Panel 2: We see that, according to the clock, it is almost midnight in New York, verifying the fact that Veidt put his plan into action at 11:25. This giant clock, reading a minute to midnight, is also the latest example of the clock motif that runs throughout Watchmen. The fact that it is only a minute to midnight emphasizes the reality that we are at the climax of this story.
An aside: This revelation also reveals the narrative structure of this chapter, within which there are two parallel storylines unfolding, but they do not unfold in a parallel time, which allows for tension to build by keeping the final, horrific revelation hidden until the final page, even though the narrative in Karnak takes place after this final twist. It is yet another example of a narrative structure that comics, through its combination of visuals and prose, can more easily achieve than other mediums.
The large yellow clock transitions directly to
Panel 3: and the large yellow moon hanging high in the New York sky.