Tonight's non-farm payroll report may be released, is the bull market over?

The "little non-farm" and the Federal Reserve's minutes are coming tonight. At 21:15 Beijing time on Wednesday, the U.S. December ADP employment change data will be released. This data is known as the "little non-farm" and is expected to trigger significant market movements. Surveys indicate that the U.S. December ADP employment is expected to increase by 140,000. Previously, the U.S. November ADP employment increased by 146,000.

In addition, at 03:00 Beijing time on Thursday, the U.S. Federal Open Market Committee (FOMC) will release the minutes of the December monetary policy meeting. These minutes may reveal more clues about the future policy path, especially regarding whether the Federal Reserve is truly turning hawkish. At the December meeting, the Federal Reserve lowered interest rates by 25 basis points as expected, and officials predicted only two rate cuts in 2025. Federal Reserve Chairman Jerome Powell stated that further adjustments will depend on the trajectory of inflation.