Overnight US stocks | The S&P 500 Index rose nine days in a row, erasing the “sharp drop in tariffs,” and the Chinese market is about to rise by more than 3%

The Zhitong Finance App learned that on Friday, the three major indices all closed up more than 1% and recorded gains this week. Among them, the S&P 500 index and the Dow all rose for 9 consecutive days. Boosted by a “moderate” cooling of the US labor market and more favorable news on tariffs, risk assets generally rose.

[US Stocks] At the close, the Dow rose 564.47 points, or 1.39%, to 41317.43 points, a cumulative increase of 3.00% this week; the NASDAQ rose 266.99 points, or 1.51%, to 17977.73 points, up 3.42% this week; the S&P 500 rose 82.53 points, or 1.47%, to 5686.67 points, up 2.92% this week. Among them, the S&P 500 index recorded the longest continuous rise since November 2004, recovering the decline since April 2.

Meta (META.US) closed up 4.34%, Nvidia (NVDA.US) rose 2.47%, Tesla (TSLA.US) rose 2.38%, Microsoft (MSFT.US) rose 2.32%, and Apple (AAPL.US) fell 3.74%. The Nasdaq Golden Dragon China Index closed up 3.50%, with a cumulative increase of 3.14% this week. Popular Chinese securities PONY.US (PONY.US) closed up more than 21%, Xiaopeng Motors (XPEV.US) rose 5.84%, and JD (JD.US), Pinduoduo (PDD.US), Alibaba (BABA.US), Zhihu (ZH.US), and IQ.US (IQ.US) all rose more than 4%.

[European stocks] The German DAX30 index rose 2.62% to 23086.65 points; the British FTSE 100 index rose 1.17% to 8596.35 points; the French CAC40 index rose 2.33% to 7770.48 points; the European Stoxx 50 index rose 2.42% to 5285.19 points; the Spanish IBEX35 index rose 1.20% to 13446.70 points; Italy's FTSE MIB index rose 1.92% to 38327.94 points.

[Foreign Exchange] At the end of the New York session on Friday, the ICE dollar index fell 0.27% to 99.973 points, with a cumulative increase of 0.50% this week. The Bloomberg US dollar index fell 0.43% to 1224.64 points, falling 0.12% this week.

[Cryptocurrency] Due to continued increase in risk appetite, Bitcoin rose by about 0.5% at the end of the session in New York, approaching 97,000 US dollars.

[Metals] Spot gold rose 0.11% to $3240.61 per ounce, but fell 2.35% this week. COMEX gold futures rose 0.77% to $3247.00 per ounce, down 1.58% this week.

[Crude oil] The price of WTI futures for June delivery on the New York Mercantile Exchange fell 1.6% to close at $58.29 per barrel, falling more than 7.50% this week. Brent crude oil futures for July delivery fell 1.4% to close at $61.29 a barrel, falling more than 6.85% this week.

[Macro News]

US jobs added 177,000 to strengthen the “soft landing” path, and expectations for interest rate cuts are still strong. The US non-farm payrolls market continued to grow steadily in April, and the unemployment rate remained stable, indicating that the new round of aggressive global tariff policies and global trade campaigns led by US President Donald Trump had no real negative impact on US corporate recruitment plans. According to data released by the US Bureau of Labor Statistics on Friday, the number of non-farm payrolls increased by 177,000 during the month, lower than last month's statistics but better than economists' expectations of 130,000. The non-farm payrolls data for the previous two months was slightly revised downward. The unemployment rate remained at 4.2%, in line with market expectations.

It is rumored that OPEC+ is discussing boosting oil production by about 400,000 barrels in June. On Friday, media quoted numerous participants as reporting that OPEC+ is discussing increasing oil production by about 400,000 barrels in June. Affected by the news, WTI crude oil and Brent crude oil futures both plummeted. Earlier in the day, OPEC+ decided to advance the policy development conference call originally scheduled for Monday. OPEC+ will host a video conference on Saturday, May 3. Previously, OPEC+ had increased oil production by 411,000 b/d, an increase of almost three times the original plan. The move is aimed at restraining member countries that have exceeded production standards. According to the representative, the organization is considering taking the same initiative again next month.

The US government proposed a $163 billion federal budget cut in 2026. The US Trump administration said in a statement on May 2, local time, that federal spending will be cut by 163 billion US dollars next year. The White House Office of Management and Budget said that compared with the level set in 2025, the proposed budget will increase defense spending by 13%, increase homeland security spending by nearly 65%, and cut non-defense discretionary spending by 23%, to the lowest level since 2017.

The Canadian Prime Minister will go to the US for talks with Trump, saying he doesn't expect an agreement to be reached soon. On Friday local time, Canada's new Prime Minister Carney said he will go to Washington next Tuesday to have “difficult but constructive” talks with US President Trump. Carney said that next Tuesday's talks with Trump will focus on immediate trade pressure and broader future economic and security relationships. Carney said that negotiations with Trump are expected to be difficult but constructive, but don't expect the two sides to reach a trade agreement soon. The US has already imposed tariffs on many Canadian products, and Canada has also retaliated.

[Individual Stock News]

Nvidia is unwilling to give up on the Chinese market! I want to push the “China Special Edition” AI chip again. According to recent media reports, Nvidia, the global “supremacy of AI chips,” has notified the most important customers in the Chinese market, including technology companies such as ByteDance, Alibaba, and Tencent. The company is revising its AI chip design architecture to meet the US government's latest export restrictions and insists on continuing to supply AI chips to Chinese companies. According to a recent report in “The Information,” Nvidia CEO Huang Renxun revealed this latest Chinese-specific AI chip plan to customers during his recent high-profile visit to the Chinese market.

Companies such as Nike (NKE.US), Adidas (ADDYYY.US), and Under Armour (UAA.US) are seeking tariff exemptions due to cost concerns. Major footwear companies represented by industry associations, including Nike, Adidas, Under Armour, and Puma, have submitted requests to the Trump administration to exempt their products from tariffs. The organization said it is concerned that tariffs will significantly increase the cost of footwear for US consumers and may cause businesses to go out of business. The association stressed that the footwear industry is already burdened with heavy tariffs. Prior to the implementation of the new equal tariffs, the current tax rate for children's footwear had reached 37.5%. They warned that additional tariffs could raise the tariff rate to between 150% and nearly 220% for many companies, which would be unsustainable, particularly for companies that provide affordable footwear for low- and middle-income families.

Apple collaborates with Anthropic to develop AI-driven programming software. Apple is collaborating with startup Anthropic to develop a new software platform that uses artificial intelligence (AI) to help programmers write, edit, and test code. This platform is an upgraded version of Apple's existing programming software Xcode, and will integrate Anthropic's Claude Sonnet model. People familiar with the matter said that Apple plans to initially launch this software internally. However, the tech giant is yet to confirm whether it will release the software to the public.