S&P 500 Falls for Fourth Straight Day; Oil Tops $100 as 10-Year Treasury Nears 5%

The cross-asset signal here is the unusual pairing: a hot PPI print pushing rate-hike odds higher, yet gold and silver selling off hard rather than catching a safe-haven bid. That suggests the move is a real-rates and dollar story, not a risk-off one, which is a tougher backdrop for non-yielding assets — including crypto and tokenized gold products that often lean on the same demand narrative. The open question is whether the Fed follows through on what markets are pricing, and whether the 10-year's approach to 5% keeps pressuring rate-sensitive corners like memory chips.