The S&P 500 held up well, sustaining a risk-on advance. Easing yield pressure supported large-cap growth, though the market remains exposed to headlines in a still-higher-rate regime.

The Nasdaq climbed, extending its record-setting momentum. Expectations of easing long-end and real yields supported growth-stock valuations, reinforcing the market’s tech-led tilt.

The Dow lagged slightly, reflecting an industry mix where tech and long-duration names benefited more. As rate expectations eased, growth stocks with distant cash flows gained, leaving the Dow’s more value/industrial tilt with less tailwind.

Long-duration Treasuries inched higher as expectations shifted toward lower long-end yields. However, with rates only easing rather than resetting to a low regime, duration risk can stay high on geopolitical headlines.

Gold moved with little conviction, leaning toward a wait-and-see posture. With dollar softness supporting the metal while easing geopolitical fear reduces urgency, prevailing real-rate levels continue to keep trading choppy.

Silver posted a rebound, but it doesn’t yet look like a clear trend reversal. Similar to gold, the tug-of-war between the dollar and rates limits sustained upside, keeping the asset sensitive to shifting macro expectations.

Oil declined, continuing a near-term pullback. Hopes for Middle East de-escalation and smoother shipping routes suggest less supply risk, while post-rally profit-taking and headline-driven volatility also play a role.

Bitcoin saw a sharp intraday selloff followed by a partial rebound, highlighting renewed volatility. While easing geopolitical expectations can support risk assets, pressure near recent highs and leveraged-position liquidations are driving large swings.

Ethereum continued to drift lower, signaling soft short-term momentum. With broader crypto risk volatility elevated, selling pressure near recent highs appears to be reasserting itself.

Emerging markets rose, reflecting the benefits of a softer dollar. With dollar-linked debt burdens potentially easing and overseas capital rotating into risk assets, the tone turned supportive.

European equities gained as they benefited from a weaker dollar and improving global risk sentiment. While rate-path uncertainty keeps volatility alive, today’s move leaned more toward risk-taking than defense.

Japanese equities rose, benefiting from a friendlier global risk environment. Softer dollar conditions reduce headwinds, and when growth hopes revive, Japan tends to participate more.

The 10-year Treasury yield fell as the market leaned toward easing inflation concerns. Expectations that Middle East dynamics may soften weighed on long yields and created a more supportive backdrop for growth assets.

The 10-year real yield fell as markets priced in less future inflation pressure. Hopes for progress in Middle East diplomacy may reduce oil-related inflation risks, weighing on long-end real rates.

The dollar weakened, aligning with a modest risk-on tone. Hopes for reduced Middle East tension appear to ease inflation and energy concerns, which can weigh on the greenback versus major currencies.

The 10Y–2Y curve flattened further, suggesting the market’s shift in long-end yields outpaced changes in the short end. This points to a split view on the path ahead: longer-term inflation risks may ease, but near-term policy uncertainty still matters.