What the market truly loses is not confidence, but the calculability of the future. The danger of non farm farming this time lies not in the data itself, but in its destruction of a traceable sense of path. The difference is not thorough enough to save the expectation of interest rate cuts. It cannot be considered good, and it is difficult to justify the current price of risky assets. This is the most troublesome state for the Federal Reserve. At the end of the day, the US stock market closed, but technology barely rose. The only macroeconomic bearish factor of the year is Japan's interest rate hike. The candidates for the Federal Reserve are about to be announced, and the new Federal Reserve chairman will definitely stand in Trump's position. The time when liquidity is at its worst before Christmas and institutions begin their annual adjustment and liquidation should be the moment of reversal. In recent weeks, there have been news of US stock tokenization every few days, and as infrastructure gradually improves, there is also a foundation for development. This is the next narrative we should closely monitor.