinental Exchange, Inc. data, the five-year Credit Default Swap (CDS) for Oracle Corporation traded as high as 0.079 percentage points (7.9 basis points) in intraday trading, reaching 198.58 basis points. If this level holds at the close, it will surpass the previous peak in December 2008, setting a new historical high. As major tech giants have borrowed heavily to build AI infrastructure, Oracle Corporation has become a key indicator of AI-related credit risk on Wall Street. John Lloyd, Global Head of Credit at Juhn Hen Capital, stated that Oracle Corporation's CDS has become a proxy indicator for AI risks in the credit market, with the widening spread reflecting market judgments on the leverage scale needed for AI infrastructure funding, rather than being a bet against Oracle Corporation's fundamentals. To support investments in the AI field, Oracle Corporation has significantly increased its debt size, with around $120 billion in bonds included in the Bloomberg US High Grade Corporate Bond Index, making it the largest issuer in the index after banks.