Stocks and crypto are selling off while bond yields swing wildly, a bad setup for investors still fully invested and a welcome one for anyone sitting in cash.

• The S&P and Nasdaq both fell, and chip giant SK Hynix dropped 10% in Asia on fears about AI debt and higher rates.
• Government bond yields spiked in the morning then fell hard by the close, a sign money is running for safety.
• Fear of Fed rate hikes is driving it, and rates likely have to go higher because inflation is not cooling.
• Bank stocks are falling together, hit by fines and by people not taking out loans.
• The 1987 crash spread the same way, starting in Tokyo and rolling west on US interest rate fears.

Outlook: Weak Black Friday sales and poor January earnings are the next things that could push markets lower.