There is bad news for U.S. stocks today, mainly as follows:

- Macro level: U.S. employment data was better than expected and service industry inflation accelerated. U.S. JOLTS job vacancies unexpectedly increased by 259,000 to 8.098 million in November, reaching a 6-month high. The U.S. ISM non-manufacturing PMI in December increased from November The index rose to 54.1 from 52.1 in November, and the price index rose to 64.4 from 58.2 in November, a new high in the past 11 months. The strong economic data means that the current inflationary pressure in the United States is relatively high, and the market's concerns about the pace of the Federal Reserve's interest rate cuts have once again affected the trend of U.S. stocks. The market The probability that the Federal Reserve will not cut interest rates in January is expected to rise to 95%. The Fed will cut interest rates by only 37 basis points in 2025, and U.S. bond yields once hit a nearly eight-month high.

- Institutional investor level: Goldman Sachs derivatives strategist John Marshall pointed out that stock financing spreads fell significantly after the Federal Reserve announced its "hawkish" policy stance on December 18 last year, which means that institutional investors are significantly reducing their leveraged long positions. , hedge funds are shorting the U.S. stock market on a large scale.

-Individual stock level: Bank of America analyst John Murphy issued a report downgrading Tesla's rating from "buy" to "neutral", pointing out that Tesla's vehicle delivery performance in the fourth quarter of 2024 and fiscal year 2024 will decline. Weaker than expected, the company also reported a decline in overall annual sales, and also believes that Tesla has some execution risks in 2025.