Key Takeaways:
• S&P Global Holds Firm on Index Rules
• JPMorgan Reverses Bearish Call on Tesla, Lifts Price Target to $475
• Saylor Blames Bitcoin Selloff on Capital Rotation Into AI
• Key Economic Events: Nonfarm Payrolls, Unemployment Rate
🔔Before the Bell
S&P 500 futures fell early on Friday as traders awaited the release of the May jobs report, while the tech-heavy Nasdaq was set to open sharply lower ...

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What risks might Trump face if he blockades the Strait of Hormuz himself:
It would lead to unbearable inflation in the US, especially since Kevin Warsh has not shown a dovish stance (though it’s also possible that he was acting before taking office to ensure a smooth transition).
Brief Comments on Kevin Warsh's Hearing
Kevin Warsh’s Senate hearing had limited policy additions and was highly political, focusing on implementing his dual-track monetary policy approach of 'quantitative tightening + interest rate cuts.' It did not affect the market, which remains influenced by geopolitical factors. The likely sequence will be quantitative tightening first, followed by interest rate cuts. The timing of the rate cut should be when issues with the US economy are identified.
A food crisis is approaching, and this time it’s for real:
India is currently facing a fertilizer shortage, particularly nitrogen fertilizers.India’s situation is outrageous as there is no awareness of maintaining fertilizer reserves. India's current stockpile is only one-third of what’s needed for normal spring planting. Even under conditions where normal spring planting can be assured,there still exists a population suffering from hunger at a rate of 20%-30%.One of the reasons is that India has long relied on exporting grain to obtain US dollars to purchase US debt, high-end manufacturing equipment, and military weapons. Therefore, combined with the potential escalation of the El Niño high-temperature phenomenon this year, India could face a significant humanitarian crisis. It might not only reduce exports but also require humanitarian assistance.
Recent data from the World Bank shows that over the past two decades, Gulf countries have become a significant player in the global fertilizer market...