Trump's tariff threats impact the market, US stock futures fall in response, and global stock markets are under pressure.

U.S. stock index futures fell across the board on Friday, as the latest tariff threats from the Trump administration cast a shadow on the record high of the S&P 500 index. Against the backdrop of employment data confirming economic resilience, although the benchmark stock index in the United States ended at historic highs this week, futures contracts still fell by about 0.6%. After Thursday's closing, Trump once again escalated trade tensions, warning that unilateral tariffs of up to 70% could be imposed on trading partners. The European Stoxx 600 index fell 0.7%, with trade-sensitive mining and automotive sectors leading the decline. Asian stock markets generally closed lower, with risk aversion driving gold prices up by 0.3% and the U.S. dollar slightly weaker. With the U.S. Independence Day holiday approaching, the U.S. stock and bond markets were closed. Since the market turmoil sparked by tariffs in April, global stock markets have rebounded significantly. However, given the ongoing uncertainty of the trade war and its potential impact on the U.S. economy and corporate profits, some investors remain cautious. "Market concerns are quietly evolving, especially after this week's rally," said Neil Wilson, chief investment strategist at Shengbao UK. "It is currently suitable to moderately reduce risk exposure, but the market tone has not fundamentally changed." Strategist Mark Cudmore said, "Unless extreme trade conflicts arise, positive fundamental factors will still dominate the market in the near term." He noted that institutional investors' bullish sentiment has become more rational due to ongoing threats, keeping them relatively cautious in the market at historic highs. Michael Hartnett of Bank of America previously stated that the surge in the S&P 500 index has approached a key sell signal level. The strategist recommended considering reducing positions when the index surpasses 6,300 points (just 0.3% higher than Thursday's closing), and warned that as the House of Representatives passes a $3.4 trillion fiscal package containing tax cuts, the risk of a summer market bubble is accumulating. Hartnett wrote in a report, "Greed is harder to overcome than fear, and overbought markets may remain overbought." The European bond market stabilized on Friday, but UK bonds continued to weaken due to fiscal concerns, with the yield on 10-year UK bonds at 4.53%, essentially flat from Tuesday's close at 4.45%. The pound exchange rate remained stable. As tensions escalate between China and the EU in diplomacy and trade, China announced the cancellation of part of the agenda of the two-day summit of Chinese and European leaders scheduled for the end of this month. At the same time, China announced a five-year anti-dumping tax on EU brandy, but major cognac producers meeting standard prices may be exempted. After a brief dip, Remy and Pernod Ricard's decline narrowed. In commodities, oil prices continued to fall ahead of the OPEC+ meeting set to significantly increase production again, which could exacerbate expectations of oversupply later this year.