Trump's tax hike threat impacts the market, U.S. stock futures fall in response, global stock markets under pressure

According to Zhitong Finance APP, U.S. stock index futures fell across the board on Friday, as the latest tariff threats from the Trump administration cast a shadow over the record gains of the S&P 500 index. Despite the U.S. benchmark stock index closing at a historic high this week, futures contracts still dropped by about 0.6% against the backdrop of employment data confirming economic resilience. After Thursday's close, Trump escalated trade tensions again, warning that he might unilaterally impose tariffs of up to 70% on trade partners starting immediately. The European Stoxx 600 index fell by 0.7%, with trade-sensitive mining and automotive sectors leading the decline. Asian stock markets generally closed lower, with risk aversion driving gold up by 0.3% and the dollar slightly weakening. With the U.S. Independence Day holiday approaching, U.S. stock and bond markets are closed. Since the market volatility triggered 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 growing, especially after this week's rally," said Neil Wilson, Chief Investment Strategist at Markets.com. "It is currently appropriate to moderately reduce risk exposure, but the market tone has not fundamentally changed." Strategist Mark Cudmore stated, "Unless there is an extreme trade conflict, the recent positive fundamental factors will continue to dominate the market. Notably, institutional investors' bullish sentiment has become more rational due to ongoing threats, keeping them relatively cautious in a historically high market." Michael Hartnett of Bank of America previously stated that the surge in the S&P 500 index is nearing a critical point that could trigger a sell signal. This strategist suggested considering reducing positions when the index breaks above 6,300 points (just 0.3% higher than Thursday's close) and warned that as the House passes a $3.4 trillion fiscal plan that includes tax cuts, the risk of a summer market bubble is accumulating. Hartnett wrote in a report, "Greed is harder to overcome than fear, and an overbought market may remain overbought." European bond markets stabilized on Friday, but British government bonds continued to weaken due to fiscal concerns, with the 10-year UK bond yield reported at 4.53%, basically unchanged from Tuesday's close of 4.45%. The pound remained stable. As tensions escalate in China-Europe diplomatic trade, China announced the cancellation of part of the agenda for the China-Europe leaders' two-day summit originally scheduled for later this month. At the same time, China announced a five-year anti-dumping tax on EU brandy but promised that major cognac producers meeting the price standards would be exempted. Rémy Martin briefly fell before rebounding, and Pernod Ricard's decline narrowed. In commodities, oil prices continued to fall ahead of the OPEC+ meeting, which is expected to significantly increase production again, potentially exacerbating expectations of a supply surplus later this year