Beijing time tonight at 9:30 PM, the U.S. Department of Labor will release the December non-farm employment data, coinciding with the Supreme Court's ruling on Trump's tariffs policy. Two major events happening simultaneously, the market will have to tremble for anyone involved.

Let's start with employment. The market forecasts that December's new jobs will be between 60,000 and 73,000, slightly better than November's 64,000, and the unemployment rate could drop from 4.6% to 4.5%. The numbers look decent, but frankly, a lot of this is seasonal temporary workers filling in, and the actual hiring demand isn't that strong. The ADP private sector employment data released a few days ago showed an increase of only 41,000 jobs, below expectations, indicating that companies are still quite cautious about hiring.

How this data turns out will directly influence the market's expectations for the Federal Reserve's next move. If tonight's non-farm report shows a soft landing with weak employment data, the expectation for rate cuts will rise immediately, giving risk assets a breather; conversely, if the data surprises strongly on the upside, the timetable for rate cuts will be pushed back, and market pressure will increase. The most ideal scenario is a balanced report—neither too strong nor too weak.

Apart from employment, the tariff ruling is also a big variable. If the court rejects the tariffs policy, companies and consumers relying on imports will benefit in the short term, but the White House surely has other plans, and long-term uncertainty will still linger. The outcome of these two events combined will determine tonight's performance of the stock, bond, and forex markets, with the potential for significant changes in their gains and losses.

Honestly, tonight is destined to be a sleepless night. It is recommended that everyone manage their positions well, prioritize risk control, observe the market carefully, but don't let emotions take over.