Overnight US stocks | S&P 500 index rose for nine consecutive days, erasing the "tariff plunge", Chinese concept stocks surged more than 3%

On Friday, all three major indices closed up more than 1%, and recorded gains for the week. The S&P 500 and Dow Jones both rose for the 9th consecutive day. Boosted by a "moderate" cooling of the US labor market and more positive news on tariffs, risk assets generally rose. [US Stocks] At the close, the Dow Jones rose 564.47 points, up 1.39%, to 41317.43 points, with a weekly gain of 3.00%; the Nasdaq rose 266.99 points, up 1.51%, to 17977.73 points, with a weekly gain of 3.42%; the S&P 500 Index rose 82.53 points, up 1.47%, to 5686.67 points, with a weekly gain of 2.92%. The S&P 500 index recorded its longest consecutive gain since November 2004, recovering from the decline since April 2. Meta (META.US) rose 4.34%, NVIDIA Corporation (NVDA.US) rose 2.47%, Tesla, Inc. (TSLA.US) rose 2.38%, Microsoft Corporation (MSFT.US) rose 2.32%, Apple Inc. (AAPL.US) fell 3.74%. The Nasdaq Golden Dragon China Index rose 3.50%, with a weekly increase of 3.14%. Popular Chinese stocks Pony.ai (PONY.US) rose over 21%, XPeng, Inc. ADR Sponsored Class A (XPEV.US) rose 5.84%, JD.com, Inc. Sponsored ADR Class A (JD.US), PDD Holdings Inc. Sponsored ADR Class A (PDD.US), Alibaba Group Holding Limited Sponsored ADR (BABA.US), Zhihu, Inc. Sponsored ADR (ZH.US), iQIYI, Inc. Sponsored ADR Class A (IQ.US) all rose over 4%. [European Stocks] The German DAX30 index rose 2.62% to 23086.65 points; the UK FTSE 100 index rose 1.17% to 8596.35 points; the French CAC 40 index rose 2.33% to 7770.48 points; the Euro Stoxx 50 index rose 2.42% to 5285.19 points; the Spanish IBEX35 index rose 1.20% to 13446.70 points; the Italian FTSE MIB index rose 1.92% to 38327.94 points. [Forex] At the end of Friday in New York, the ICE US Dollar Index fell 0.27% to 99.973 points, with a weekly gain of 0.50%. The Bloomberg Dollar Index fell 0.43% to 1224.64 points, with a weekly decline of 0.12%. [Cryptocurrency] With the continued increase in risk appetite, Bitcoin rose by about 0.5% at the end of New York trading, approaching $97,000. [Metals] Spot gold rose 0.11% to $3240.61 per ounce, but fell 2.35% for the week. COMEX gold futures rose 0.77% to $3247.00 per ounce, with a weekly decline of 1.58%. [Oil] WTI futures for June delivery on the New York Mercantile Exchange fell 1.6% to close at $58.29 per barrel, with a weekly decline of over 7.50%. Brent crude oil futures for July delivery fell 1.4% to close at $61.29 per barrel, with a weekly decline of over 6.85%. [Macro News] US adds 177,000 jobs to strengthen "soft landing" path and interest rate cut expectations remain strong. The US April non-farm employment market continued to grow steadily, with the unemployment rate remaining stable, indicating that the new round of aggressive global tariff policies and global trade battles led by US President Donald Trump have not yet had a substantial negative impact on US corporate recruitment plans. Data released by the US Department of Labor on Friday showed that non-farm employment increased by 177,000 people in the month, lower than the previous month's statistics but better than the economists' expected 130,000, with slight downward revisions to the previous two months' non-farm employment data. The unemployment rate remained at 4.2%, in line with market expectations. OPEC+ considers increasing oil production by around 400,000 barrels in June. On Friday, media reports cited many delegates who said that OPEC+ is discussing increasing oil production by about 400,000 barrels in June. In response to the news, WTI crude oil and Brent crude oil futures both plummeted. Earlier in the day, OPEC+ decided to hold a policy-making conference call scheduled for Monday earlier, and OPEC+ will hold a video conference on Saturday, May 3. Previously, OPEC+ had already increased oil production by 411,000 barrels per day, nearly three times the original plan. This move is aimed at restraining member countries with excess production. Delegates said that the organization is considering taking the same measures next month. US government proposes cutting $163 billion from federal budget in 2026. The Trump administration announced on May 2 local time that it will cut $163 billion from federal expenditures next year. The White House Office of Management and Budget stated that the proposed budget would increase defense spending by 13%, increase homeland security spending by nearly 65%, and reduce non-defense discretionary spending by 23%, to the lowest level since 2017, compared to the levels set in 2025. Canadian Prime Minister to meet with Trump in the US, says not expecting quick agreement. On Friday local time, Canadian Prime Minister Justin Trudeau said he will travel to Washington next Tuesday for a "difficult but constructive" meeting with US President Trump. Trudeau said the focus of the meeting with Trump next Tuesday will be on current trade pressures and broader future economic and security relationships. Trudeau stated that negotiations with Trump are expected to be difficult but constructive, but do not expect a quick agreement, as the US has imposed tariffs on many Canadian products and Canada has also.Revenge.Individual stock news NVIDIA Corporation is unwilling to give up the Chinese market! Plans to launch "Chinese special edition" AI chips. According to the latest reports from the media, the global "AI chip leader" NVIDIA Corporation has informed its most important customers in the Chinese market, including ByteDance, Alibaba Group Holding Limited Sponsored ADR, and Tencent, that the company is redesigning its AI chip architecture to comply with the latest export restrictions imposed by the U.S. government, and is committed to continue supplying AI chips to Chinese companies. According to the latest report from "The Information", NVIDIA Corporation CEO Jensen Huang disclosed this latest plan for China-specific AI chips to customers during his recent high-profile visit to the Chinese market. Companies like NIKE, Inc. Class B (NKE.US), Adidas (ADDYY.US), and Under Armour (UAA.US) seek tariff exemptions due to cost concerns. Major footwear companies represented by industry associations, including NIKE, Inc. Class B, Adidas, Under Armour, and Puma, have requested the Trump administration for tariff exemptions on their products. The organization expressed concerns that tariffs would significantly increase footwear costs for American consumers and could lead to business closures. The association emphasized that the footwear industry is already burdened with heavy tariff costs, with existing tariff rates on children's footwear already as high as 37.5% prior to the implementation of new reciprocal tariffs. They warned that additional tariffs could increase tariff rates for many companies to between 150% and nearly 220%, which would be unsustainable, especially for companies offering affordable footwear to middle and low-income families. Apple Inc. partners with Anthropic to develop AI-driven programming software. Apple Inc. is collaborating with startup company Anthropic to develop a new software platform that utilizes artificial intelligence (AI) to assist programmers in writing, editing, and testing code. This platform is an upgrade to Apple Inc.'s existing programming software Xcode, and will integrate Anthropic's Claude Sonnet model. Sources indicate that Apple Inc. plans to initially launch this software internally. However, the tech giant has not yet confirmed whether it will release the software to the public.