U.S. stocks showed a differentiated trend overnight. The Dow Jones Industrial Average fell 466.00 points to close at 48,996.08 points, a decrease of 0.94%; the S&P 500 Index fell 0.34% to close at 6,920.93 points; the Nasdaq Composite Index rose 0.16% against the trend to close at 23,584.28 points, achieving three consecutive gains. In terms of individual stocks, Caterpillar fell more than 4%, Nike fell more than 3%, while Google rose more than 2%, surpassing Apple in market capitalization for the first time since 2019, and Apple experienced six consecutive declines.

Most Chinese concept stocks declined. Melco Resorts & Entertainment and Manbang Group both fell more than 7%, Canadian Solar fell more than 6%, and Tencent Music, NetEase, etc. fell more than 3%; however, BrainRegen rose more than 60% and Legend Biotech rose more than 8%, showing structural differentiation. Behind the market fluctuations, the mixed U.S. economic data is an important inducement. The ADP private sector employment increased by 41,000 in December, reversing the decline but lower than expected. The number of JOLTS job openings in November fell to 7.146 million, a new low in more than a year, while the ISM services PMI rose to 54.4 in December, a new high in more than a year.

In addition, Trump’s relevant policy statements triggered sector volatility. After he announced a ban on institutional investors from purchasing U.S. single-family homes, Blackstone fell 5.6%; after requiring military enterprises to suspend dividends and repurchases, defense giants such as Northrop Grumman and Lockheed Martin all fell.