The first trading day of the new year saw a rollercoaster ride in the US stock market. The bulls started strong at the open, with the Nasdaq rising over 1.5% intraday, but the rally didn't last long, and after midday, it suddenly turned downward. The Nasdaq closed down 0.33%, the Dow barely turned positive, Nvidia rose 1.48% but failed to hold its high, Tesla fell 1.49%, and Google also declined 0.31%.

This wave of correction was not limited to the stock market. The US dollar index fell 0.08%, spot gold dropped 0.53%, and the most volatile was spot silver — soaring over 2.5% intraday before crashing down to a 1% decline. Crude oil futures also declined across the board, with a drop of over 1%. The entire market style shifted very quickly, with various assets adjusting accordingly.

What was most surprising was the Nasdaq Golden Dragon China Index moving independently, rising 3.87% against the trend. The Chinese concept stocks in this index performed remarkably: Alibaba surged over 5%, Baidu jumped 12.8%, NetEase increased 7.33%, and JD.com also rose 2.20%.

With so many assets showing such divergent movements on the same trading day, what is the underlying driving logic? It may take some time for the market to find an explanation. Interestingly, while traditional financial assets experienced intense volatility, the crypto market was also closely tracking these signals.