U.S. stocks showed mixed performance today, lacking a clear direction. The S&P 500 barely rose 0.01%, the Dow Jones Industrial Average increased only 0.05%, while the Nasdaq declined 0.44%, ending the previous three days of consecutive gains. The indices were under pressure in the past two days; although there was a rebound yesterday, the rebound was clearly insufficient. Google performed notably, rising 1% in a single day and hitting a new all-time high, becoming one of the few bright spots in the market.

In precious metals, the decline has narrowed and looks somewhat better compared to yesterday. However, silver and platinum continue to slide, both dropping sharply by 5%. Gold's performance is more complicated — it fell by 1% at one point during the day but then turned positive. More notably, the gold-silver ratio broke through the 60 mark, hitting a 12-year low. This indicates that silver's relative strength compared to gold has reached a historical high. Investors should note that gold and silver should not be judged together. The fundamental logic for gold remains the ongoing purchases by global central banks, especially China's central bank, which is a significant supporter. This support logic has not changed at present.

On the geopolitical front, actions are frequent. Trump made new remarks about Venezuela, expressing hope to visit the country in the future and to manage and develop its oil reserves long-term. The Senate subsequently held a procedural vote and passed a resolution to limit Trump's continued military intervention in Venezuela. Domestic public opinion in the U.S. has thus become divided — support and opposition are evenly matched, with the opposition's voice quite strong.

Regarding Greenland, Trump reiterated that the U.S. must own the entire island and said he would hold talks with Denmark to seek communication on the island's takeover. The overlap of these two geopolitical events is likely to have a sustained impact on commodities and energy markets.

On the Federal Reserve side, Bessant commented that the Fed should not delay the pace of interest rate cuts. Regarding the Fed's personnel decisions, it was previously expected that a decision would be made in January; Bessant revealed that Trump has already made up his mind on the candidates, and he has a clear list in mind.

This month’s key macroeconomic data will focus on the non-farm employment report, which will be officially released on January 15. This data will play an important role in guiding the Fed’s future policy direction.