Overnight US stocks | Nasdaq and S&P 500 continue to reach new historical highs, NVIDIA Corporation (NVDA.US) surged by 5.77%.

On Wednesday, expectations of progress in US-Iran relations pushed stock indexes higher, with the Nasdaq and S&P 500 index hitting new record highs. The S&P 500 index rose to a high of 7369.22 points, while the Nasdaq rose to a high of 25850.19 points. [US stocks] at the close, the Dow Jones rose 612.34 points, an increase of 1.24%, to 49910.59 points; the Nasdaq rose 512.82 points, an increase of 2.02%, to 25838.94 points; the S&P 500 index rose 105.86 points, an increase of 1.46%, to 7365.08 points. NVIDIA Corporation (NVDA.US) surged 5.77%, with a market value of $5.05 trillion. Alphabet Inc. Class C (GOOG.US) rose nearly 3%, Intel Corporation (INTC.US) rose 4%. The Nasdaq China Golden Dragon Index rose 3.46%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose nearly 7%, Baidu Inc Sponsored ADR Class A (BIDU.US) rose over 11%. [European stocks] the Germany DAX30 index rose 531.23 points, an increase of 2.18%, to 24923.50 points; the UK FTSE 100 index rose 216.27 points, an increase of 2.12%, to 10435.38 points; the France CAC40 index rose 237.11 points, an increase of 2.94%, to 8299.42 points; the Euro Stoxx 50 index rose 154.92 points, an increase of 2.64%, to 6024.55 points; the Spain IBEX35 index rose 425.90 points, an increase of 2.41%, to 18093.60 points; the Italy FTSE MIB index rose 1080.00 points, an increase of 2.22%, to 49637.50 points. [US Dollar Index] The US Dollar Index, which measures the US dollar against six major currencies, fell 0.43% on the day, closing at 98.017 in the foreign exchange market. At the close of the New York foreign exchange market, 1 euro exchanged for $1.1748, higher than the previous trading day's $1.1700; 1 pound exchanged for $1.3593, higher than the previous trading day's $1.3551. 1 dollar exchanged for 156.45 yen, lower than the previous trading day's 157.88 yen; 1 dollar exchanged for 0.7790 Swiss francs, lower than the previous trading day's 0.7827 Swiss francs; 1 dollar exchanged for 1.3636 Canadian dollars, higher than the previous trading day's 1.3618 Canadian dollars; 1 dollar exchanged for 9.2339 Swedish kronor, lower than the previous trading day's 9.2598 Swedish kronor. [Cryptocurrency] Bitcoin hit a high of $82,843 and closed at $81,10.93; Ethereum closed at $2367.5. [Crude oil] New York Mercantile Exchange's light crude oil futures for June delivery fell $7.19 to close at $95.08 per barrel, a decrease of 7.03%; London Brent crude oil futures for July delivery fell $8.60 to close at $101.27 per barrel, a decrease of 7.83%. [Precious metals] Spot gold broke through $4600 and closed at $4690.75 per ounce; spot silver closed at $77.353 per ounce. [Macro News] Trump again expressed optimism about reaching an agreement with Iran. On May 6, local time, US President Trump expressed optimism about reaching a framework agreement with Iran, believing that it "has the potential to produce results." When asked about the specific timeframe for reaching an agreement, Trump estimated "a week." Trump said during the interview that he was optimistic about the prospects of reaching an agreement with Iran, stating that the possible agreement includes Iran shipping its highly enriched uranium to the US. Trump stated that the US is getting closer to reaching an agreement, "I think the chances of reaching an agreement are very high," and both sides may reach an agreement next week to end the conflict. However, he also threatened, "If they don't agree, then we will bomb." When asked if the possible agreement included Iran shipping its highly enriched uranium abroad, possibly to the US, Trump responded, "Yes, it's not 'possibly,' it will be shipped to the US." Trump also stated that Iran would commit to not operating underground nuclear facilities and would "adhere to this arrangement in good faith for a considerable period of time." Fed's Mester: Inflation risk outweighs job risk in Iran war. Cleveland Fed President Mester stated on Wednesday that the impact of the Iran war on the economy appears to be increasingly like an inflation shock, although the impact on employment and economic growth is not yet clear, concerns about disrupted supply chains and continued price increases are escalating. "This is not yet an impact that leads to 'stagflation', meaning that strikes employment markets while pushing up inflation, forcing the Fed to decide which policy target is at greater risk," Mester said after attending the Milken Institute conference in Los Angeles. "This is just an inflation shock. And the longer this continues, the more uncomfortable I become." Fed's Bullard: Inflation risk exceeds job risk. St. Louis Fed President Bullard stated that there is significant uncertainty in the outlook for the US economy and monetary policy, but he believes that, compared to job risks, the current inflation risks are increasing. Bullard said on Wednesday, "Inflation is significantly above our 2% target level. We face risks in both employment and inflation. In my understanding, the risk is tilting more towards inflation than employment." Bullard stated that the Fed's policy rate is currently at a neutral level that neither stimulates nor restrains the economy, or may be slightly biased towards accommodation. He said, "There are very reasonable scenarios that would require us to maintain the current policy rate unchanged for a period of time." However, he also pointed out that he also sees scenarios that may require officials to further cut or raise interest rates. [Individual stock news] Arm revenue outlook higher than expected due to surge in AI data center demand. Arm (ARM.US) chip technology usage continues to increase due to tech companies' large-scale investments in AI computing. The company on Wednesday forecasted revenue for its first quarter to be $12.6 billion, higher than the market's expected $12.5 billion. Arm CEO Rene Haas stated, "We are very optimistic about the demand in data centers," and added that this quarter's "data center-related patent royalties saw significant growth." Earlier this year, Arm released the AGI CPU, a data center chip designed to handle large data computations required for specific types of AI. The company stated on Wednesday that it has secured customer demand for this processor worth $20 billion for the fiscal years 2027 and 2028. Media: Apple Inc. R&D spending as a percentage of revenue exceeds 10%. According to reports, Apple Inc.'s (AAPL.US) R&D spending in the March quarter accounted for 10.3% of revenue, higher than the previous quarter's 7.6% and last year's 9%. Despite a 17% increase in sales, the growth rate of R&D spending is twice that, rising nearly 34% compared to the same period last year. Gene Munster, managing partner at Loup Ventures, stated that Apple Inc.'s move brings it closer to the ranks of large tech companies, pointing out that Alphabet Inc. Class C, Microsoft Corporation, Meta, and Amazon.com, Inc. saw an average year-over-year increase of 29% in R&D spending this quarter. Munster said, "In the R&D field of artificial intelligence, Apple Inc. is catching up with other large tech companies. This phenomenon indicates that Apple Inc. has a sense of urgency to launch new AI products." Scale AI wins a $5 billion contract from the US Department of Defense. The Pentagon has awarded a $5 billion contract to Scale AI, supported by Meta Platforms (META.US), to help process data and assist in decision-making, in the latest move by the US military to further rely on artificial intelligence. This contract amount is five times the $1 billion contract the company received in September 2025. Dan Tadross, head of Scale AI's public sector business, stated in an interview that the Pentagon had "pushed to the limit" in the original contract. Tadross said, "I believe this contract overall demonstrates the department's urgent desire to adopt this technology." Additionally, the San Francisco-based company has also participated in the Defense Innovation Unit's "Thunderforge" program (designed to integrate AI into military planning and operations), and Trump's "Golden Dome" homeland defense architecture.