Overnight US stocks | The rising yield of US Treasury bonds suppresses risk assets, causing a pullback in the three major indexes. Micron Technology, Inc. (MU.US) fell by 6.62%.

On Friday, the three major indexes fell. The yield on U.S. bonds surged on Friday, weakening investors' interest in stocks as the market worries that the ongoing Middle East stalemate will exacerbate inflation. The yield on the U.S. 10-year Treasury bond jumped to 4.595%, the highest level since February 2025, and recorded the largest single-day increase in over a year. The yield on the U.S. 30-year Treasury bond rose to 5.127%, the highest closing level since July 2007. [US Stocks] At the close, the Dow Jones Industrial Average fell 537.35 points, or 1.07%, to 49,526.11; the Nasdaq fell 410.08 points, or 1.54%, to 26,225.14; the S&P 500 fell 92.74 points, or 1.24%, to 7408.50. Tech stocks generally fell, with Micron Technology, Inc. (MU.US) dropping by 6.62%, Intel Corporation (INTC.US) by 6.18%, NVIDIA Corporation (NVDA.US) by 4.42%, and Tesla, Inc. (TSLA.US) by 4.75%. The Nasdaq Golden Dragon Index fell 2.8%, with Alibaba Group Holding Limited Sponsored ADR (BABA.US) falling over 6%. [European Stocks] The German DAX30 Index fell 497.63 points, or 2.04%, to 23,954.99; the UK's FTSE 100 Index fell 185.27 points, or 1.79%, to 10,187.66; the French CAC40 Index fell 129.72 points, or 1.60%, to 7,952.55; the Euro Stoxx 50 Index fell 97.80 points, or 1.65%, to 5,828.95; the Spanish IBEX35 Index fell 190.61 points, or 1.07%, to 17,618.59; the Italian FTSE MIB Index fell 911.77 points, or 1.82%, to 49,138.50. [Asian Stocks] The Nikkei 225 Index fell 1.99%, the Korean Composite Stock Price Index fell 6.12%, the India Sensex Index fell 0.21%, and the Straits Times Index fell 0.14%. [US Dollar Index] The US dollar index rose on the 15th. The US dollar index against six major currencies rose 0.47% on the day and closed at 99.278 in the forex market. At the end of the New York forex market, 1 euro exchanged for $1.1630, down from $1.1677 on the previous trading day; 1 pound exchanged for $1.3332, down from $1.3405 on the previous trading day. 1 dollar exchanged for 158.68 yen, up from 158.19 yen on the previous trading day; 1 dollar exchanged for 0.7865 Swiss francs, up from 0.7834 Swiss francs on the previous trading day; 1 dollar exchanged for 1.3739 Canadian dollars, up from 1.3724 Canadian dollars on the previous trading day; 1 dollar exchanged for 9.4374 Swedish kronor, up from 9.3495 Swedish kronor on the previous trading day. [Cryptocurrency] Bitcoin fell below $80,000, trading at $79,087.4; Ethereum traded at $2,224. [Crude Oil] Light crude oil futures for June delivery on the New York Mercantile Exchange rose by $4.25 to close at $105.42 per barrel, up 4.20%; Brent crude oil futures for July delivery rose by $3.54 to close at $109.26 per barrel, up 3.35%. [Precious Metals] Spot gold fell by 2.42% to $4,538.69 per ounce; spot silver fell over 9% to $75.938 per ounce. Silver experienced another week of extreme volatility, with prices falling significantly below $80 per ounce, bringing another round of intense fluctuations to one of the most volatile markets of the year. In the week ending Wednesday, driven by investor enthusiasm for AI-related stocks and industrial metals used for data center power systems, wiring, and cooling, the price of silver soared by 11.3%. On Monday, speculation about the fuel supply of the major mining country Peru also drove up prices. Subsequently, more signs indicated that the Iran war was exacerbating inflation, leading investors to seek higher yields from government bonds, causing silver prices to fall. Higher borrowing costs are bearish for silver, which typically does not pay interest. HSBC Holdings' Chief Precious Metals Analyst, James, said: "We still believe that silver is fundamentally overvalued, and in the face of high prices, demand for silver in the jewelry and industrial sectors will continue to weaken." [Macro News] Trump says the US-Iran ceasefire is "at the request of other countries." US President Trump said on the 15th during an interview aboard Air Force One that he did not originally support a ceasefire between the US and Iran, and the ceasefire was "at the request of other countries." Trump said that the US-Iran ceasefire was "at the request of other countries." "I didn't originally support it, but we stopped the ceasefire to help Pakistan, they are great people." Trump also stated that the proposal from Iran is "unacceptable," and "if I don't like the first sentence, I'll throw it away." "If they (Iran) have any form of nuclear weapons, I won't read the rest." Trump also threatened to destroy Iran's infrastructure, saying, "we can destroy their bridges and power facilities, we can paralyze the entire system within two days." Chief Investment Strategist of Bank of America Corp: Stock market profit-taking wave may come in early June. Bank of America Corp's Chief Investment Strategist Michael Hartnett said that due to investors pouring into the stock market excessively and the rising risk of inflation, the market is likely to see a profit-taking wave in early June. Hartnett's team pointed out in a report that as the stock market continues to hit new highs, pricing pressure is spreading widely in the US economy, with energy, transportation costs, and rent all rising. In addition, they believe that several key dates next month may exacerbate market caution, including the next OPEC meeting, the opening of the World Cup, the G7 Summit, and the first Fed FOMC meeting under Kevin Wash's tenure, which could all be triggering factors. Hartnett said: "The behavior of funds chasing stocks and tech stocks may basically be completed in the next few weeks, making early June ideal for partial profit-taking." [Stock Specific News] Starbucks Corporation (SBUX.US) to further cut 300 jobs to reduce costs. Starbucks Corporation is planning to cut an additional 300 company positions, the latest move the company is taking to achieve cost-cutting goals. The job cuts at Starbucks Corporation will affect locations across the US, including the headquarters in Seattle. The company stated on Friday that it is also reevaluating business positions overseas. Starbucks Corporation is revitalizing from long-term sales slumps by launching new products, increasing marketing efforts, and providing accurate and quick order services. Starbucks Corporation also plans to cut $2 billion in costs over two years and has already cut over 2,000 company positions, including layoffs last month. Reports: Arm (ARM.US) facing US antitrust investigation over chip technology licensing. The US Federal Trade Commission (FTC) is investigating whether Arm Holdings under Japanese SoftBank Group has attempted to illegally monopolize part of the semiconductor market by potentially refusing licensing or lowering the quality of central processing unit (CPU) licenses. The FTC's investigation is part of a continuing global scrutiny of Arm's business. Regulators outside the US are also investigating the company's conduct, including a lawsuit brought by Qualcomm to the European Commission. Arm is transitioning its business model, venturing into designing its own chips. While this move has been welcomed by some industry insiders, it has also raised concerns from Qualcomm that Arm may limit access to its technology. MicroStrategy (MSTR.US) may use the proceeds from selling bitcoins for a convertible bond buyback. MicroStrategy announced today that it plans to repurchase approximately $15 billion in principal amount of its 2029 convertible bonds. It stated that the repurchase funds may come from the proceeds of selling bitcoins. Official documents show that the funds for this repurchase will come from existing cash reserves, funds from an ATM issuance plan, and/or proceeds from selling bitcoins. The company expects the transaction to be completed around May 19, 2026, and the related notes will be canceled after completion. After the repurchase is completed, the remaining outstanding principal amount of the 2029 convertible bonds will be approximately $15 billion.