From around 7 a.m. ET, all stocks fell for no apparent reason (at least no news catalyst) – bond yields, stocks, cryptocurrency, gold "banged" across the board. Then, after the European close, all the downfall stocks suddenly soared. The U.S. stock market has fallen, and the fall is not big or small, and the three major stock indexes have fallen by about 1%. The downfall shattered the year-end lull, and people began to face up to the risks posed by the rise of the dollar and Treasury yields. 1. The fall of the U.S. stock market last night is enough to make the sentiment of the Asia-Pacific market more cautious today. The good news is that today is the last trading day of 2024, which is not a full trading day for many markets (some markets close early), which has helped global markets stabilize. 2. Monday's fall can be described in four words: no reason. There is no news to drive, as if everyone knows that they are going to fall. 3. This time the U.S. stock market fell, accompanied by the big fall of U.S. bond yields, the 10-year U.S. Treasury yield fell sharply from 4.63% to 4.53%. In other words, the good news did not prevent the US stock market from falling. The 10-year Treasury yield is still the focus of our follow, and if it can fall further above 4.5%, then this dump is expected to be gradually faded. But there could also be another scenario, in which the US stock market will continue to fall in the face of falling Treasury yields, and the reason for this will be the "influx of investors from the stock market to the bond market". 4. This is a global dumping, from U.S. stocks to gold, from gold to BTC, the market with a large margin is concentrated in the market that will perform well in 2024. BTC seems to have lost momentum and closed at $92,000. If it closes below $92,000, it opens up room for BTC to fall further towards $81,000. 5. U.S. stocks are still the center of the universe today, and few analysts expect them to stop today. If it does not have a rebound of more than 0.5% today, then the pessimism in the market will be further amplified.