Yesterday’s seismic shift rattled the financial world as stronger-than-expected U.S. employment figures shattered market assumptions and sent major indices into free-fall. The sudden withdrawal of hopes for a December rate cut from the Federal Reserve triggered an urgent reassessment across portfolios. Investors confronted the realisation that “normal” may no longer mean what they anticipated and the race is on to decode what comes next for stocks, bonds and risk assets.

Chart of US unemployment from 2023

During yesterday's trading session, despite a very positive opening of the stock market, we could watch how US stocks, especially technology and growth ones, went from gains (often over several percent) into the red in a matter of minutes. This is despite very good results from the largest company on the market, Nvidia. To give you an idea, its stock ($NVDA) started yesterday's trading higher by 4.94%, but due to the sell-off that came afterwards, it ended yesterday's trading day at a…