On Wednesday evening, the US stock market opened with a clear divergence, starting with a small wave of fluctuations. The Dow opened lower and then dipped further, with a maximum decline of 0.88%, but quickly stabilized and rebounded, eventually turning green; the Nasdaq performed relatively steadily, opening slightly in the green, and then gradually expanding its gains to 1.26%; the S&P 500, which initially fell 0.43%, also successfully turned positive, ending with a gain of 0.58%. The market’s rebound strength was not weak.

Sector rotation was particularly interesting. The pharmaceutical sector took the biggest hit—affected by expectations of import tariff policies, leading giants like Merck and Eli Lilly to fall over 3%, which felt somewhat like a cold shower. Conversely, Chinese concept stocks operated in the opposite direction, firmly leading the rebound. The Nasdaq Golden Dragon Index of Chinese stocks once rose over 2%, Bilibili surged 6%, Xpeng Motors increased 5%, and JD.com and Alibaba were all above 3%. This momentum was indeed impressive.

It’s worth noting that today is Christmas Eve, and the NYSE closed early at 1 PM, with a holiday on Thursday. Therefore, trading volume and participation were reduced, but judging from the evening rebound performance, even so, market sentiment still found its direction.