To The Moon

Wall Street ended lower on profit-taking activity.

🇺🇸 S&P 500: -0.19% 📉

🇺🇸 Nasdaq: -0.54% 📉

🇪🇺 Stoxx 600: 0.16% 📈

🇯🇵 Nikkei 225 Index: -0.26% 📉

🇭🇰 Hang Seng: -0.01%📉

🇨🇳 CSI 300: -0.70% 📉

• U.S. stocks ended the day lower, with the S&P 500 and Nasdaq both plunging -0.2% and -0.5%, as investors cashed in gains in chipmaker stocks and prepared for next week's upcoming Federal Reserve meeting to prepare for producer price data and seek more insight into the trajectory of inflation.

• Hong Kong's Hang Seng Index and China's CSI Shenzhen Index fell -0.01% and -0.7% on losses from Li Ning Co. and Chinese property developers, while Country Garden shares fell after missing a bond coupon payment 4.9%.

💡 Things you need to know today: 💡

1. On Wednesday, the European Parliament approved the Artificial Intelligence Bill, and subsequently, the EU is embarking on implementing extensive safeguards for the rapidly developing field of artificial intelligence.

2. Country Garden Holdings Co. failed to pay interest on its yuan-denominated bonds on time for the first time, further complicating the situation for the Chinese developer, which is currently facing litigation seeking overseas liquidation.

Country Garden Crisis

3. Donald Trump won the Republican presidential nomination, completing a remarkable political renaissance fueled by discontent and revenge. This marks the start of a general election that is expected to be the longest and most expensive in recent years.

Will Donald Trump be back?😂

4. As competition intensifies in China's electric vehicle (EV) market, BYD, the world's leading electric vehicle maker, has launched another model priced under 100,000 yuan ($13,912), further intensifying the discount war. 

BYD is just too strong

5. The U.S. House of Representatives passed a bill that would ban TikTok from being sold in the United States unless its Chinese owner sells the video-sharing app, marking the toughest challenge yet to a service used by 170 million Americans. , but critics consider it a national security threat.

Tik Tok

✅ Key Points:

While the Fed is widely expected to keep rates on hold at next week's meeting, traders see a 65% chance of a first rate cut in June.

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