Overnight US stocks | The three major stock indices rose, and spot silver rose more than 7.7%.

On Friday, the three major stock indexes rose, and the U.S. Supreme Court ruled that President Trump does not have the authority to unilaterally impose comprehensive tariffs on almost all countries under the Emergency Economic Powers Act, dealing a significant blow to Trump's signature economic policy. The Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) did not authorize the president to impose tariffs. It upheld the lower court ruling of the U.S. Federal Court of Appeals, which deemed Trump's tariffs illegal. This week, all three major stock indexes in the U.S. recorded gains, with the Dow rising by 0.25%, the S&P 500 rising by 1.07%, and the Nasdaq rising by 1.51%. [Stocks] At the close, the Dow rose by 230.81 points, or 0.47%, to 49625.97 points; the Nasdaq rose by 203.34 points, or 0.90%, to 22886.07 points; the S&P 500 rose by 47.62 points, or 0.69%, to 6909.51 points. Alphabet Inc. Class C (GOOG.US, GOOGL.US) rose by over 3.7%, Amazon.com, Inc. (AMZN.US) rose by over 2.5%, Apple Inc. (AAPL.US) rose by over 1.5%, and NVIDIA Corporation (NVDA.US) rose by over 1%. [European stocks] The DAX30 index in Germany rose by 231.37 points, or 0.92%, to 25249.35 points; the FTSE 100 index in the UK rose by 63.16 points, or 0.59%, to 10690.20 points; the CAC40 index in France rose by 116.71 points, or 1.39%, to 8515.49 points; the Euro Stoxx 50 index rose by 70.58 points, or 1.16%, to 6130.20 points; the IBEX35 index in Spain rose by 162.72 points, or 0.90%, to 18180.22 points; and the FTSE MIB index in Italy rose by 675.28 points, or 1.47%, to 46469.50 points. [Cryptocurrency] Cryptocurrencies rose by over 1.5%, with Bitcoin trading at $68,054 and Ethereum rising by over 1% to $1970.62. [Oil] International crude oil futures settlement prices were nearly flat, with a cumulative increase of over 5% for the week. The WTI crude oil futures for March contract fell by 0.06% to $66.39 per barrel, with a weekly gain of 5.56%. The Brent crude oil futures for April contract rose by 1.4% to $71.76 per barrel, with a weekly gain of 5.92%. [Metals] Spot gold rose by over 2% to $5107.93 per ounce, and spot silver rose by over 7.7% to $84.645 per ounce. [Macro News] The U.S. inflation rate in December exceeded expectations, reinforcing expectations that the Federal Reserve will remain on hold until June. The core PCE inflation rate in December exceeded expectations, and signs indicate that inflation in January will further accelerate, strengthening the market's expectation that the Fed will not cut rates before June. Data released by the Bureau of Economic Analysis of the U.S. Department of Commerce on Friday showed that the core PCE index rose by 0.4% month-on-month after excluding volatile food and energy prices, compared to economists' forecast of a 0.3% increase. The core PCE inflation rate rose by 3.0% year-on-year, compared to 2.8% in November. Core PCE is one of the Fed's preferred key indicators. This data was included in the fourth-quarter Gross Domestic Product (GDP) estimates released on Friday. Despite a slowdown in growth at the end of the year, the data still marks a robust year for the U.S. economy. The U.S. economy shrank in the first quarter due to a surge in imports before tariffs took effect, but subsequently saw one of the strongest growth rates in years. This turnaround benefited from Trump's abandonment of the toughest tariff measures and the Fed lowering interest rates, which pushed stock markets to record highs and allowed affluent Americans to continue spending. S&P Global, Inc.: U.S. business activity growth slowing in February. Due to a decrease in factory orders, a slowdown in new business growth in the service sector, and a comprehensive halt in employment growth, U.S. business activity growth in February was the slowest in ten months. The preliminary S&P Global, Inc. Composite PMI for February dropped from 53.0 in January to 52.3 this month, the lowest level since April. Readings above 50 indicate expansion in the private sector. Preliminary PMI readings for both the service and manufacturing sectors in February showed slight decreases. William Williamson, chief business economist at S&P Global, Inc., stated, "The data so far this year indicate an annualized GDP growth rate of only 1.5%, significantly slower than the strong growth in the second half of last year." Trump: Will impose a 10% global tariff on top of existing tariffs. President Trump pointed out that all national security tariffs, Section 232 tariffs, and existing Section 301 tariffs remain in effect and fully enforced. "Today, I will sign an order to impose an additional 10% global tariff on top of the normal tariffs we have already imposed, for 150 days," he said. "We will also initiate several Section 301 investigations and other investigations to protect our country from unfair trade practices." Trump also stated that the 10% tariff policy is expected to take effect in "approximately three days." U.S. Treasury Secretary Benson: Tariff revenue in 2026 will remain essentially unchanged. U.S. Treasury Secretary Benson stated that despite the Supreme Court ruling, tariff revenue in 2026 will "essentially remain unchanged" as President Trump will use alternative legal authorizations to impose tariffs. He noted that the government will invoke other authorizations to replace this measure, including sections 122, 232, and 301 granted by Congress. Benson stated in a speech prepared for the Dallas Economic Club that the Treasury Department expects the use of section 122 authorization, combined with potentially strengthened 232 and 301 tariffs, to keep tariff revenue essentially unchanged in 2026. In a question-and-answer session, he further emphasized, "No one should expect a decrease in tariff revenue." Jefferies Financial Group Inc.: Supreme Court ruling benefits consumer-driven industries such as retail, restaurants, and clothing. Analysts at Jefferies Financial Group Inc. stated in a report that several industries may benefit from the U.S. Supreme Court overturning President Trump's tariffs. They noted that the main beneficiaries would be consumer-driven categories such as retail, restaurants and beverages, beauty and personal care, food and groceries, clothing and shoes, as well as home construction and building projects. They stated that the ruling also reduces policy uncertainty and global tensions, indicating that the executive branch could face stronger institutional constraints, with an expanded role expected for the Supreme Court and Congress. "Overall, we believe this is positive for the U.S. stock market." Fed's Bostick: If inflation trends "go the wrong way" and start to rise, the Fed will have to consider raising rates. Fed's Bostick stated that the neutral interest rate could be 0.25 to 0.5 percentage points lower than the current policy rate, and if inflation trends "go the wrong way" and start to rise, the Fed will have to consider raising rates. The U.S. GDP is expected to grow by 2.4% in 2026, by 2.1% in 2027, and to return to trend levels in 2028. A significant amount of fiscal stimulus is on the way, which will have an expansionary effect on the economy but will also put pressure on inflation. Bank of America Corp. stated that the share of global funds attracted by the U.S. stock market is at its lowest since 2020. Michael Hartnett of Bank of America Corp. stated that U.S. stocks are currently the least favored relative to their international peers in five years. He wrote that so far this year, for every $100 flowing into global stock funds, only $26 flows into U.S. stocks. This is the lowest ratio since 2020, with a peak of $92 in 2022. Hartnett stated that this data suggests that the theme of the so-called American exception or continued outperformance is ending, with a relative decrease in inflows to U.S. assets rather than direct outflows. The S&P 500 is expected to remain flat in 2026, while the MSCI World Index excluding U.S. stocks is expected to rise by nearly 8%. Investor interest in U.S. stocks has decreased, with concerns including an excessive investment in artificial intelligence by large tech companies, a weakening U.S. dollar due to Trump administration policies, and an increasing inclination to invest in cyclically driven stocks benefiting from economic growth. [Individual Stock News] Report: NVIDIA Corporation (NVDA.US) is close to investing $30 billion in OpenAI. As part of a long-awaited financing round, NVIDIA Corporation is close to investing $30 billion in OpenAI. Media previously reported that NVIDIA Corporation would invest $20 billion in this financing round. The report stated that this investment would actually replace a larger agreement previously planned between the two companies. Earlier reports had initially indicated that NVIDIA Corporation's announced investment of up to $100 billion in OpenAI in September had "stalled" due to private criticism by CEO Jensen Huang of this ChatGPT manufacturer.