It’s on fire—everything is falling, and nobody steps in to save the day.

| There’s no cheering in the trading hall, no comfort—only constantly ticking quotes and increasingly tense breathing.

——The fire isn’t stopping; instead, it starts spreading into more markets. When stocks, gold, and bonds are all under pressure at the same time, investors realize that this time, no one has come out to step in and save the day—despite how long it’s taking.

After waking up, the global markets are like they’re on fire, with flames shooting into the sky:

- U.S. stock markets fell across the board: the Dow Jones Index dropped 0.97%, the S&P 500 Index fell 1.21%, and the Nasdaq Index dropped 2.15%;

- “Seven Big Tech” saw its largest single-day decline since April 2025. The sector index fell 4.8%, and market capitalization evaporated by $797B;

- Gold prices fell by nearly $100, once again turning toward a test of $4,000;

- Meanwhile, U.S. crude settled above $90, Brent crude climbed above $100, the 10-year U.S. Treasury yield closed at 4.69%, and the U.S. Dollar Index is well above the 101 mark.

Now everywhere is the focus, and everywhere has weak spots.

First, although the difference between the U.S. stock market’s open and close isn’t large, the Nasdaq Index is down more than 2%, and that’s double the Dow’s drop. Thursday’s open was the alarm; the close was the confirmation.

Second, the 10-year U.S. Treasury yield is pressing toward 4.7%, one of the most important pressure signals in the global market right now. It isn’t a magical number by itself, but 4.7% means the bond market is no longer treating the Middle East conflict as a simple safe-haven event. 4.7% will directly suppress U.S. stock valuations—especially tech stocks. 4.7% makes it harder for the Federal Reserve to calm the market—pushing conditions from “we can still tolerate it” to “we have to redo the books.”

Third, Brent crude has broken above $100, and oil prices have become the first variable in the global market. As long as it stays above $100, it’s hard for the market to return to the comfortable script of “inflation cooling, the Fed staying put, and AI continuing to rise.” In the past, when oil prices surged, the market could still comfort itself: this is a Middle East risk premium; as long as U.S.-Iran talks resume and the Strait of Hormuz passage improves, oil prices will fall back. But this time is different—the risk has spread from a single strait to multiple shipping routes. Houthi attacks on Saudi oil tankers expanded the risk from the Persian Gulf to the Red Sea.

Fourth, in past market episodes of “danger moments,” Trump would change his own behavior to influence market direction. But this time, he seems to have tacitly allowed such a trajectory. With the 10-year U.S. Treasury yield pressing toward 4.7% last night and U.S. stocks falling sharply, Trump didn’t say anything to reassure the market. Instead, he told AXIOS to consider restarting large-scale combat operations in Iran. The market is starting to realize that political goals and market goals may not align.

The market’s biggest confidence in the past was believing that any risk would ultimately be resolved. Now the market is starting to worry that some risks won’t disappear right away—but will be passed along little by little to oil prices, inflation, and interest rates, and then into every kind of asset. That’s also the part of last night’s selloff that’s truly worth watching closely.