Three Fed dissenters, a 30-year Treasury yield at its highest since 2007, and a 19% monthly drawdown in semiconductors dragged the Dow down 2.19% — its worst day since April 2025. Microsoft surged, Meta sank, oil jumped 7.9% on Iran escalation, and crypto punished leverage on a flat tape. Here's the full decode, plus what today's PCE and GDP prints could trigger.

Bitcoin is holding near $64,500 after a quiet weekend, but the real story is what Wall Street walked away from — Tesla's worst earnings reaction on record, $800 billion erased from the Magnificent 7, Brent crude at $100, and a Federal Reserve decision landing Wednesday.