Overnight US stocks | Trump announces extension of ceasefire agreement, Nasdaq and S&P 500 both hit new highs, Bitcoin surges over 4%

On Wednesday, the three major indices rose, with the Nasdaq reaching a high of 24,660.11 points, hitting a new high during the trading day. U.S. President Trump announced an extension of the ceasefire agreement with Iran, injecting optimism into the market. [Stocks] At the close, the Dow Jones rose by 340.65 points, or 0.69%, to 49,490.03 points; the Nasdaq rose by 397.60 points, or 1.64%, to 24,657.57 points; the S&P 500 index rose by 73.89 points, or 1.05%, to 7,137.90 points, with the latter two both reaching new closing highs. Shares of Apple Inc. (AAPL.US), Amazon.com, Inc. (AMZN.US), and Alphabet Inc. Class C (GOOG.US) all rose by more than 2%, while Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) rose by over 5%. Tesla, Inc. (TSLA.US) unexpectedly saw positive free cash flow in the first quarter, with its stock price rising by over 4% in after-hours trading. However, after CEO Elon Musk stated that capital expenditures were expected to significantly increase and could exceed $25 billion this year, Tesla, Inc.'s stock price declined in after-hours trading. Shares of MicroStrategy Incorporated (MSTR.US) rose by over 9%, Coinbase (COIN.US) rose by over 5%, and the Nasdaq China Dragon Index slightly declined. [European Stocks] The German DAX30 index fell by 108.60 points, or 0.45%, to 24,186.41 points; the UK's FTSE 100 index fell by 24.66 points, or 0.23%, to 10,473.43 points; the French CAC40 index fell by 79.29 points, or 0.96%, to 8,156.43 points; the European Stoxx 50 index fell by 27.30 points, or 0.46%, to 5,902.95 points; the Spanish IBEX35 index fell by 176.79 points, or 0.97%, to 17,987.91 points; and the Italian FTSE MIB index fell by 142.79 points, or 0.30%, to 47,760.50 points. [Asian Stock Markets] The Nikkei 225 index rose by 0.4% and the South Korean KOSPI index rose by 0.46%. [Cryptocurrencies] Bitcoin rose by over 4% to $78,803.20, while Ethereum rose by over 4% to $2,404.19. [US Dollar Index] The U.S. dollar index, which measures the dollar against six major currencies, rose by 0.21% to close at 98.60 in the forex market. At the close of the New York forex market, 1 euro exchanged for $1.1711, lower than the previous trading day's $1.1726; 1 pound exchanged for $1.3507, higher than the previous trading day's $1.3482. 1 dollar exchanged for 159.49 yen, lower than the previous trading day's 159.59 yen; 1 dollar exchanged for 0.7846 Swiss francs, higher than the previous trading day's 0.7821 Swiss francs; 1 dollar exchanged for 1.3667 Canadian dollars, lower than the previous trading day's 1.3673 Canadian dollars; 1 dollar exchanged for 9.2129 Swedish kronor, higher than the previous trading day's 9.1997 Swedish kronor. [Crude Oil] Light crude oil futures for June delivery on the New York Mercantile Exchange rose by $3.29 to close at $95.15 per barrel, up 3.58%; Brent crude oil futures for June delivery rose by $3.43 to close at $101.91 per barrel, up 3.48%. [Precious Metals] Spot gold rose by 0.44% to close at $4,739.46 per ounce; spot silver closed at $77.693 per ounce. [Macro News] Trump and the White House deny setting a final deadline for extending the ceasefire. In an interview, Trump stated that reports of a 3 to 5-day window for extending the ceasefire are false. Regarding Iran's seizure of ships in the Strait of Hormuz, Trump stated that they are not U.S. ships and will continue to monitor developments. When asked about ending the war, Trump said there is no timetable and no rush. "People say I want to solve this as quickly as possible because of the midterm elections, but that's not true," Trump said, adding that the government wants to secure a good deal for the American people. Trump also said that blockades are scarier to them than bombings, as once oil wells stop production, they are sometimes permanently closed. Trump expects that when negotiations resume, Iran's Foreign Minister will still be there. Earlier reports from various media outlets claimed that Trump would extend the ceasefire deadline by 3 to 5 days, rather than an indefinite extension. In response, White House Press Secretary Leigh White also issued a statement saying that Trump did not set a final deadline for extending the ceasefire with Iran, and that the claim about giving Iran 3 to 5 days to respond is not true. Pakistan officials: Received positive signals from Iran to restart face-to-face negotiations. On Wednesday, Pakistan officials remained optimistic, believing that it is still possible to bring the U.S. and Iran back to the negotiating table, despite Iran's recent seizure of two cargo ships in the Strait of Hormuz, which posed a new obstacle to their long-term peace efforts. Pakistani Prime Minister Sherif met with the Iranian Ambassador on Wednesday. A Pakistani official briefed on the meeting said that the second round of negotiations could take place in the next few days. Maleeha Lodhi, a former Pakistani ambassador to the U.S. and U.K. familiar with current diplomatic efforts, said, "The ceasefire has opened up space for diplomatic innings, and Pakistan believes this space is sufficient. Neither side has refused negotiations." Another Pakistani official who was briefed on the negotiation and requested anonymity said that after the ceasefire extension, Pakistan mediators have received positive signals from the Iranian side and hope to restart face-to-face negotiations. The official did not provide details on what these signals were, and did not specify whether Iran had told Pakistani mediators that the lifting of the U.S. blockade in the Strait of Hormuz was a precondition for participating in the second round of negotiations. U.S. Treasury Secretary: Gulf and Asian allies have requested establishing U.S. dollar swap lines. The U.S. is considering providing currency swap lines to the United Arab Emirates and other Gulf and Asian allies whose economies have been impacted by Trump's policies on the Iran war. U.S. Treasury Secretary Benson stated on Wednesday at a hearing before the Senate Appropriations Committee that, "Whether from the Federal Reserve or the Treasury, these swap lines are to maintain order in the U.S. dollar financing market and prevent the indiscriminate selling of U.S. assets." Benson's comments came a day after Trump confirmed reports about considering establishing swap lines with the UAE. Benson said that any such arrangement would benefit both the UAE and the U.S. He did not specify which other countries had made requests. The UAE's Ambassador to Washington, Yousef Al Otaiba, stated that any implications that the UAE needs external financial support are a misreading of the facts. A person familiar with the UAE's thinking said that swap lines are an "emergency measure." This concerns building confidence and signaling that the UAE is one of the most trusted economic entities, akin to Japan and Europe, and the U.S. is putting the UAE in this category. [Stock News] Tesla, Inc. (TSLA.US) unexpectedly saw positive free cash flow in the first quarter. Tesla, Inc. saw a 17% increase in profit in the first quarter, rebounding from a weak quarter last year, with increased revenue from its service department. Net profit in the first quarter rose from $409 million in the same period last year to $477 million, but fell short of analyst expectations and was the second-lowest quarterly profit in the company's five-year history. The company reported positive free cash flow of $1.44 billion for the first quarter, compared to the expected cash burn of $1.43 billion. Investors were encouraged by the recovery, with the stock price rising by 4.5% in after-hours trading. The stock is down 15% so far this year. Revenue for Tesla, Inc. in the first quarter increased by 16% to $22.4 billion, falling short of expectations. Energy storage revenue dropped by 12% to $2.4 billion. Service revenue increased by 42% to $3.7 billion. This quarter, capital expenditures surged by 67% to $2.5 billion due to the company's investments in artificial intelligence infrastructure, including manufacturing its own custom chips. Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) showcases next-generation chip technology, plans to bypass expensive new equipment from ASML Holding NV ADR. Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR showcased its latest generation of chip manufacturing technology on Wednesday and stated that it expects to produce smaller and faster chips without using ASML Holding NV ADR's expensive new machines. Serving companies like NVIDIA Corporation, Apple Inc., and Alphabet Inc. Class C, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR demonstrated improvements in two chip manufacturing technologies: one named A13, expected to be put into production in 2029 and may be used for artificial intelligence chips; and another named N2U, a more cost-effective option for manufacturing chips for smartphones, laptops, and AI chips. For all the technologies showcased by Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR on Wednesday, the company plans to extract more potential from its existing extreme ultraviolet lithography (EUV) machines from its Dutch supplier ASML Holding NV ADR, rather than transitioning to the next generation of high-NA EUV machines, which cost up to $400 million each, roughly double the cost of the older machines. Kevin Zhang, Chief Operating Officer and Senior Vice President of Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR, said, "I think this is where our R&D department has done an excellent job in leveraging the existing EUV technology and has set up a positive roadmap for technology scaling. This is definitely an advantage." [Major Bank Ratings] Wells Fargo & Company: Raised the target price for 3M (MMM.US) from $160 to $165.