Breakfast | UnitedHealth surged 8% against the trend, CATL listed on the Hong Kong stock market today

Overnight Market Overview

Moody's downgrade impact was short-lived, with U.S. stocks opening lower but rising throughout the day. The S&P 500 managed a thrilling six-day winning streak, erasing an initial drop of over 1% to turn positive; after disclosing insider purchases by the CEO and others, UnitedHealth surged over 8%, leading the Dow. Nvidia fell over 2% in early trading but closed up, while Tesla dropped nearly 5% initially but narrowed its losses by more than half. The China concept index retreated but erased most of its losses during the session; Alibaba fell over 2% initially but closed down 0.4%.

The S&P 500 index closed up 5.22 points, an increase of 0.09%, at 5963.60 points.

The Dow Jones Industrial Average closed up 137.33 points, an increase of 0.32%, at 42792.07 points.

The Nasdaq closed up 4.36 points, an increase of 0.02%, at 19215.46 points. The Nasdaq 100 index closed up 19.12 points, an increase of 0.09%, at 21447.05 points.

Today's Key Focus

China will announce the one-year and five-year loan market quoted interest rates for May.

CATL will be listed and begin trading on the main board of the Hong Kong Stock Exchange.

Google will hold its annual I/O developer conference.

Three Calls Last Night: How Far Are Russia and Ukraine from Ceasefire?

On the 19th, U.S. President Trump spoke with Russian President Putin regarding the Russia-Ukraine issue, with both sides sending positive signals about the call. On the same day, Ukrainian President Zelensky had two calls with Trump, the second of which included multiple EU countries, where Zelensky requested that the U.S. not make decisions for Ukraine.

Media Reports Indicate Several Major State-Owned Banks in China Will Cut Deposit Rates, Up to 25 Basis Points, Announced This Tuesday

Media reports indicate that several major state-owned banks and some joint-stock banks will lower rates starting Tuesday, the 20th, affecting various product types including demand deposits, time deposits, and notice deposits. This follows the central bank's policy rate cut on May 8. Subsequently, in the early hours of Tuesday, both China Construction Bank and China Merchants Bank lowered their deposit rates, with a maximum cut of 25 basis points.

Lei Jun Announces: Xiaomi's 3nm Chip is Coming

Lei Jun stated that only by developing high-end flagship SoCs can they truly master advanced chip technology and better support their high-end strategy; the Xiaomi Xuanjie O1 uses second-generation 3nm process technology, aiming to rank among the top-tier flagship experiences. Over 13.5 billion yuan has been invested in the development of Xuanjie.

• Xiaomi is set to launch the SUV model YU7 on May 22, along with its self-developed mobile SoC chip Xuanjie O1 and the Xiaomi 15S Pro flagship phone. Goldman Sachs: Buy! Goldman Sachs believes that with its strong balance sheet, hardware-software integration capabilities, and cost advantages, Xiaomi is expected to build the world's largest consumer-grade physical intelligent ecosystem. It is estimated that Xiaomi's AIoT revenue in the first quarter will grow by about 50% year-on-year, and the launch of the Xuanjie O1 chip will further support Xiaomi's high-end strategy, with deliveries of YU7 expected to reach 85,000 and 360,000 units in the next two years, respectively.

Jensen Huang's Computex Speech: Next-Generation GB300 System to Launch in Q3, Personal AI Computer DGX Spark is in Full Production

Jensen Huang stated that the GB300 is equipped with an upgraded Blackwell chip, which has improved inference performance by 1.5 times, increased HBM memory capacity by 1.5 times, and doubled network connectivity capabilities, enhancing overall system performance. Huang mentioned that we are at the beginning of an era of AI factories, and NVIDIA will be an AI infrastructure company, no longer just a chip manufacturer.

Microsoft Build Conference announces the entry into the era of AI agents, Microsoft 365 Copilot, GitHub coding upgrades, Musk's xAI model incorporated into Microsoft Cloud

• GitHub Copilot has been upgraded to an "autonomous programming agent"; Microsoft 365 Copilot introduces Copilot Tuning capabilities for multi-agent collaboration; Azure AI Foundry adds xAI models; launches a unified local AI development platform, Windows AI Foundry; the new API in Edge browser integrates AI capabilities into web application transformation, featuring a PDF translation tool supporting over 70 languages; an open project named NLWeb allows websites to easily build AI chatbots; "AI's USB-C" arrives: Windows integrates MCP protocol; open-source Windows new command line text editor Edit.

No more Buffett "presence" at the 2026 Berkshire shareholder meeting

According to the Omaha World-Herald, 94-year-old Warren Buffett will not attend the Berkshire Hathaway 2026 shareholder meeting, choosing instead to let his successor Greg Abel take the spotlight.

Buffett announced two weeks ago at this year's shareholder meeting that he would step down as CEO, a position he has held for nearly 60 years, by the end of the year, but will retain the position of chairman of the board.

Why can't Apple get AI right? Internal employees: It's like a sinking ship: "It has been sinking for a long time"

Apple's AI chief, John Giannandrea, has difficulty integrating into Apple's core circle and must face strong inherent cultural resistance, which directly affects the implementation of Apple's AI strategy. Apple's software chief, Federighi, has been reluctant to make large-scale investments in artificial intelligence, and internal employees revealed that he does not believe AI is a core function of personal computers or mobile devices.

Federal Reserve's second and third-ranking officials pour cold water on interest rate cuts, suggesting rates may remain until at least September

• The Federal Reserve's second-in-command, Vice Chair Jefferson, emphasized a wait-and-see attitude, advocating patience in adjusting interest rates. He stated that it is essential to ensure that price increases triggered by policy changes do not lead to sustained inflation, and the current policy stance is "very good."
• The Federal Reserve's third-ranking official, New York Fed President Williams, indicated that Fed decision-makers may need months to gain a clearer understanding of the U.S. economic outlook. "We won't understand what happened in June, nor will we in July."
• Atlanta Fed President warned of inflation risks, stating, "I am more inclined to cut rates once this year." He hinted that the Fed is unwilling to adjust rates in the short term, saying, "I think we may need to wait three to six months to see how the situation evolves." He believes that Moody's downgrade of the U.S. debt rating may have a negative impact on American companies and households seeking to borrow