Overnight US stocks | This week, all three major stock indices recorded gains, while Tesla, Inc. (TSLA.US) fell by 5.42%.

On Thursday, the three major indices had mixed movements, all recording gains for the week. The Dow Jones Industrial Average posted a weekly gain of 2.96%, the Nasdaq rose 4.44%, and the S&P 500 gained 3.36%. The US stock market was closed on Friday for Good Friday. The non-farm employment report for March is scheduled to be released on Friday morning. [US Stock Market] At the close, the Dow fell 61.07 points, or 0.13%, to 46504.67 points; the Nasdaq rose 38.23 points, or 0.18%, to 21879.18 points; the S&P 500 rose 7.37 points, or 0.11%, to 6582.69 points. Tesla, Inc. (TSLA.US) fell 5.42%, NVIDIA Corporation (NVDA.US) rose 0.93%, Micron Technology, Inc. (MU.US) fell 0.44%, and SanDisk (SNDK.US) rose 1.28%. [European Stock Market] The German DAX30 index fell 136.67 points, or 0.59%, to 23138.50 points; the UK's FTSE 100 index rose 77.19 points, or 0.74%, to 10441.98 points; the French CAC40 index fell 18.88 points, or 0.24%, to 7962.39 points; the Euro Stoxx 50 index fell 38.21 points, or 0.67%, to 5694.50 points; the Spanish IBEX35 index fell 36.37 points, or 0.21%, to 17544.03 points; the Italian FTSE MIB index fell 90.45 points, or 0.20%, to 45624.50 points. [Asian Stock Market] The Nikkei 225 index fell by 2.38%, and the South Korea KOSPI index fell by 4.47%. [Cryptocurrency] Bitcoin fell by 1.89% to $66839.85, while Ethereum fell by 3.6% to $2060.9. [Oil] The price of light crude oil futures for delivery in May on the New York Mercantile Exchange rose $11.42 to close at $111.54 per barrel, an increase of 11.41%. The price of Brent crude oil futures for delivery in June rose $7.87 to close at $109.03 per barrel, an increase of 7.78%. [US Dollar Index] The US Dollar Index, which measures the value of the US dollar against six major currencies, rose by 0.38% to close at 100.024 in the forex market. At the close of the New York forex market, 1 euro exchanged for $1.1544, lower than the previous trading day of $1.1607; 1 pound exchanged for $1.3227, lower than the previous trading day of $1.3324. 1 US dollar exchanged for 159.34 Japanese yen, higher than the previous trading day of 158.82 Japanese yen; 1 US dollar exchanged for 0.7984 Swiss francs, higher than the previous trading day of 0.7931 Swiss francs; 1 US dollar exchanged for 1.3921 Canadian dollars, higher than the previous trading day of 1.3895 Canadian dollars; 1 US dollar exchanged for 9.4234 Swedish Krona, higher than the previous trading day of 9.3935 Swedish Krona. [Precious Metals] Spot gold fell by 1.71% to $4675.61, while spot silver closed at $73.037. [Macro News] Federal Reserve's Williams: Inflation and employment risks are balanced and tend to remain inactive. New York Fed President Williams said that the risks of inflation and employment caused by rising energy prices have been "balanced," and he tends to support keeping interest rates unchanged. Williams said, "Monetary policy, with the actions we took last year and the current stance, is actually well-prepared to balance these risks, which is what we need to do." Williams also said he believes that losses in private credit (non-bank lending area) will not pose systemic risks, although some investors in this area have requested early redemptions. Williams said, "This is mainly due to the repricing of underlying loans. I don't think it currently poses systemic risks to our financial system." He also pointed out that policymakers are "closely monitoring" banks' risk exposures. When asked if some private credit funds could be considered "too big to fail," he answered, "Absolutely not." The US will impose a 100% tariff on certain patented drugs. The Trump administration announced on Thursday that it will impose a 100% tariff on imported patented drugs unless pharmaceutical companies agree to reach a drug pricing agreement with the government or commit to producing products domestically. Large pharmaceutical companies have 120 days to announce their plans to avoid the tariff, while small companies have 180 days. Companies can move production to the US in exchange for reducing the tariff to 20%. Pharmaceutical companies that move production to the US and sign most-favored-nation pricing agreements with the US Department of Health and Human Services will be exempt from the tariff. The US has reached such agreements with 17 pharmaceutical companies, with 13 formally approved and 4 still under negotiation. Due to existing trade agreements, tariffs on drugs produced in the EU, Japan, South Korea, and Switzerland will be reduced to 15%. The UK has a separate tariff agreement. US adjusts steel, aluminum, and copper tariffs: exempt low content, charge based on product value for high content. US President Trump signed a statement on Thursday adjusting national security tariffs on imported steel, aluminum, and copper to lower the tariff rates on derivative products made from these metals, simplify the declaration process, and prevent the overvaluation of imported products. According to the statement, the US will maintain a 50% tariff on imports of commodities such as steel, aluminum, and copper, but this tariff will apply to the price paid by US consumers. Other changes include the US canceling the 50% tariff on products derived from steel, aluminum, and copper, provided that the metal content (by weight) of these products is less than 15%. This will eliminate the tariff imposed on products with very low metal content under Section 232. Derivative products with steel, aluminum, or copper contents exceeding 15% will enjoy a reduced 25% tariff, but this is a tariff based on the total value of imported goods, not just on the metal content. As a result, products mainly made of steel such as washing machines or gas stoves will be subject to a uniform 25% tariff. US officials say that overall, these changes will not make a significant difference economically compared to the previous tariff system. However, by imposing a 50% tariff on the entire sales value of commodity metals, additional tariff revenue may be generated. US mortgage rates rise for the fifth consecutive week. Mortgage rates in the US have risen for the fifth consecutive week, disappointing expectations for the upcoming peak spring home buying season. The average rate for a 30-year fixed-rate mortgage is 6.46%, the highest since early September and up from 6.38% last week. The real estate market is entering its traditional peak trading period of the year, but concerns about the economy may hinder action by buyers and sellers. Rising energy prices due to the Iran war have raised concerns about inflation, while the development of artificial intelligence has sparked uncertainty in employment. For many Americans, house prices remain out of reach. Fed's Mester: Asset balance sheet can be reduced by changing regulatory rules. Cleveland Fed President Mester outlined the path and options for the Fed to reduce the size of its asset balance sheet, noting that the current system is operating well and benefits overall financial stability. Mester said that the current system of managing financial liquidity by the Fed is designed to provide "ample" levels of reserves, and the system is "efficient and effective". However, there are still various ways under the current system to help reduce the Fed's holdings, with many measures involving rules governing Financial Institutions, Inc.'s management of cash reserves. Recent internal and external research by the Fed suggests that by adjusting regulations to encourage banks to hold lower reserve levels, the Fed can further reduce its balance sheet under the current system. Mester said she agreed and stated that the Fed is currently working to make reserve management "more efficient" during times of stress. She also said that some liquidity rules, while increasing reserves, did not enhance security because banks were reluctant to use those reserves during crises. "This is an inefficient use of the Fed's balance sheet, something we can definitely avoid." [Individual Stock News] Amazon.com, Inc. imposes a 3.5% fuel surcharge on many online merchants. Amazon.com, Inc. will begin charging a 3.5% "fuel and logistics" surcharge to sellers using its delivery services later this month, joining many logistics companies in raising delivery costs due to the rise in oil prices caused by the Iran war. For "Amazon.com, Inc. logistics" customers, these charges will take effect on April 17 and will apply to the US and Canada regions. Starting on May 2, Amazon.com, Inc. will charge fees for items shipped by merchants selling on its own website or at other retailers. An Amazon.com, Inc. spokesperson said in a statement on Thursday, "The rise in fuel and logistics costs has led to increased operating costs across the industry. So far, we have absorbed these cost increases, but like other major logistics companies, we will implement temporary surcharges to partially offset these costs when costs remain high." Over 60% of the products on the Amazon.com, Inc. platform are sold by independent merchants, who pay sales commissions to Amazon.com, Inc. as well as warehousing and distribution fees. This additional charge indicates that Amazon.com, Inc. is able to pass on the continuously rising costs to merchants rather than consumers. Coinbase clears key regulatory hurdles in advancing stablecoin business. Coinbase announced that it has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to operate as a trust bank. The company's Chief Legal Officer said that if finally approved, the crypto exchange will be able to operate under federal regulation not only as a custodian but also offer payment products. "In the longer term, we will be able to explore with the OCC, not only custody products but other infrastructure products, especially products around the payment space. We think that will expand cryptocurrency payments into all sorts of new, interesting, and important directions."