Overnight US stocks | The three major indexes rise and fall differently, Trump formally signs the "GENIUS Act".

On Friday, the three major indices showed mixed movements. The Dow Jones Industrial Average fell by 0.07% for the week, while the Nasdaq rose by 1.51% and the S&P 500 rose by 0.59%. President Trump signed the "Guidance and Establishment of the US Stablecoin National Innovation Act" (GENIUS Act) at the White House, marking the implementation phase of stablecoin regulation legislation in the United States. [US Stock Market] At the close, the Dow fell by 142.30 points, or 0.32%, to 44342.19 points; the Nasdaq rose by 10.01 points, or 0.05%, to 20895.66 points; and the S&P 500 fell by 0.57 points, or 0.01%, to 6296.79 points. The Nasdaq rose for the fifth consecutive trading day and hit new intraday and closing highs. Crypto-related stocks had mixed movements, with Robinhood (HOOD.US) rising by 4.07%, Coinbase (COIN.US) rising by 2.2%, Circle (CRCL.US) falling by 4.71%, and Hut 8 (HUT.US) falling by 2.26%. 3M (MMM.US) fell by 3.63%, and Netflix (NFLX.US) fell by 5.10%. [European Stock Market] The German DAX30 index fell by 80.57 points, or 0.33%, to 24286.90 points; the UK FTSE 100 index rose by 17.38 points, or 0.19%, to 8990.02 points; the French CAC40 index rose by 0.67 points, or 0.01%, to 7822.67 points; the Euro Stoxx 50 index fell by 18.50 points, or 0.34%, to 5358.65 points; the Spanish IBEX35 index fell by 21.50 points, or 0.15%, to 13981.50 points; and the Italian FTSE MIB index rose by 168.30 points, or 0.42%, to 40297.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index fell by 0.21%, the KOSPI index fell by 0.13%, and the Indonesia Composite index rose by 0.34%. [Forex Market] The US Dollar Index against six major currencies fell by 0.26% to 98.481 at the end of the trading day. At the end of the New York trading day, 1 euro exchanged for 1.1622 US dollars, higher than the previous trading day's 1.1584 US dollars; 1 pound exchanged for 1.3417 US dollars, higher than the previous trading day's 1.3410 US dollars. 1 US dollar exchanged for 148.77 Japanese yen, higher than the previous trading day's 148.73 Japanese yen; 1 US dollar exchanged for 0.8017 Swiss francs, lower than the previous trading day's 0.8057 Swiss francs; 1 US dollar exchanged for 1.3726 Canadian dollars, lower than the previous trading day's 1.3750 Canadian dollars; and 1 US dollar exchanged for 9.6785 Swedish kronor, lower than the previous trading day's 9.7572 Swedish kronor. [Oil] The August delivery WTI crude oil contract on the New York Mercantile Exchange fell by 20 cents, or nearly 0.3%, to $67.34 per barrel. The Brent crude oil contract fell by 24 cents, or 0.35%, to $69.28 per barrel. [Metals] Spot gold rose by 0.35% to $3350.46 per ounce. The LME copper futures increased by 112 US dollars to $9778 per ton. The LME aluminum futures rose by 52 US dollars to $2630 per ton. The LME zinc futures rose by 82 US dollars to $2818 per ton. [Cryptocurrency] Bitcoin fell by over 1.3% to $117700.9, while Ethereum rose by 1.9% to $3544.66. [Macro News] Trump escalates pressure on the EU: minimum tariffs may rise to 15%-20%. According to sources familiar with the matter, Trump has raised his demands in trade negotiations with the EU, hoping to maintain tariffs on EU goods at least at the level of 15%-20% in any agreement reached. Previously, the two sides planned to maintain tariffs on most goods at a base level of 10%. However, Trump's tougher stance is aimed at testing the EU's tolerance for tariff pressure. Sources said that Trump is indifferent to the EU's latest proposal to lower car tariffs, and is willing to keep car tariffs at 25% as originally planned. A US official revealed that even if an agreement is reached, the US government is considering setting equal tariffs at above 10%. A high-ranking EU diplomat said that if Trump insists on setting equal tariffs at 15%-20%, it would go back to the level at the beginning of trade negotiations in April this year, which may force the EU to take retaliatory measures. Improved inflation expectations, rising US consumer confidence. With expectations for the economy and inflation continuing to improve, the US consumer confidence index rose to a five-month high in early July. Data released by the University of Michigan on Friday showed that the preliminary consumer sentiment index for July rose from 60.7 a month earlier to 61.8. However, this number is still lower than the level for the whole of last year. Consumers expect the annual inflation rate for the next year to be 4.4%, lower than 5% last month and the lowest level since February this year. They expect the inflation rate for the next 5 to 10 years to be 3.6%, also the lowest level in five months. Concerns about tariffs continue to limit optimism about the economic outlook. Joanne Hsu, the head of the survey, said in a statement, "Consumers' expectations for business conditions, the labor market, and even their own income are weaker than a year ago. That being said, the recent increase in confidence over the past two months suggests that consumers believe the risk of the worst-case scenarios they anticipated in April and May has eased. However, announcing higher tariffs or rising inflation could dampen market sentiment." US housing starts rebound in June due to apartment construction. Boosted by the construction of multifamily homes, US housing starts rebounded in June, but the single-family home market remained weak, indicating that high inventory and affordability pressures continued to plague the market. Data released on Friday showed that the annualized rate of new home construction grew by 4.6% to 1.32 million units last month, rebounding after a nearly 10% decline in May. While apartment contractors are busier, the overall stagnant new housing construction indicates that builders are slowing their investment pace to absorb the highest level of new housing inventory in more than 17 years. At the same time, developers face competition from the growing supply of existing homes as homeowners gradually accept mortgage rates close to 7% and begin listing their properties for sale. [Stock News] Tesla, Inc. (TSLA.US) IT executive takes over sales operations. Amid global sales declines at Tesla, Inc., the company has appointed a relatively low-key IT executive to oversee sales operations. The executive, Raj Jegannathan, is a senior executive at Tesla, Inc., previously responsible for IT and data-related affairs. Sources say that he has recently taken over the management responsibilities of the sales business. Some insiders believe that his role has taken over from the departed North American sales head, Troy Jones, who left the company earlier this month after 15 years at Tesla, Inc. According to two sources and LinkedIn profiles, he has no traditional sales experience in the automotive industry. Currently, it is unclear whether this personnel change is a temporary arrangement. MEI Pharma (MEIP.US) secures commitments of over $100 million to launch Litecoin Gold Vault strategy. Titan Partners Group and crypto investment firm GSR are jointly leading the strategic transformation of US pharmaceutical company MEI Pharma (MEIP.US) to establish a dedicated Litecoin Gold Vault strategy. Over $100 million in commitments has already been pledged to the project. It is worth mentioning that Litecoin founder Charlie Lee has agreed to join the board of MEI Pharma. Additionally, the Litecoin Foundation has also invested in MEI Pharma, as the company's gold vault strategy aligns closely with the core mission of promoting global Litecoin adoption. [Analyst Ratings] JPMorgan: Coca-Cola Company (KO.US) price target lowered from $79 to $77 Bank of America Corp: United Airlines (UAL.US) price target raised from $90 to $108 Bank of America Corp: Starbucks Corporation (SBUX.US) price target raised from $101 to $110; McDonald's Corporation (MCD.US) price target lowered from $327 to $322