On Wednesday this week, the US stock market's rally slowed significantly. The S&P 500 index was nearly flat, despite hitting a new closing high the previous trading day. However, divergence was quite evident—the Nasdaq 100 fell by 0.2%, with tech giants experiencing capital outflows; in contrast, the Dow Jones Industrial Average rose by 0.3%, with blue-chip stocks showing relative resilience. Investors have begun to cautiously adjust their positions after months of gains driven by tech stocks.

Sameer Samana, head of investment research at Wells Fargo, pointed out: "We have returned to the high levels of the previous plateau, and more signals are needed to break through. The key is for the Federal Reserve to clarify its next policy direction." Market focus shifted to economic data. The ADP employment report released on Wednesday showed that US companies added jobs at a moderate pace in December, with only 41,000 new private sector jobs, falling short of economists' expectations. This has increased investor anticipation for Friday’s non-farm payrolls report — which will directly reflect the true resilience of the labor market and could be a significant factor influencing market direction in the near term.