The three major U.S. stock index futures narrowed their gains to nearly flat, most Chinese concept stocks rose, gold continued to pull back, and the Korean won surged significantly

Thanks to the easing of China-U.S. trade tensions and the continued slowdown of U.S. inflation in April, which has strengthened expectations for interest rate cuts, the S&P 500 index overnight recovered all its losses for the year. The technology cooperation agreement resulting from the Trump administration's Middle East trip provided additional support for tech stocks, boosting risk appetite, with the three major U.S. stock index futures nearly flat on Wednesday.

Reports indicate that the U.S. and South Korea have discussed foreign exchange policies, leading to a significant appreciation of the Korean won by nearly 2%. Additionally, spot gold continued to pull back, Bitcoin rose nearly 1%, the U.S. dollar weakened, and long-term U.S. Treasury yields increased.

• The three major U.S. stock index futures were nearly flat, European stocks slightly declined, Japanese stocks fell slightly while South Korean stocks rose slightly.

• Some tech stocks in pre-market trading in the U.S. rose, with Advanced Micro Devices soaring 8%, NVIDIA up about 2%, and Pony AI rising over 16% in pre-market trading, following news that the company plans to apply for a Hong Kong listing confidentially; Pony AI has accumulated a rise of over 38% in the past five trading days.

• Short-term U.S. Treasury yields fell, while long-term U.S. Treasury yields rose.

• The Korean won appreciated significantly, with reports indicating that the U.S. and South Korea have discussed foreign exchange policies; the U.S. dollar index fell slightly, while the Japanese yen and euro both rose significantly against the U.S. dollar.

• Spot gold fell about 0.6%.

• U.S. oil fell about 0.6%, while Brent oil fell about 0.56%.

• Most cryptocurrencies rose, with Bitcoin up over 0.9%.

Mohit Kumar, Chief Economist and Strategist at Jefferies International, stated: "With the increase in positive news, we should see investors trying to chase the upward trend, which will drive risk assets higher." He also noted that the U.S. may outperform Europe in the short term, as investor positions in the U.S. remain relatively low compared to Europe.

Asian tech stocks performed strongly, with investors awaiting the earnings report from Tencent Holdings on Wednesday and Alibaba Group's earnings announcement the following day.

Frederic Neumann, Chief Asia Economist at HSBC Hong Kong, stated: "The series of strong earnings reports from Chinese tech companies will undoubtedly serve as a catalyst for further gains. As macro risks diminish, investors will once again focus more on earnings and the renewed prospects in the tech sector."

【Updated at 18:20】

Burberry's European stock briefly rose 10%, marking the largest intraday gain in over a month.

【The following market data was updated before 18:00】

In the stock market, U.S. stock index futures were nearly flat in pre-market trading. Dow futures fell about 0.01%, S&P 500 futures down 0.09%, and Nasdaq 100 futures fell about 0.1%.

Some technology stocks rose, with NVIDIA up about 2% and AMD up about 1.5%. The two companies previously announced that they would provide semiconductor products to an artificial intelligence company in Saudi Arabia for a $10 billion data center project.

Advanced Micro Devices rose about 8%, with Raymond James giving the company an initial overweight rating. Tesla rose about 2%.

Most Chinese concept stocks rose, with Baidu up about 2%, Alibaba up about 1%, and Li Auto up about 3%.

Pony AI's U.S. stock rose over 16% in pre-market trading, following news that the company plans to apply for a Hong Kong listing confidentially. Pony AI has risen over 38% in the past five trading days.

Boosted by Tencent's performance, Tencent's major shareholder Prosus saw its stock price rise 3.8%, reaching a new high in over four years.

European stocks fell slightly, with the Euro Stoxx 50 index opening down 0.1%, German stocks up 0.1%, British stocks down 0.2%, and French stocks flat.

The Nikkei 225 index closed down 0.1%. The Topix index closed down 0.3%, while the South Korean KOSPI index closed up 1.2%.

In the bond market, the 2-year U.S. Treasury yield fell about 2 basis points to 3.992%.

The 10-year U.S. Treasury yield rose about 2 basis points to 4.485%.

In the foreign exchange market, the U.S. dollar index fell about 0.5% to 100.413.

The euro rose over 0.5% against the U.S. dollar.

The U.S. dollar fell over 0.8% against the Japanese yen to 146.168.

Onshore RMB against the U.S. dollar officially closed at 7.2083 at 16:30 Beijing time, down 71 points from the previous trading day's official closing price and down 43 points from the previous day's night session closing price.

The Korean won rose significantly, reportedly as the U.S. and South Korea discussed foreign exchange policy. The U.S. dollar fell to a one-week low against the Korean won, down 1.92% to 1388.77. This year, against the backdrop of a generally weak U.S. dollar, the exchange rate of the Korean won against the U.S. dollar has risen by about 5%.

In the commodities market, spot gold fell nearly 0.9% to above $3220, then rebounded, currently down about 0.6%.

U.S. oil briefly fell nearly 0.8% to below $63.20. Brent oil briefly fell over 0.7% to above $66.10.