Overnight US stocks | Three major indices fell, with the Nasdaq ending a 13-day winning streak. Intel Corporation (INTC.US) dropped by 4%.

On Monday, the three major indices fell slightly. Over the weekend, tensions between the US and Iran escalated, but traders are still betting that the two countries will eventually reach a compromise. Trump threatened to bomb all of Iran's power plants and bridges if Iran does not agree to a deal with the US. The ceasefire agreement between the two countries is set to expire this week. [US Stock Market] At the close, the Dow Jones Industrial Average fell 4.87 points, or 0.01%, to 49442.56 points; the Nasdaq fell 64.09 points, or 0.26%, to 24404.39 points; the S&P 500 fell 16.92 points, or 0.24%, to 7109.14 points. The Nasdaq failed to reach a record high for the 14th consecutive trading day. Intel Corporation (INTC.US) fell 4%, Arm (ARM.US) rose 5%, Tesla, Inc. (TSLA.US) fell 2%. The Nasdaq Golden Dragon Index fell 0.3%, while Baidu Inc Sponsored ADR Class A (BIDU.US) rose over 1%. [European Stock Market] The DAX30 index in Germany fell 285.94 points, or 1.16%, to 24413.00 points; the FTSE 100 index in the UK fell 64.88 points, or 0.61%, to 10602.75 points; the CAC40 index in France fell 94.08 points, or 1.12%, to 8331.05 points; the Euro Stoxx 50 index fell 79.21 points, or 1.31%, to 5978.50 points; the IBEX35 index in Spain fell 240.72 points, or 1.30%, to 18243.78 points; the FTSE MIB index in Italy fell 666.93 points, or 1.36%, to 48202.50 points. [Asian Stock Market] The Nikkei 225 index rose 0.6%, and the KOSPI index in South Korea rose 0.44%. [Cryptocurrency] Bitcoin rose over 2.7% to $76050.96, and Ethereum rose over 2.4% to $2325.71. [Oil] New York Mercantile Exchange light crude oil futures for delivery in May rose $5.76 to close at $89.61 per barrel, up 6.87%; London Brent crude oil futures for delivery in June rose $5.10 to close at $95.48 per barrel, up 5.64%. [Precious Metals] Spot gold fell slightly to $4820.81 per ounce; spot silver fluctuated little, at $79.765 per ounce. [Macro News] Trump claims to be winning the war and will not lift sanctions on Iran until a "deal" is reached. Trump has been posting on social media continuously. He recently stated that he is winning a war, and a big one at that, with the situation progressing very smoothly and the military performing extremely well. He mentioned that the enemy is confused because they see the media reports but realize that their navy has been completely destroyed, their air force has retreated to more hidden runways, they lack missile defense or anti-aircraft equipment, most of their former leaders are no longer around (and this also means a change of regime!), and perhaps most importantly, the sanctions - which will not be lifted until a "deal" is reached - are completely destroying Iran. They are losing $500 million every day, which is unsustainable even in the short term. The anti-American fake news media hopes Iran will win, but that is impossible, because he is in charge now! Just like these unpatriotic people tried their best in the elections to fight against him, they are doing the same on the issue of Iran. The outcome will be the same - in fact, it already is! Federal Reserve nominee Wash promises to maintain independence of monetary policy. The US Congress will hold the first confirmation hearing for Federal Reserve Chairman nominee Wash on Tuesday local time, with Wash promising to maintain strict independence on interest rate issues to Congress members. According to the statement obtained by the media in advance, Wash stated that interest rate decisions must be strictly independent of political considerations, and monetary policy should not be a tool for short-term political goals. He emphasized that the credibility of the Federal Reserve comes from institutional constraints and policy discipline. Wash said that central banks should listen to different opinions, and politicians expressing their views on interest rates is not a real threat; on the contrary, it is the discipline and rigor of the Federal Reserve itself that maintains its independence. He emphasized that price stability is the Federal Reserve's talisman and promised to take full responsibility for it, "without finding any excuses or making any evasions." Regarding the trend of the Federal Reserve's expanding functional boundaries post-crisis, Wash also issued a warning, advocating against extending its reach to fiscal policy or social policy areas that lack statutory authority. The US Senate Banking Committee will hold a confirmation hearing for Wash's nomination at 10 p.m. Beijing time on April 21. Iran pledges to ensure unhindered passage of Russian ships through the Hormuz Strait. Russia's Foreign Minister Lavrov held a telephone conversation with Iran's Foreign Minister Alagzhi. Iran informed Russia of its position, which involves three issues: US violations of the ceasefire, unlawful naval blockade of the Hormuz Strait, and detention of an Iranian container ship. Iran confirmed that it will do its utmost to ensure the unhindered passage of Russian ships and cargo through the Hormuz Strait. Russia emphasized the need to maintain the ceasefire and that it should be observed within the parameters initially coordinated and announced by the mediator Pakistan. Russia stated that diplomatic efforts must continue to prevent the situation from escalating out of control and to prevent armed confrontation from recurring. Russia reiterated its willingness to assist Iran in reaching a mutually acceptable agreement with the Gulf Arab countries. US tariff refund system goes online. The refund system established to allow companies to recover illegally collected tariffs from the US government went online on the morning of April 20, with thousands of companies already submitting applications. The system, created by US Customs and Border Protection under a court order, aims to refund up to $166 billion in taxes to importers. In February this year, the US Supreme Court overturned President Trump's tariff policy implemented under a law originally intended for national emergencies. According to court documents, as of April 9, 56497 importers had completed the necessary steps to receive electronic refunds, totaling $127 billion, accounting for over three-quarters of the total amount to be refunded. [Stock News] Apple Inc. announces a change in leadership: Ternus to take over as CEO. Apple Inc. (AAPL.US) announced on Monday that John Ternus will take over as CEO on September 1, replacing Tim Cook, who will become Executive Chairman. Senior Vice President of Hardware Engineering Ternus will join the Apple Inc. board after becoming CEO. At the same time, Apple Inc. Non-Executive Chairman Art Levinson will become the Chief Independent Director on the same day. Apple Inc. said in a press release, "Cook will continue to serve as CEO throughout the summer, working closely with Ternus to ensure a smooth transition." This is the first time Apple Inc. has changed its CEO since Cook took over from Steve Jobs in 2011. Cook took over shortly before Jobs' death. Under Cook's leadership, Apple Inc.'s market value has grown by about 24 times, reaching $4 trillion at the close on Monday. Coinbase tests AI employee agents to provide decision support modeled after former executives. Brian Armstrong, CEO of Coinbase (COIN.US), stated that the company is testing AI agents based on former executives to assist employees in making decisions and communicating. One agent, "Fred," simulates co-founder Fred Ehrsam and is mainly used to optimize documents and strategies, while another agent, "Balaji," simulates former CTO Balaji Srinivasan to provide innovative ideas. These AI agents will be integrated into the company's internal communication system, and in the future, may support employees in creating more agent roles on their own. Armstrong stated that in the long run, the number of AI agents within the company may exceed human employees. Moreover, Coinbase has previously launched Agentic Wallet, which supports AI-driven autonomous trading, and has been advancing the x402 protocol and related payment infrastructure construction, continuously exploring applications combining AI and blockchain.