Overnight US stocks | The three major indexes moved in different directions, semiconductor stocks collectively rebounded, and Marvell Technology, Inc. (MRVL.US) rose by 9.6%. OpenAI revealed that it has secretly submitted an IPO application.

On Monday, the three major indexes rose and fell unevenly, and semiconductor stocks erased some of the losses from the previous trading day. [US Stocks] At the close, the Dow Jones fell by 80.77 points, a decrease of 0.16%, to 50786.01 points; the Nasdaq rose by 220.23 points, an increase of 0.86%, to 25929.66 points; the S&P 500 rose by 21.99 points, an increase of 0.3%, to 7405.73 points. Marvell Technology, Inc. (MRVL.US) rose by 9.6%, Intel Corporation (INTC.US) rose by 11%, and Micron Technology, Inc. (MU.US) rose by nearly 10%. The Nasdaq China Golden Dragon Index closed down by 0.6%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) dropped by nearly 1%. [European Stocks] The German DAX30 index fell by 146.65 points, a decrease of 0.59%, to 24627.07 points; the UK FTSE 100 index fell by 1.85 points, a decrease of 0.02%, to 10366.20 points; the French CAC40 index fell by 18.95 points, a decrease of 0.23%, to 8199.29 points; the Euro Stoxx 50 index rose by 2.28 points, an increase of 0.04%, to 6064.35 points; the Spanish IBEX35 index fell by 121.18 points, a decrease of 0.66%, to 18223.72 points; the Italian FTSE MIB index rose by 287.45 points, an increase of 0.58%, to 50180.50 points. [Asian Stock Markets] The Nikkei 225 index fell by 3.85%, the Korea Composite Stock Price Index fell by 8.29%, and the India Sensex index fell by 0.97%. [US Dollar Index] The US dollar index against six major currencies fell by 0.03% on the day, closing at 100.042 in the foreign exchange market. At the close of the New York foreign exchange market, 1 euro exchanged for 1.1528 US dollars, higher than the previous trading day's 1.1523 US dollars; 1 pound exchanged for 1.3339 US dollars, higher than the previous trading day's 1.3337 US dollars. 1 US dollar exchanged for 160.26 Japanese yen, higher than the previous trading day's 160.17 Japanese yen; 1 US dollar exchanged for 0.7979 Swiss francs, higher than the previous trading day's 0.7962 Swiss francs; 1 US dollar exchanged for 1.3956 Canadian dollars, higher than the previous trading day's 1.3949 Canadian dollars; and 1 US dollar exchanged for 9.4401 Swedish kronor, lower than the previous trading day's 9.4735 Swedish kronor. [Cryptocurrency] Bitcoin returned above $63,000, trading at $63,540; Ethereum traded at $1696.81. [Crude Oil] The price of light crude oil futures for July delivery on the New York Mercantile Exchange rose by 76 cents to close at $91.30 per barrel, an increase of 0.84%; the price of Brent crude oil futures for August delivery on the London Futures Exchange rose by $1.16 to close at $94.25 per barrel, an increase of 1.25%. [Precious Metals] Spot gold rose by 0.04% to $4329.83 per ounce; spot silver was at $68.171 per ounce. Since hitting a historical high in late January of this year, international gold prices have been continuously fluctuating downward. In June, with the increase in expectations of the Federal Reserve raising interest rates, the decline in gold prices has accelerated significantly, almost wiping out the gains seen earlier in the year. It is worth noting that despite the continued adjustment in gold prices, the enthusiasm of central banks worldwide to buy gold has not diminished, and the proportion of gold in global official reserves continues to rise. Analysts believe that the surge in energy prices due to the US-Iran conflict has not activated the traditional safe-haven function of gold. Instead, it has exerted pressure on gold prices due to the increase in inflation expectations. In the short term, the strengthening US dollar and rising US bond yields have increased the opportunity cost of holding gold, putting pressure on gold prices. However, in the medium to long term, factors such as the continuous increase in central banks' holdings of gold, the restructuring of the international reserve system, and the long-term existence of safe-haven demand will continue to support gold prices. [Macro News] A US judge stops Trump's $100,000 fee for H-1B visas. According to reports, a federal judge overturned a measure implemented by Trump to charge $100,000 for H-1B visa applications, bringing relief to US tech companies that rely on hiring high-skilled foreign workers. Leo T. Sorokin, a federal judge in Massachusetts, ruled on Monday that Trump's executive order to significantly increase the cost of this popular visa application constitutes illegal taxation and must be revoked. The US government is expected to appeal this ruling. Bank of America warns of increasing bear market signals in US stocks. Bank of America Securities stated that investors should be cautious about US stocks, as more and more signals of a bear market indicate that the market is nearing a peak. In a report dated June 5, led by strategist Savita Subramanian, their team noted that about 70% of bear market signals have been triggered, which is consistent with the average level during historical market peaks. Among the 20 valuation indicators for the S&P 500 index, 17 show "statistically significant overvaluation," with 8 indicators even higher than during the tech bubble period. In addition, high valuation stocks have significantly outperformed low valuation stocks, a sign of "excessive speculation." Within the tech sector, the gap between the performance of the top and bottom five percentiles has widened to the highest level since February 2000. The strong performance of the S&P 500 index "masks the severe differentiation within its components," with the gap between the top 10% and bottom 10% of returns among index components reaching its highest level since the post-pandemic era. While the fundamentals of some tech stocks remain healthy, Subramanian pointed out that the cash flow conversion rate has stagnated, the supply of investment-grade bonds and stocks has increased, the proportion of stock buybacks to market capitalization has declined, and the capital expenditure of mega-cap cloud computing companies is expected to reach close to 100% of operating cash flow by the end of the year, higher than 40% in 2023. Iran's UN envoy: Hope for US-Iran talks to reach agreement by the end of June. Iran's ambassador to the United Nations, Amir Saeid Iravani, stated on Monday that Iran and the United States are still working towards a peace agreement through negotiations, and he is optimistic about reaching a final result "soon." When asked if there is hope for an agreement by the end of June, Iravani responded, "We hope so." He also emphasized that the current ceasefire agreement is comprehensive and applies to the entire region, including Lebanon, although this statement has been opposed by Israel. Meanwhile, Israeli Prime Minister Netanyahu stated that although Israel has decided not to take further action against Iran, it will continue to strike Hezbollah in Lebanon. [Stock News] Apple Inc. introduces a new AI platform including an AI version of Siri. Apple Inc. announced its next-generation artificial intelligence platform, including upgrades to Siri. Craig Federighi, Apple Inc.'s software chief, stated at the company's Worldwide Developers Conference (WWDC) keynote that the new Apple Intelligence, powered by Alphabet Inc. Class C technology, will be able to better understand the context of user requests. This is a critical moment for Apple Inc. Two years ago, when Apple Inc. first launched the Apple Intelligence platform, many of its features were slow to roll out or lagged behind competitors in performance. The comprehensive upgrade of Siri is at the core of Apple Inc.'s AI revival plan. Since its introduction in 2011, Siri has been unable to keep up with the development pace of its competitors in AI capabilities. Federighi stated at the event that the new software update will focus on three areas: artificial intelligence, performance improvements, and security. In terms of the Mac product line, the next generation of macOS will be named Golden Gate. Apple Inc. has also made adjustments to the Liquid Glass design introduced last year, including a new slider feature that allows users to adjust the intensity of visual effects. SpaceX IPO reportedly receives significantly oversubscribed demand. According to reports, sources familiar with the matter stated that the SpaceX initial public offering (IPO) has received significantly oversubscribed demand, as market interest in this potentially record-breaking listing heats up. The main underwriters foresee closing book-building after the close of the New York markets at 4 p.m. on Wednesday afternoon, halting institutional investor subscriptions. The closing of the book-building will allow the banks time to assess demand and provide recommendations on pricing to the company. The IPO of SpaceX is scheduled to be priced on June 11 and begin trading the following day. The company will issue 5.556 billion shares, priced at $135 per share, raising approximately $750 billion, with a valuation of approximately $1.8 trillion. Retail investors will still be able to submit orders for SpaceX shares on some platforms after the Wednesday deadline. Previous reports indicated that up to 30% of the shares in this offering will be allocated to retail investors. Vale S.A. Sponsored ADR CEO: Global metal demand not disrupted by war. Gustavo Pimenta, CEO of Vale S.A. Sponsored ADR (VALE.US), the world's largest iron ore producer, stated that there are currently no signs of global metal market demand being disrupted by war, and the company's profit margins have actually expanded after the disruption of raw material transportation due to the Iran conflict. Pimenta stated that Vale S.A. Sponsored ADR is focused on realizing the value of its assets rather than seeking acquisition opportunities. He added that global demand for key minerals has always been "constructive" for the company. The shipping disruptions in the Strait of Hormuz have raised fuel prices and shipping rates, affecting mining companies like Vale S.A. Sponsored ADR, but the price increases and sales growth have offset these impacts. Vale S.A. Sponsored ADR has raised its full-year free cash flow forecast by $1.5 billion, reflecting the favorable impact of the rise in iron ore prices since the outbreak of the Iran conflict. Vale S.A. Sponsored ADR currently expects the average iron ore price for the year to reach $112 per ton, higher than the predicted $102 per ton before the conflict. OpenAI reveals secretly submitting IPO application. OpenAI released a statement on Monday stating, "We recently submitted the S-1 document secretly. We expect it to leak, so we are directly disclosing it. The specific timing of the IPO is not yet determined; it may take some time as certain things are easier to do as a private company. However, there are a series of complex trade-offs involved, and this document will allow us to choose a faster listing when the time is right." This statement from OpenAI indicates that the company is seeking to capitalize on the artificial intelligence boom, with its competitor Anthropic also advancing in the listing process.