Good morning, colleagues. Today, after the opening, the U.S. markets show a general 下行 trend. The Dow Jones is down 0.44%, the S&P 500 is down 0.57%, and the Nasdaq and Nasdaq 100, which have a heavier weight in tech, are down nearly 0.9%.

This suggests that the market is being cautious on the first day of December. Why this callback so early in the month? The main reason is macro uncertainty.

This month the Fed makes its last rate decision of the year and the market is betting heavily on a cut in December.
The expectation of rate cuts seems like a plus but brings uncertainty in the short term, especially with the hidden economic risks in the United States that are rising more and more. For example, the labor market is weakening or corporate earnings cannot sustain high growth; these doubts leave investors with cold feet. That is why futures have already fallen before the opening.

In addition to the macro sentiment, the Chicago Mercantile Exchange, the largest futures and derivatives exchange in the world, paused trading due to a system issue. The market gets nervous with these "trading halts" because they create short volatility and that indirectly contributed to today's decline.
From the sector view after the opening, the market shows a clear differentiation.

The yield on the 10-year U.S. bond rose slightly, putting extra pressure on the stock markets in general, while consumer stocks are stealing the spotlight due to the upcoming Cyber Monday. Online shopping on Black Friday reached a record of 118 billion dollars, showing that consumers, despite high rates, are still eager to shop online, which leaves the short-term sentiment of major retailers more solid.