According to CoinMeta, the yield on 10-year U.S. Treasury bonds rose to around 4.8%, and the price of Brent crude oil broke through $92. Expectations of a rate hike in September increased, putting pressure on U.S. stock valuations, with technology stocks being significantly impacted. On September 1st, the S&P 500 opened lower by 0.66%, and SPY fell below the key option position area around $765. CBOE research indicates that the negative gamma effect of market makers will amplify market volatility.