On Wednesday, the US stock market opened like a roller coaster. After the S&P 500 and Dow hit record highs the previous day, their performance today started to diverge.

Where is the problem? The December US ADP employment data fell short of expectations, directly hitting the market's pain point. Investors began to reassess the health of the US labor market, leading to new considerations about the Federal Reserve's future policy path. Many funds chose to stay on the sidelines, which also explains why the three major indices showed a clear divergence after opening.

Specifically, the Dow Jones Industrial Average opened steadily higher, up 0.10%, at 49512.72 points; the S&P 500 rose slightly by 0.25 points to 6945.07 points, remaining nearly flat; the Nasdaq Composite index slightly declined by 0.799 points to 23546.374 points. The pullback in the tech sector may be due to recent profit-taking pressure—after all, tech stocks have already seen significant gains.

Overall, the disappointing employment data became a turning point for market sentiment. The upcoming policy signals and economic data releases will be key focus points.