I guess it will be another sleepless night tonight

The US "small non-farm" and initial claims data will be released tonight

Several recently released macro data suggest that there will not be a significant interest rate cut as expected throughout 2025

US stocks have also begun to adjust from high levels recently

The key data tonight will be the ADP employment report and initial jobless claims. If the ADP employment data performs poorly or the number of initial jobless claims unexpectedly rises, it may exacerbate market concerns about the speed of economic recovery and further affect the Fed's monetary policy expectations.