The S&P 500 held up solidly, absorbing the macro shock. Even though inflation concerns resurfaced, the market leaned on the view that the core picture was comparatively contained, while growth expectations supported equities.

The Nasdaq rebounded, led by tech. With the CPI read interpreted as not catastrophic relative to fears, valuation pressure stayed contained, while AI and semiconductor narratives regained momentum.

The index rose moderately with a more defensive tone. Even as inflation concerns resurfaced, strength in tech helped offset the shock, allowing value/dividend-leaning areas to hold up relatively better.

Long-duration Treasuries didn’t see a strong sustained bounce. With real yields trending higher, duration risk is elevated, making TLT sensitive to any further shifts in easing expectations.

Gold drifted lower despite signs that inflation pressures are re-heating. Rising real yields and a firmer dollar reduce the appeal of a zero-income asset, leaving near-term defensive support weaker.

Silver showed some chop, but the broader trend still looks weak. With real yields and the dollar remaining a headwind, a durable demand rebound may require clearer supportive signals.

Oil pulled back in the short term, but the broader trend hasn’t fully broken. Since energy remains a key CPI driver, geopolitical and supply-demand headlines could quickly bring volatility back.

After the CPI release, Bitcoin managed a modest rebound despite renewed rate-related pressure. Its behavior remains closer to a high-beta risk asset than a pure inflation hedge, with real yields and the dollar still key drivers.

Ethereum rebounded in the short run but hasn’t fully recaptured prior losses. Since it trades more with liquidity and risk appetite, adverse moves in real yields or the dollar could quickly re-ignite volatility.

Emerging markets tried to bounce but faced ongoing headwinds from a stronger dollar. In a real-yield-up environment, funding conditions can tighten, so further upside likely hinges on whether FX/dollar pressure eases.

European equities rose modestly despite a stronger dollar. In a still-volatile rates environment, improving fundamental expectations helped, but FX effects are likely to remain a major determinant of returns.

Japanese equities improved modestly even as the dollar strengthened. However, sustained FX headwinds mean upside may depend on earnings momentum and whether rate expectations stabilize.

The 10-year yield moved with limited follow-through. Even if nominal yields look steadier, pressure from real yields suggests rate declines may not be smooth.

Real yields picked up, adding uncertainty to long-duration pricing. Higher real rates typically pressure rate-sensitive assets, so it’s important to monitor whether easing expectations continue to fade.

The dollar firmed as real yields moved higher and safe-haven demand returned. If policy expectations keep shifting toward “cuts delayed,” it can weigh on returns for emerging markets and non-U.S. assets in investors’ home currencies.

The 10Y–2Y spread narrowed quickly, signaling a more front-end-driven shift in expectations. If easing is delayed and inflation risk persists, the yield curve could keep facing flattening pressure.