The yield on the 10-year U.S. Treasury rose to approximately 4.8%, Brent crude oil surpassed $92 per barrel, and expectations for a rate hike in September intensified. These factors suppressed U.S. stock valuations from both the discount rate and financing cost perspectives, with longer-duration tech stocks being hit harder. On September 1, the S&P 500 opened 0.66% lower, and SPY subsequently broke below the critical options position zone near $765. Cboe research pointed out that if market makers are overall in negative Gamma, their hedging behavior tends to involve buying during upward movements and selling during downward movements, thereby amplifying existing market trends.