US markets look shaky as China keeps dumping US government debt and a wave of new borrowing floods the bond market — bad for stocks, bonds, and anyone hoping rates will fall.

• China sold more than $42 billion of US Treasuries over three months and is no longer buying, draining a key source of demand right when the US needs to borrow heavily.
• The US government has to borrow over $670 billion this quarter alone, and SpaceX is adding $20 billion of its own bonds, all competing for the same money.
• SpaceX stock has fallen 15% in days as investors worry it is taking on too much debt, with more insider selling expected later this year.
• China is winning the tech fight too — it has nearly closed the AI gap, is building its own chips, and can fund all of it without heavy borrowing, unlike US tech giants going deep into debt.
• Oil reserves are dangerously low and the Iran peace deal looks shaky, both of which point to higher prices and higher rates ahead.

Outlook: Expect more pressure on US bonds and stocks if China keeps selling and the borrowing wave continues, with rates more likely to rise than fall.