Market Overview - The Dow Jones index fell by 1.23%, the Nasdaq dropped by 2.24%, and the S&P 500 index decreased by 1.6%, marking the largest single-day decline in two months [1] - Oil prices plummeted by 3% and the US dollar fell by 1.3%, equivalent to a stock market decline of 3%-4%, erasing gains from the previous three days [2] - Gold prices increased, demonstrating its role as a safe-haven asset [3] Economic Data Impact - The market's downturn is primarily attributed to disappointing non-farm payroll data, but the underlying issue is the significant downward revision of May and June data, totaling a reduction of 258,000 jobs [4] - The market narrative has shifted to a "bad news is bad news" perspective, undermining previous beliefs in a "soft landing" scenario for the economy [4] - The perception of US assets as a safe haven is fading, and the "American exceptionalism" narrative is losing credibility [4] Market Sentiment and Expectations - There is a growing sentiment for a rate cut in September, with calls for a 50 basis point reduction rather than the previously expected 25 basis points [4] - The market is now leading the Federal Reserve's expectations, indicating a shift from proactive to reactive monetary policy, which may not stimulate market recovery [4]

Market Overview - The Dow Jones index fell by 1.23%, the Nasdaq dropped by 2.24%, and the S&P 500 index decreased by 1.6%, marking the largest single-day decline in two months [2] - Oil prices plummeted by 3% and the US dollar fell by 1.3%, equivalent to a stock market decline of 3%-4%, erasing gains from the previous three days [3] - Gold prices increased, demonstrating its role as a safe-haven asset [4] Economic Data Impact - The market's downturn is attributed to disappointing non-farm payroll data, but the underlying concern stems from significant downward revisions of May and June data, totaling a 258,000 reduction [5] - The market narrative has shifted to a "bad news is bad news" perspective, undermining previous beliefs in a "soft landing" scenario for the economy [5] - There is growing sentiment for a potential interest rate cut by the Federal Reserve, with calls for a 50 basis point reduction rather than the previously expected 25 basis points [5] Strategic Insights - A report titled "Global Market Strategy: August Outlook, Summer Frenzy" has been released, questioning whether the market has peaked and analyzing the potential movements of oil and gold [6] - The report highlights the significance of the non-farm data as a potential turning point and discusses the implications of a possible emergency rate cut by the Federal Reserve [7] - Insights into the recent US-China talks and their potential outcomes are provided, along with an analysis of China's stock market strategy and predictions for various asset classes in August [8]