The market might really be in trouble. Every time before a major U.S. stock market crash, the same signal appears: A sharp spike in Treasury yields. 1987 crash, dot-com bubble, 2008 financial crisis, 2022 bear market—same story every time. Now, the U.S. 30-year Treasury yield has surged past 5.20% again. And this time, stock market valuations are even crazier than in 2007. History doesn’t always repeat itself, but it often warns you in the same way.