If Thursday's employment data is as weak as ADP, U.S. stocks will likely experience a panic sell-off.

Core logic: Weak data will trigger an instant switch in market logic—the fear of economic recession will immediately outweigh the fears of inflation and interest rate hikes. Investors will worry about declining corporate profits, leading to a sell-off of risky assets.

However, it should be noted: This could also force the Federal Reserve to end interest rate hikes early, so the sell-off may be severe but short-lived. The market will start to gamble on the script that "bad news is good news" (bad economic data → early end to interest rate hikes → favorable for the stock market). #非农就业数据来袭