The U.S. stock market closed rather lackluster last night, with the three major indexes hovering near the zero line. The Dow dipped 0.07%, the S&P rose 0.1%, and the Nasdaq was a bit stronger, up 0.2%. Overall, the market seemed quite indecisive.

Chip stocks were highly divergent. Intel plunged 7.4%, dragging the Dow down quite a bit, indicating that investors aren’t too interested in traditional chip makers anymore. On the other hand, Nvidia continued its strong run, up another 2%. AI concept stocks are clearly still in favor. Oracle also did well, closing up 3%, showing that the enterprise software sector is still on the move.

Chinese stocks managed to recover slightly, with the Nasdaq Golden Dragon China Index rising 0.39%, putting a stop to the recent losses. NIO stood out the most, surging 4%. It seems some investors are starting to revisit the valuation gap in Chinese assets.

However, overall trading volume was light, as everyone is clearly waiting for Friday’s nonfarm payrolls data. This data is extremely important for gauging how the Fed will approach monetary policy next year—after all, whether or not rate cuts happen depends on how strong the job market is. The market right now is like the night before an exam, with everyone holding their breath, waiting for the results.

By the way, the correlation between this round of market action and crypto assets like BTC and SXP is also worth watching, as changes in liquidity expectations in traditional markets often spill over into crypto.