Overnight US stocks | The non-farm payrolls in the United States exceeded expectations in April, with the S&P 500 and Nasdaq rising for the sixth consecutive week. Micron Technology, Inc. (MU.US) surged over 15%, surpassing a market value of $840 billion.

On Friday, the three major indexes rose. The S&P 500 index and the Nasdaq set new record highs again. All three indexes recorded gains for the week, with both the S&P and the Nasdaq rising for six consecutive weeks. The Dow rose by 0.22% for the week, the S&P 500 rose by 2.33%, and the Nasdaq surged by 4.51%. [US Stocks] At the close, the Dow rose by 12.19 points, or 0.02%, to 49,609.16 points; the Nasdaq rose by 440.88 points, or 1.71%, to 26,247.08 points; and the S&P 500 index rose by 61.82 points, or 0.84%, to 7,398.93 points. Micron Technology, Inc. (MU.US) surged by 15.49%, with a market value exceeding $840 billion; Intel Corporation (INTC.US) rose by 13.96%, Dell Technologies, Inc. Class C (DELL.US) rose by 13.05%. The Nasdaq Golden Dragon Index fell by 0.47%, while Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell by 0.67%. [European Stocks] The German DAX30 Index fell by 320.55 points, or 1.30%, to 24,350.99 points; the UK's FTSE 100 index fell by 40.98 points, or 0.40%, to 10,235.97 points; the French CAC40 index fell by 89.51 points, or 1.09%, to 8,112.57 points; the Euro Stoxx 50 index fell by 58.40 points, or 0.98%, to 5,914.25 points; the Spanish IBEX35 index fell by 161.58 points, or 0.90%, to 17,890.42 points; and the Italian FTSE MIB index fell by 18.51 points, or 0.04%, to 49,272.50 points. [US Dollar Index] The US dollar index, which measures the US dollar against six major currencies, fell by 0.17% on the day, closing at 97.900 in the forex market. At the New York closing, 1 euro was equivalent to 1.1778 US dollars, higher than the previous trading day's 1.1751 US dollars; 1 pound was equivalent to 1.3622 US dollars, higher than the previous trading day's 1.3583 US dollars. 1 US dollar was equivalent to 156.71 Japanese yen, higher than the previous trading day's 156.67 Japanese yen; 1 US dollar was equivalent to 0.7766 Swiss francs, lower than the previous trading day's 0.7788 Swiss francs; 1 US dollar was equivalent to 1.3681 Canadian dollars, higher than the previous trading day's 1.3635 Canadian dollars; and 1 US dollar was equivalent to 9.2323 Swedish crowns, lower than the previous trading day's 9.2432 Swedish crowns. [Cryptocurrency] Bitcoin had little fluctuation, trading at $80,240; Ethereum rose by over 1%, trading at $2,308.8. [Crude Oil] June WTI rose by 0.6%, settling at $95.42 per barrel; July Brent rose slightly by 1.2%, settling at $101.29 per barrel. [Precious Metals] Spot gold rose by 0.58% to $4,715.57 per ounce; spot silver rose by 2.49% to $80.339 per ounce. [Macro News] Non-farm payrolls data beat expectations, and US companies have not been affected by the Iran war. The addition of 115,000 jobs in April far exceeded expectations, thanks to strong corporate profits and good responses by companies to supply chain disruptions caused by the Iran war. The unemployment rate remained at 4.3%, in line with economists' expectations. Changes in various aspects, from trade to immigration to tax policies, have brought challenges to companies, but most have not conducted large-scale layoffs. At the same time, companies seem to be calm in the face of various intertwined negative factors. Robust consumer demand means that despite news of significant layoffs at well-known companies, low hirings often accompany relatively low levels of layoffs. Data from the Department of Labor and human resources company ADP earlier this week showed that the job market is stabilizing. Strong hiring in the healthcare and social assistance sectors also supported overall employment data. With the US stock market at or near record highs, it has boosted the confidence of corporate CEOs. The full impact of the conflict with Iran and the resulting rise in energy prices has not yet been evident in the labor market. Rising oil prices in the US have put greater pressure on low-income families, which may curb travel and service spending, thereby dragging down recruitment in industries such as retail and leisure. The impact of rising oil prices on airlines is particularly severe. However, these effects have not yet been clearly reflected in monthly employment data. Fed's Quarles: All rate options are on the table. Chicago Fed President Quarles said that all rate options are on the table at the moment, not only rate cuts. At the end of April, the Fed kept rates unchanged, with three officials opposing the wording in the statement suggesting that the next move might be a rate cut, arguing that the possibility of a rate hike should be retained. Quarles's remarks reflect a shift among Fed policymakers - no longer considering a rate cut in the near term, mainly due to the inflationary pressures caused by the energy price spike from the Iran war. He reiterated that both rate cuts and hikes are under consideration and expressed anxiety about inflation, believing that there are price pressures beyond the energy shock. Fed's Financial Stability Report: Risks related to private credit redemptions are "manageable". In a financial stability report released on Friday, the Fed said that, despite some prominent companies in the market preventing investors from withdrawing funds from their funds, the stability risks from further private credit redemption requests appear to be "limited and manageable." The Fed said, "Although the outflow volume from these funds slightly exceeded new inflows in the first quarter of 2026, redemption requests remain under control." The Fed pointed out that continued redemptions and negative sentiment could lead to a reduction in credit available to certain borrowers, particularly those with relatively higher credit risk. Private credit has exploded since the 2008 financial crisis, but has faced challenges recently as some funds have faced record redemption requests. Earlier reports from the media stated that, after these requests surged, the Fed had asked major US banks for detailed information on their exposure to private credit risk. At the same time, Trump's top regulatory agencies are seeking to relax rules for Wall Street's large lending institutions, in part to help traditional lenders better compete with non-bank companies. US to issue AI security executive order, but will not include mandatory model testing. The Trump administration is reportedly preparing to order US agencies to work with AI companies to protect networks from AI-driven cyberattacks, but the order will not require advanced models to be approved by the government. Sources say that a draft executive order by President Trump will modify the existing Cybersecurity Information Sharing program to include AI companies, targeting threats posed by emerging technologies. These changes will make it easier to detect and patch vulnerabilities in federal, state, and local networks, as well as in critical US infrastructure, without the need for new regulations on AI models. It is not clear when Trump will sign the measure, and it could still change. US consumer confidence hits a record low as oil prices and inflation worries rise. Consumer confidence in the US has fallen to new historic lows in recent weeks, as consumers are concerned about the impact of inflation on their personal finances and purchasing power. Data from the University of Michigan shows that the preliminary consumer confidence index for May has fallen from 49.8 in April to 48.2. Consumers expect the annual inflation rate in the next year to be 4.5%, slightly lower than the previous month; while the long-term inflation expectation for the next 5-10 years is 3.4%. With Americans anxious about the overall cost of living, coupled with a sharp rise in gas prices, consumer confidence remains bleak. The American Automobile Association (AAA) data shows that the average gas price in the US broke through $4.50 per gallon for the first time since July 2022, rising over 50% since the outbreak of the Iran war. Joanne Hsu, head of the survey, said, "About one-third of consumers mentioned gas prices proactively, while about 30% mentioned tariff issues. Overall, consumers still feel the impact of cost pressures, with the most significant driving factor being the soaring gas prices at gas stations." The current situation index for May dropped to 47.8, hitting an all-time low, while the expectations index rose for the first time since January. Consumers rated their current financial situation at their lowest level since 2009, and the buying conditions index dropped to a five-month low. JPMorgan warns that US gas prices could rise to $5 per gallon. JPMorgan analysts warned that American gas prices could "entirely possibly" rise to $5 per gallon as refineries prioritize producing jet fuel at the expense of other oil products. In a report on Friday, the analyst team pointed out that in the most severely affected areas in Asia due to the energy crisis, the price impact triggered by the Iran war is transmitted to refined oil markets such as aviation fuel and diesel much faster than the crude oil market. If refineries continue to be suppressed by limited crude oil supplies, fuel prices could become the "main conduit for demand destruction". "In this scenario, even if the spread between refined oil prices widens significantly, crude oil prices may stabilize around $100 per barrel. At that time, the next stage of the impact no longer appears to be a traditional surge in crude oil, but more like a refining and end-fuel supply crisis." At present, the product most affected by the price spike is aviation fuel, prompting refineries to maximize aviation coal production, which usually means a reduction in diesel production. The chain reaction has also spread to gasoline production. The analysts said, "This may explain why US gasoline prices have already risen to $4.55 per gallon, and it indicates why the risk of gasoline prices rising to $5 cannot be ignored." [Stock News] Alphabet Inc. Class C's Isomorphic Labs to raise over $2 billion in new funding. According to insiders, Isomorphic Labs, an AI drug discovery company spun off from Alphabet Inc. Class C (GOOG.US)'s DeepMind, is in deep discussions to raise over $2 billion in a new round of funding. One insider stated that Thrive Capital, the venture capital company that led the initial funding for Isomorphic Labs last year, will be leading the new round of funding. Another insider stated that Alphabet is also involved, but the funding round has not yet concluded. This additional funding would signal a further step in Alphabet's long-term plan to transition its futuristic bets into independent businesses. Waymo, Alphabet's self-driving division, recently raised $16 billion at a $126 billion valuation. Apple Inc. reaches preliminary chip manufacturing agreement with Intel Corporation. According to reports, insiders revealed that Apple Inc. (AAPL.US) and Intel Corporation (INTC.US) have reached a preliminary agreement for Intel Corporation to produce chips for certain Apple Inc. devices. Insiders said that the intensive negotiations between the two companies have been ongoing for over a year, and a formal agreement was reached in recent months. It is not yet clear which Apple Inc. products Intel Corporation will manufacture chips for. Apple Inc. ships over 200 million iPhones annually, as well as millions of iPads and Mac computers. Intel Corporation's main business is chip design and manufacturing (including its own and external customers'). Both businesses had been struggling before CEO Pat Gelsinger took over last spring. Last summer, the Trump administration converted nearly $9 billion in federal funding into Intel Corporation stock, with a 10% stake, facilitating Apple Inc.'s participation in the negotiations. Reports indicate that US Commerce Secretary Raimondo has met Apple Inc. CEO Tim Cook, Tesla, Inc. CEO Elon Musk, and NVIDIA Corporation CEO Jensen Huang multiple times over the past year, trying to convince them to cooperate with Intel Corporation. With Apple Inc.'s entry, Intel Corporation has now established partnerships with all three companies mentioned above.