Tonight's opening of the U.S. stock market is attracting global attention—it's no exaggeration to say that this will be the longest night of the year. First, after the U.S. stock market closed on Thursday, the market lost its backbone, and global assets generally entered a wait-and-see state. More subtly, traders have clearly realized: the Fed's interest rate cut expectations have been pushed to the extreme, and continuing to double down has become dangerous, so they dare not make rash bets—waiting for the U.S. stock market to give new pricing signals. Second, before the U.S. stock market opens on Friday, something jaw-dropping happened—a problem occurred with the cooling system at one of Wall Street's largest exchanges, the CME data center, causing a halt in the global futures trading system. This is not just a problem with a single exchange but a brief malfunction of the global pricing hub. The CME is a barometer of market sentiment and an important pricing center for global futures, including stock indices, forex, government bonds, crude oil, gold, corn, soybean meal... all the liquidity hubs for the varieties you can think of. Once it stops, CBOT, NYMEX, and COMEX also face issues. This is not a market halt; it's a blockage of the futures main artery of the Earth. Normally, investors gauge the opening direction through U.S. futures; now, with futures gone, the compass is also lost. Europe and Asia are unusually calm today—not because nothing is happening, but because they dare not move. For traders, it feels like suddenly the engine stalls on the highway. Tonight, although the direction is led by the U.S. stock market, the volatility depends on liquidity, and liquidity depends on whether the CME can fully recover. Third, this is a critical closing with 'temporal significance.' It is not only the last trading day before the weekend but also the last trading day of the month and before entering December, making it highly concentrated in significance—the end-of-month funds need to reconcile and adjust positions, November has been one of the best periods of the year, confirming profits at the end of the month is crucial, and December is usually the starting point for the 'Santa Claus rally'—tonight's closing is not just the last piece of the puzzle for November, but it may also be the first bell for December's market. Tonight is not an ordinary closing; it is a closing that must 'account for the world.'