U.S. stocks fell, Hong Kong ADRs dropped 6 points or 0.02%, reporting 25271 points, night futures fell 525 points or 2.08%, reporting 24725 points. Ming Pao News reported that U.S. President Trump issued an ultimatum to Iran, demanding the reopening of the Strait of Hormuz, while Tehran threatened further retaliation. Bond traders abandoned bets on an interest rate cut by the Federal Reserve this year, believing there is a 50% chance of a rate hike by October at the latest. Oil prices rose, gold prices fell, and Asian stock markets declined.