US Treasury yields rise and expectations of interest rate hikes heat up, S&P 500 opens lower and SPY falls below key levels

The yield of 10-year US Treasury bonds has risen to about 4.8%, and Brent crude oil has broken through $92. The expectation of a rate hike in September has heated up and lowered the valuation of US stocks, with technology stocks being significantly impacted. On September 1st, the S&P 500 opened 0.66% lower, and SPY fell below the key option position area near $765. Cboe research suggests that the negative Gamma effect of market makers amplifies market volatility.