Stocks suffered their worst first half of the year since 1970. What's next?

The soaring prices at the pump are the result of a classic squeeze.

Meanwhile, refineries have less ability to turn oil into gasoline in the U.S. after several shut down during the pandemic. U.S. refining capacity has dropped for two straight years, according to the U.S. Energy Information Administration.this year, with the national average for a gallon of regular topping $5 per gallon earlier this month, according to AAA.For such strength to continue, though, worries about a recession would have to abate.

Treasurys did even worse, with Deutsche Bank's 10-year Treasury index having the worst six months on record, going back to 1788. The yield on the 10-year Treasury has already more than doubled this year. It stood at 2.98% Thursday afternoon. More pressure may be on the way as the Fed keeps raising rates, though some analysts say the worst of the damage may have passed.

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