The newly released nonfarm payroll data is a direct slap in the face.

Last month, there was an increase of 42,000 jobs, but this month there was a dramatic reversal—a decrease of 32,000 jobs. That's right, negative growth.

U.S. private sector employment unexpectedly declined in November, revealing the labor market is much more fragile than expected. Given the current situation, a Fed rate cut is almost inevitable.

The latest data shows the probability of a 25 basis point rate cut this month has soared to 88.8%. With the market betting on a rate cut and expectations for increased liquidity rising, this is a positive signal for risk assets.