This Friday, the market will focus on two major events: the December employment data release and the final announcement of Trump's tariff policy.

Regarding employment data, the market generally expects December to outperform November—unemployment rate is expected to continue to decline, and employment creation remains strong. What does this positive signal imply? It indicates that while the labor market is undergoing a mild adjustment, there is no significant deterioration, which alleviates concerns about an economic recession.

From an asset allocation perspective, good employment data usually triggers a chain reaction: a stronger US dollar, support for major US stocks(, and growth stocks), along with increased market risk appetite. Conversely, the performance of technology stocks needs to be assessed in conjunction with changes in interest rate expectations—robust employment may delay rate cut expectations, putting pressure on high-valuation tech stocks. Market participants should closely monitor capital flows and asset rotation patterns following the data release.