Overnight US stocks | Three major indices continued yesterday's upward trend. SanDisk (SNDK.US) rose by over 9%, while oil prices fell.

On Wednesday, the three major indexes continued to rise as the market increasingly anticipated the end of the US-Iran war, causing oil prices to fall on the first trading day of April. US Stocks At the close, the Dow Jones rose 224.35 points, or 0.48%, to 46565.86 points; the Nasdaq rose 250.32 points, or 1.16%, to 21840.95 points; the S&P 500 rose 46.84 points, or 0.72%, to 6575.36 points. Western Digital Corporation (WDC.US) rose 10%, Intel Corporation (INTC.US), SanDisk (SNDK.US), Micron Technology, Inc. (MU.US) rose around 9%. NIKE, Inc. Class B (NKE.US) plunged 15%. The NASDAQ China Dragon Index rose 0.3%, iQIYI, Inc. Sponsored ADR Class A (IQ.US) rose 2%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell 1%. European StocksThe German DAX30 Index rose 676.54 points, or 2.99%, to 23309.72 points; the UK FTSE 100 Index rose 187.38 points, or 1.84%, to 10363.83 points; the French CAC40 Index rose 164.33 points, or 2.10%, to 7981.27 points; the European Stoxx 50 Index rose 163.97 points, or 2.94%, to 5733.70 points; the Spanish IBEX35 Index rose 536.50 points, or 3.15%, to 17586.10 points; the Italy FTSE MIB Index rose 1425.79 points, or 3.22%, to 45735.50 points. Asian Stock MarketThe Nikkei 225 Index rose 5.24%, and the South Korea KOSPI Index rose over 8.4%. CryptocurrencyBitcoin edged up to $68269.17, while Ethereum rose over 2.6% to $2152. Crude OilLight crude oil futures for May delivery on the New York Mercantile Exchange fell $1.26 to close at $100.12 a barrel, down 1.24%; Brent crude oil futures for June delivery fell $2.81 to close at $101.16 a barrel, down 2.7%. US Dollar IndexThe US Dollar Index, which measures the US dollar against six major currencies, fell 0.32% to close at 99.648 in the forex market. At the close of the New York forex market, 1 Euro was worth $1.1607, higher than the previous trading day's $1.1523; 1 British Pound was worth $1.3324, higher than the previous trading day's $1.3189. 1 US Dollar was worth 158.82 Japanese Yen, lower than the previous trading day's 158.95 Japanese Yen; 1 US Dollar was worth 0.7931 Swiss Francs, lower than the previous trading day's 0.8008 Swiss Francs; 1 US Dollar was worth 1.3895 Canadian Dollars, lower than the previous trading day's 1.3937 Canadian Dollars; 1 US Dollar was worth 9.3935 Swedish Kronas, lower than the previous trading day's 9.4895 Swedish Kronas. Precious MetalsSpot gold closed at $4756.81 and spot silver closed at $75.104. Macro News Trump plans to reshape steel and aluminum tariffs: end-products to be uniformly taxed at 25%, replacing the 50% tariff based on metal value. According to reports, the Trump administration is preparing to reshape its steel and aluminum tariff system by adjusting end-product tariffs to simplify compliance processes. The net effect of these changes may mean that the actual costs of many imported products will rise. According to informed sources, an announcement expected to be released as early as this week will impose a 25% tariff on end-products containing imported steel and aluminum. The 25% tariff will apply to the overall price of products containing steel and aluminum (i.e. derivative products), replacing the current 50% tariff, which taxes the portion of products containing metal value. Bulk steel and aluminum products will still have a 50% tariff - i.e. goods made almost entirely of these metals. If certain goods are made almost entirely of metal, they may be reclassified as bulk goods. White House spokesman Kush Desai said the government has "consistently stated that it is implementing a detailed, flexible, multi-pronged strategy to bring key manufacturing back to the United States," adding, "Reports of potential administrative actions not yet officially announced by the government should be treated as unconfirmed speculation." US intelligence agencies: Iran currently has no intention to engage in substantive negotiations, believe Trump lacks sincerity. According to reports, US officials revealed that multiple US intelligence agencies recently assessed that the Iranian government is currently unwilling to engage in substantive negotiations to end the US-Iran war. Officials said the assessment suggests that the Iranian government believes it is in a strong position in the war and does not need to succumb to US diplomatic demands. They said that although Iran is willing to keep communication channels open, the country does not trust the US and believes that President Trump is not sincere in negotiations. Over the past year, Trump has ordered attacks on the country twice during negotiations on the nuclear program. These assessments are consistent with recent statements by Iranian officials. US and Iranian officials have said the two countries are exchanging information through intermediary countries, and perhaps directly, but have not negotiated conditions for a ceasefire or end to the war. Media: Trump will announce the end of the war in prime time, blaming NATO for the responsibilities in the Strait. According to reports, US President Trump is set to deliver a significant speech in prime time on Wednesday night, where he will announce that the one-month-long Iran war is coming to an end. Trump has conveyed this message in interviews, social media posts, and public statements over the past 24 hours, setting the stage for the upcoming speech. Six sources revealed that Trump is expected to claim in the speech that all military objectives have been achieved. Trump also intends to strongly blame NATO allies for the biggest unresolved issue in the war - the restriction of navigation in the Strait of Hormuz. As Trump prepares to deliver the speech, 2,500 US Marine soldiers are currently heading to the Middle East. The speech may be primarily aimed at alleviating voter concerns and Wall Street's anxiety about the energy market and the potential chain reaction caused by the closure of the strait. As the conflict continues, the speech provides Trump with an opportunity to explain the war goals, the so-called "victory" standards, and how he plans to move forward if ceasefire negotiations reach a stalemate. Short sellers heavily bet on a sharp drop in oil prices, most suffer heavy losses. According to reports, a group of oil traders heavily shorted, betting that oil prices would fall from the war-driven highs, but most traders are currently suffering heavy losses. Data shows that ETF investors poured $977 million into the ProShares UltraShort Bloomberg Crude Oil ETF (SCO) in March, marking the largest single-month capital inflow since the fund was established in 2008. SCO provides daily double inverse returns on changes in oil prices. Despite the record capital inflow, SCO's total assets amount to only $970 million, lower than the total monthly inflow. Asym 500 founder Rocky Fishman said, "This is a bet on 'the war ending soon'." After President Trump hinted at the possible end of the Iran war again on Tuesday, the fund rose by 8%, but still fell by 41% in March, marking its worst performance in nearly six years. However, short bets are only half of the market picture, as long funds also set records. The US Oil Fund (USO) attracted about $700 million in March, the largest single-month inflow since the pandemic, and the United States Brent Oil Fund (BNO) attracted $600 million, the highest in history. The market is highly polarized, with leverage funds hedging on both sides. US March Manufacturing PMI hits over three-year high, supplier delivery times extend. US manufacturing accelerated in March, but the index measuring factory input prices surged to the highest level in nearly four years as the Middle East war resulted in longer supplier delivery times for raw materials. The US Institute for Supply Management (ISM) said on Wednesday that the March Manufacturing PMI rose slightly from 52.4 in February to 52.7, hitting the highest level since August 2022. This is also the third consecutive month that the index has been above the 50 boom-bust threshold, indicating that the manufacturing sector is expanding. The increased reason may be due to longer supplier delivery times. Typically, this is associated with a strong economy and an increase in customer demand, but in the current situation, slower supplier delivery may reflect supply chain disruptions. The ISM survey found that the Supplier Deliveries Index rose from 55.1 in February to 58.9, higher than 50 indicating slower delivery speeds. Due to supply chain disruptions, manufacturers increased input prices last month, with the index accelerating from 70.5 in February to 78.3, the highest since June 2022. The survey also showed that the New Orders Subindex fell from 55.8 in February to 53.5, and the growth momentum of backlogs also slowed. Employment indicators remain weak, with manufacturing jobs down 100,000 since January 2025. Individual Stock News Related Digital is finalizing a $16 billion financing for Oracle Corporation's (ORCL.US) giant data center. The developer has been raising funds to build a campus in Michigan that will allow Oracle to support applications from OpenAI. Earlier, banks raised other massive debt financing for Oracle's data centers: including a $38 billion debt financing for data centers in Texas and Wisconsin; and a $18 billion debt financing for a data center in New Mexico.