Dow Jones drops over 1%

The Dow's 1%+ slide signals that US equities remain in a fragile patch, where macro data and earnings are being read through a risk-off lens. This matters beyond the index itself, as broader market weakness often tightens financial conditions, which can spill over into liquidity-sensitive assets like crypto and tokenized RWAs. The key question is whether this is a tactical dip or the start of a deeper repricing, and whether the volatility extends beyond equities into credit and digital assets.