Overnight U.S. stocks | The three major indices continued yesterday's rally. SanDisk (SNDK.US) rose over 9%. Oil prices declined.

Zhitong Caijing APP learned that on Wednesday, the three major indexes continued their uptrend. As the market grows increasingly more hopeful that the U.S.-Iran war will be nearing its end, oil prices fell on the first trading day of April.

【U.S. Stocks】 As of the close, the Dow Jones rose 224.35 points, up 0.48%, to 46,565.86; the Nasdaq rose 250.32 points, up 1.16%, to 21,840.95; the S&P 500 index rose 46.84 points, up 0.72%, to 6,575.36. Western Digital (WDC.US) rose 10%, while Intel (INTC.US), SanDisk (SNDK.US), and Micron Technology (MU.US) rose by around 9%. Nike (NKE.US) plunged 15%. The Nasdaq China Golden Dragon Index rose 0.3%, iQIYI (IQ.US) rose 2%, and Alibaba (BABA.US) fell 1%.

【European Stocks】 The German DAX 30 index rose 676.54 points, up 2.99%, to 23,309.72; the UK FTSE 100 index rose 187.38 points, up 1.84%, to 10,363.83;

The French CAC 40 index rose 164.33 points, up 2.10%, to 7,981.27; the Euro STOXX 50 index rose 163.97 points, up 2.94%, to 5,733.70; the Spain IBEX 35 index rose 536.50 points, up 3.15%, to 17,586.10; the Italy FTSE MIB index rose 1,425.79 points, up 3.22%, to 45,735.50.

【Asian Stock Markets】 Japan’s Nikkei 225 index rose 5.24%, and South Korea’s KOSPI index rose by more than 8.4%.

【Cryptocurrencies】 Bitcoin inched up, at $68,269.17; Ethereum rose by over 2.6%, to $2,152.

【Crude Oil】 NYMEX light sweet crude futures for May delivery fell $1.26, closing at $100.12 per barrel, a decline of 1.24%; London Brent crude futures for June delivery fell $2.81, closing at $101.16 per barrel, a drop of 2.7%.

【U.S. Dollar Index】 The U.S. dollar index, which measures the dollar against six major currencies, fell 0.32% that day, closing at 99.648 at the end of trading on the foreign exchange market. By the end of trading on the New York FX market, 1 euro was exchanged for $1.1607, higher than $1.1523 the previous trading day; 1 pound sterling was exchanged for $1.3324, higher than $1.3189 the previous trading day. 1 dollar was exchanged for 158.82 Japanese yen, lower than 158.95 Japanese yen the previous trading day; 1 dollar was exchanged for 0.7931 Swiss francs, lower than 0.8008 Swiss francs the previous trading day; 1 dollar was exchanged for 1.3895 Canadian dollars, lower than 1.3937 Canadian dollars the previous trading day; 1 dollar was exchanged for 9.3935 Swedish kronor, lower than 9.4895 Swedish kronor the previous trading day.

【Precious Metals】 Spot gold closed at $4,756.81, and spot silver closed at $75.104.

【Macro News】

【Trump plans to reshape steel and aluminum tariffs: a unified 25% levy on finished products, replacing the current 50% tariff levied based on metal value.】 According to reports, the Trump administration is preparing to restructure its steel and aluminum tariff regime, adjusting tariffs on finished products to simplify compliance procedures. The net effect of these changes may mean that the actual costs of many imported products will rise. According to people familiar with the matter, under a notice expected to be issued as soon as this week, finished products containing imported steel and aluminum would be subject to a 25% tariff. People familiar with the matter said the 25% tariff would apply to the overall price of finished products containing steel and aluminum (i.e., derivative products). This would replace the current 50% tariff—tariffs on the portion of a product that is valued for the included metal. Bulk steel and aluminum products would still keep a 50% tariff—i.e., goods that are almost entirely made of these metals. If certain goods are made almost entirely of metal, they may be reclassified as bulk commodities. A White House spokesperson, Kush Deese, said the government has “consistently made clear that it is implementing a detailed, flexible, multi-pronged strategy to bring key manufacturing back to the United States,” and added that “any reports about potential executive actions that have not yet been formally announced by the government should be treated as unverified speculation.”

【U.S. intelligence agencies: Iran currently has no intention of substantive negotiations and believes Trump lacks sincerity.】 Reports say that U.S. officials disclosed that multiple U.S. intelligence agencies recently assessed that the Iranian government is currently unwilling to hold substantive negotiations to end the U.S.-Iran war. Officials said the assessment is that Iran believes it is in a strong position in the war and therefore does not need to yield to U.S. diplomatic demands. They said that although Iran is willing to keep communication channels open, the country does not trust the United States and believes that President Trump is not sincerely committed to negotiations. Over the past year, Trump ordered attacks on Iran twice during talks with Iran over its nuclear program. These assessments are consistent with recent statements by Iranian officials. U.S. and Iranian officials said the two sides are exchanging information through intermediary countries—or perhaps through direct channels as well—but have not been negotiating terms for a ceasefire or ending the war.

【Media: Trump will announce that the war is nearing its end during prime time, and responsibility for the Strait is on NATO.】 Reports say that U.S. President Trump will deliver an important address during prime time on Wednesday local time, at which point he will announce that the month-long Iran war is nearing its end. In the past 24 hours, Trump conveyed this in interviews, social media posts, and public remarks, setting the groundwork for the speech he is expected to deliver. According to six sources, Trump is expected to claim during the address that all military objectives have been achieved. Trump also plans to strictly attribute the biggest unresolved issue in the war—the constrained shipping in the Strait of Hormuz—to NATO member allies. As Trump is about to speak, another 2,500 U.S. Marine Corps soldiers are heading to the Middle East. The speech may be primarily aimed at easing voters’ concerns and Wall Street’s unease about the ripple effects caused by the energy market and the closure of the strait. Because the conflict is still ongoing, this speech gives Trump an opportunity to lay out the so-called “victory” criteria for war goals and how he plans to move forward if ceasefire talks fall into a stalemate.

【Traders short crude oil heavily bet on a plunge; most suffered major setbacks.】 Reports say that a batch of crude oil traders took big short positions, betting that oil prices would retreat from war-driven highs, but currently most traders have suffered major setbacks. Data show that in March, ETF investors poured $977 million into ProShares UltraShort Bloomberg Crude Oil ETF (SCO), setting the largest single-month inflow of funds since the fund was established in 2008. SCO provides double the inverse returns of daily changes in crude oil prices. Although fund inflows hit a record, SCO’s total assets are still only $970 million, below the total inflow for the full month. Asym 500 founder Rocky Fishman said, “This is betting on ‘the war ending soon.’” On Tuesday, after President Trump again hinted that the Iran war might end, the fund rose 8%, but it still fell 41% in March, marking the worst performance in nearly six years. However, the bears’ bets are only half the picture—bullish funds also set records. The U.S. Oil Fund (USO) attracted about $700 million in March, the largest monthly inflow since the pandemic, while the U.S. Brent crude oil fund (BNO) pulled in $600 million, the highest on record. The market is highly split, and leveraged funds hedge on both sides’ bets.

【U.S. March manufacturing PMI hits a level above three years; supplier delivery times extend.】 U.S. manufacturing in March accelerated expansion, but the gauge for factory input prices jumped to the highest level in nearly four years. The Middle East war led to longer delivery times for suppliers to deliver raw materials. The Institute for Supply Management (ISM) said on Wednesday that March manufacturing PMI rose slightly from 52.4 in February to 52.7, the highest level since August 2022. This is also the third consecutive month that the index has stayed above 50, the threshold indicating expansion in manufacturing. Part of the reason for the rise may be the longer delivery times from suppliers. In normal circumstances, this is associated with strong economic conditions and increased customer demand, but in the current situation, slower supplier deliveries may reflect disruptions in the supply chain. In the ISM survey, the supplier delivery index rose from 55.1 in February to 58.9. A reading above 50 indicates slower delivery speed. Due to obstacles in the supply chain, manufacturers saw their input prices rise last month; the index accelerated from 70.5 in February to 78.3, the highest since June 2022. The survey also showed that the new orders component index fell from 55.8 in February to 53.5, and momentum in the growth of backlogged orders also slowed. Employment indicators remained weak; since January 2025, manufacturing jobs have declined by 100,000.

【Stock-Specific News】

Related Digital is finalizing $16 billion in financing to raise for Oracle (ORCL.US)’s massive data center. The developer has been raising funds, planning to build a campus in Michigan that will enable Oracle to support OpenAI’s applications. Previously, banks raised other large debt financings for Oracle’s data centers, including a $38 billion debt financing to build data centers in Texas and Wisconsin; and a $18 billion debt financing to build data centers in New Mexico.