According to the Financial Associated Press on April 28 (Editor Zhao Hao), on Monday (April 28), the three major Index Futures collectively declined slightly. As of the time of reporting, Dow Jones Industrial Average Futures fell 0.05%, S&P 500 Index Futures fell 0.1%, and NASDAQ 100 Index Futures fell 0.12%.

Last week, the three major Indexes of the USA rebounded collectively, with the Dow Index accumulating a rise of 2.48%, the S&P 500 Index accumulating a rise of 4.59%, and the NASDAQ accumulating a rise of 6.73%. In the face of the rebound after the rapid market crash, most Analysts still find it difficult to accept that 'the worst time has passed.'

The market is still waiting for progress in trade negotiations between the USA and other countries. Shortly before the report was released, US Treasury Secretary Becerra stated that custom agreements are being negotiated with 18 trade partners, and Trump will closely participate in every matter. He also mentioned that the first trade agreement could be reached as early as this week or next week.

Earlier today, Japan's economy regeneration minister Akizawa stated that the stance to fully lift tariffs on the USA has not changed. Akizawa asserted that there is no consideration to sacrifice Agriculture in tariff negotiations for Autos.

UBS Group believes that tariffs will be reduced from the currently announced levels for the remainder of this year, and the Federal Reserve will further cut interest rates this year. However, due to the high uncertainty regarding trade, the economy, and Federal Reserve policies, expected volatility remains high.

Meanwhile, this week will be the busiest week of the first quarter Earnings Reports season for the US stock market, with more than 180 companies in the S&P 500 Index set to announce their performance, including Amazon, Apple, Meta, and Microsoft from the 'Seven Giants', as well as industry giants like Coca-Cola and Eli Lilly and Co.

FactSet data shows that among companies that have released their performance, 73% exceeded Analysts' expectations, slightly below the five-year average level of 77%. Due to tariff policies, many companies have emphasized uncertainty in their guidance, leading Wall Street to lower expectations for the second quarter and the entire year.

The European stock markets currently trading have collectively risen, with the DEGUODAXZHISHU up by 0.74%, the UK FTSE100 Index up by 0.32%, and the France CAC40 Index up by 0.99%.

Company News

[Report: Tencent, Alibaba, and ByteDance are competing for computing power resources]

In the first quarter of this year, Tencent purchased approximately 2 billion yuan worth of GPU (Graphics Processing Unit) computing power resources from ByteDance. This batch of resources primarily consists of NVIDIA H20 cards and servers, with Tencent's current updates mainly using cards from ByteDance. In addition to Tencent, an informed source stated that Alibaba also placed GPU orders with ByteDance after DeepSeek became popular in the first quarter of this year. Several individuals close to ByteDance indicated that ByteDance hoarded about 0.1 million GPU modules last year. A representative from a server manufacturer estimated that the total value of this batch of GPU resources is around 100 billion yuan. A relevant person in ByteDance responded that the above information is inaccurate. According to media reports, in the first quarter of 2024, Chinese companies, including ByteDance, Alibaba, and Tencent, have ordered at least 16 billion dollars worth of NVIDIA H20 chips. Public information shows that in 2024, Microsoft has 0.75 million to 0.9 million equivalent H100, Google has 1 million to 1.5 million, and Meta has 0.55 million to 0.65 million. The aforementioned ByteDance representatives stated that ByteDance currently has about 1 million cards, and its computing power resources have already ranked among the world's top tier.

[IBM plans to invest 150 billion dollars in the USA over the next five years]

IBM announced plans to invest 150 billion dollars in the USA over the next five years, to drive the economy and accelerate its position as a global computing leader. This includes over 30 billion dollars in R&D investments to advance and continue IBM's manufacturing of mainframes and quantum computers in the USA.

[MicroStrategy spent 1.42 billion dollars last week to increase its shareholding in 15,355 Bitcoins, with an average purchase price of 92,737 dollars]

According to the Form 8-K filed by MicroStrategy with the SEC, the company purchased 15,355 bitcoins between April 21 and 27, 2025, with a total expenditure of approximately 1.42 billion dollars and an average purchase price of 92,737 dollars. As of April 27, MicroStrategy holds a total of 535,555 bitcoins, with a cumulative acquisition cost of approximately 37.9 billion dollars and an average price of 68,459 dollars.

[Rating agency downgrades the outlook for US ports to negative]

Affected by the US government's excessive imposition of tariffs, the international credit rating agency Moody's has downgraded its outlook for US ports in 2025 from stable to negative in its latest report, predicting that US freight volume will decrease by 7% to 12% in 2025. The globally renowned maritime consultancy Drewry Shipping Consultants has also released a report stating that, affected by US tariff policies, the global container shipping volume is expected to decline by 1% in 2025, with North America projected to decline by 5.5%. Furthermore, a report released by the Los Angeles County Economic Development Corporation predicts that, due to a significant decrease in port arrivals, the Los Angeles area in California may lose $500 billion in revenue, putting 2 million related employees' jobs at risk.

[Bank of America Securities: Downgrades Apple’s Target Price from $250 to $240, maintains 'Buy' rating]

Bank of America Securities released a Research Report stating that Apple is expected to announce earnings that exceed expectations, mainly due to demand being pulled forward by tariff concerns. The firm slightly raised its revenue forecast for Apple's March and June quarters while lowering the longer-term revenue forecast to reflect higher costs from a more complex supply chain and delays in the launch of Siri enabled by artificial intelligence. Bank of America Securities adjusted Apple's revenue forecasts for the fiscal years 2025 and 2026 from $411 billion and $450 billion to $412 billion and $440 billion, respectively; earnings per share forecasts were adjusted from $7.3 and $8.2 to $7.25 and $7.82. At the same time, the Target Price for the stock was downgraded from $250 to $240, while maintaining a 'Buy' rating.

[Renowned Analyst: It is unrealistic for Apple to move all iPhone production to India for sales in the US market]

Regarding media reports this week stating that Apple plans to achieve 'all iPhones for the US market to be supplied by India by the end of 2026,' Craig Moffett, a 15-time recipient of Institutional Investor's annual top analyst award, stated that this idea is unrealistic. Moffett believes that merely relocating assembly lines may not solve the tariff problem, and that the global trade war operates on 'two fronts,' affecting both costs and consumer demand, with the latter potentially being a more significant issue.

[Events worth noting in US stock market hours (Peking time)]

April 28.

22:30 US April Dallas Federal Reserve Business Activity Index.