The U.S. non-farm unemployment rate announced on Friday is 4.4%. What a close call—if it were just 0.1–0.2% higher, it would have triggered the Sam Rule and sparked recession expectations. In short, no chance for a rate cut in January. Also, the decision on whether tariffs are unconstitutional has been postponed—like a sword hanging over our heads. Russell 2000 is definitely worth keeping an eye on, just like @MSX_CN mentioned in this pre-market analysis. $1.5 trillion in military spending + tariffs officially taking effect + BCOM index rebalancing day + non-farm data—all happening on the same day. Essentially, it’s a battle of capital flows. BCOM’s annual rebalancing has passively reduced the weight of precious metals. Once the tariff ruling is finalized, it might be more favorable for the Russell 2000, which is more localized. In fact, regardless of the outcome, as long as there’s a possibility that the tariff policy is unconstitutional, capital will shift from multinational corporations (large-cap stocks) to the Russell 2000 (small-cap stocks). It’s just a matter of degree. Plus, small-cap stocks are currently lagging behind large-cap indices, so there’s room for a rebound. MSX already has the Russell 2000 spot ETF IWM.M https://(msx.com)/?code=snSd88