The S&P 500 finished lower, though the selloff wasn’t extreme. Uncertainty about the rate path prompted incremental risk reduction, suggesting choppiness until the next data point.

The Nasdaq fell more sharply because high-duration growth names are most exposed to shifts in rate expectations. Until earnings clarify fundamentals, volatility in tech and richly valued segments may stay elevated.

The Dow held up better than growth-heavy benchmarks, but sentiment was still pressured by rate-sensitive positioning and broad profit-taking. Volatility can persist around earnings as policy expectations keep shifting.

Long-duration Treasuries were near flat, reflecting a tug-of-war rather than a clear trend. Cooling expectations were partially priced, but hawkish guidance capped downside yields movement, keeping price action contained.

Gold sold off as hawkish Fed messaging reinforced real-rate and broader USD-linked pressure. Even with safe-haven demand, a persistently firm rate backdrop can delay rebounds.

Silver dropped more than gold, highlighting its higher sensitivity to rate and growth expectations. If real-rate pressure persists or the growth outlook weakens, the rebound could lag.

Oil ETF saw a near-term pullback, but the recent upswing wasn’t fully reversed. With supply risks still tied to geopolitical factors, crude is likely driven more by supply/demand dynamics than by rates alone.

Hawkish Fed signals weighed on liquidity expectations, pushing Bitcoin lower. The move looks more like a controlled drift than a panic selloff, implying elevated short-term volatility tied to rates and risk appetite.

Ethereum underperformed more than Bitcoin, suggesting higher sensitivity to the same tightening narrative. If rate pressure persists, broader altcoin momentum may stay capped, making near-term risk control important.

Emerging-market equities declined as USD/rates conditions weighed on sentiment. If the Fed turns or stays hawkish, funding conditions can tighten for these markets, keeping near-term risk appetite cautious.

European equities were mildly weaker without a major directional break. Rate headwinds and softer risk appetite likely weighed in, but the action looked more like controlled digestion than aggressive deleveraging.

Japan equities turned lower as global rate reassessment and softer risk appetite weighed on sentiment. If the USD/rates backdrop stays unfavorable, momentum for Japan assets may remain fragile.

The US 10Y yield eased, but conviction in near-term rate cuts weakened as hawkish messaging stayed in play. Long yields remain highly data- and Fed-tone sensitive, so choppy moves are likely.

Real 10Y yields eased, signaling some relief in long-term rate pressure. But the broader question of whether policy needs to stay restrictive remains, making upcoming inflation prints crucial.

The dollar traded roughly flat as markets digested shifting rate expectations rather than committing to a new trend. If USD strength doesn’t extend, some risk-asset pressure may ease, though uncertainty remains.

The 10Y–2Y spread moved back toward a more normal (positive) regime, easing parts of the growth scare. However, if hawkish Fed signals persist, the curve’s level may keep oscillating, so durability of the shift still needs confirmation.