Stocks, gold, and crypto are all falling at once while government bond yields and oil push higher — bad for investors across the board, and a warning sign for anyone betting on an AI-led market.

• The Dow dropped sharply, with selling spreading into gold, silver, and crypto at the same time.
• Government bond yields jumped to their highest level since 2002, meaning it costs the government far more to borrow.
• Traders are nervous about an upcoming bond sale because they fear too few buyers will show up, which would push rates even higher.
• Oil climbed back above $100 on attacks near the Strait of Hormuz and a storm threatening the Gulf Coast.
• The next leg down may come when investors stop believing Nvidia and AI stocks can hold the market up.

Outlook: Expect a short bounce on reassuring official talk, then more pressure as high borrowing costs and expensive oil feed through.