"Job Growth Surprises, Tariffs Shake Markets; Crypto, Oil Tumble"

The U.S. non-farm payroll data for January brought mixed feelings to the market. While job creation was below market expectations, the decrease in the unemployment rate and strong wage growth indicated a healthy labor market, limiting the Federal Reserve's room to cut interest rates. Simultaneously, President Trump's announcement of "reciprocal tariffs" on other countries this week further shook the market.

Last week, the U.S. stock market experienced a broad-based pullback, with major indices declining for the second consecutive week. The S&P 500 index fell by 0.24%, the Dow by 0.54%, and the Nasdaq by 0.53%. Among large-cap tech stocks, only NVIDIA and Meta closed higher, while Tesla fell by 10.62%, marking its worst weekly performance since October last year.

The crypto market continued its downward volatility, with Trump's tariff policy increasing market uncertainty and risk aversion. After a significant pullback, Bitcoin struggled to rebound, currently fluctuating around $96,000, with a cumulative decline of over 4% in the past week. Influenced by Bitcoin, Ethereum and various altcoins experienced widespread sell-offs, with many investors exiting during the decline. The previously popular AI and MEME sectors became the hardest-hit areas in this round of decline. However, amid the market downturn, institutional funds continued to flow in, with Bitcoin spot ETFs seeing a net inflow of $200 million last week and Ethereum spot ETFs seeing a net inflow of $420 million.

In the forex and commodities sector, the U.S. dollar index fluctuated downward last week. Despite a slight rebound on Friday due to the non-farm payroll data and Trump's tariff comments, the dollar index still fell by 0.33% for the week. Market concerns about a potential trade war that could weaken oil demand led to a more than 2% weekly decline in crude oil prices. Meanwhile, the escalation of a trade war boosted the safe-haven demand for gold, with spot gold rising by over 2% last week.

Recently, Trump's tariff policy and the reactions from various countries have dominated the current market trend. Market uncertainty has led to a risk-averse stance among investors, who are cautiously watching a series of risk events. As a financial trading