Wall Street wrapped up the session in the red today. What's behind the dip? Treasury yields spiked higher, putting pressure on risk assets across the board. Meanwhile, fresh economic data confirmed what many feared—tariffs are still eating into the manufacturing sector's momentum.

Not exactly the kind of combo traders want to see. When bond yields climb, it typically signals tighter financial conditions ahead. And with manufacturing showing strain under trade policy headwinds, sentiment took a hit. The sell-off wasn't dramatic, but enough to remind everyone that macro factors still call the shots.

For those watching traditional markets as a proxy for risk appetite, this is worth noting. When equities struggle under these conditions, crypto and other volatile assets often feel the ripple effect. Keep an eye on how yields trend from here—it could set the tone for broader market behavior in the coming sessions.