Wall Street's attitude these days is quite interesting; a one-sentence summary would be: bad news has become good news.

Looking at several market indicators makes this clear. Gold is gradually rising, indicating that investors have a demand for risk hedging but haven't reached the level of panic yet. Crude oil continues to decline, sending a straightforward signal—that people are not optimistic about the economic growth prospects ahead. Bitcoin is the most sensitive, with a noticeable drop; as a beacon of liquidity risk, it has preemptively reflected the tense market atmosphere.

The most critical variable is coming. The upcoming employment report will be a turning point for the next market trend. If the employment data is weak, the probability of the Federal Reserve cutting interest rates in the new year will increase, which is positive for the stock market and will have a chain reaction affecting the entire market. But if the data performs too strongly, the expectation of rate cuts will diminish, and the stock market may face a correction.

The problem is that recent special circumstances have affected the completeness of data collection, and statistical agencies still have some adjustments to make, which means initial figures may deviate from reality, and subsequent revisions could be significant. Because of this uncertainty, large institutions are currently cautious and hesitant to make big bets. The market is filled with a sense of anticipation.