Nasdaq Splits From the Dow as Tech Leads the Only Decline
The Dow added 875 points to 51,561 and the S&P closed at 7,584. The Nasdaq finished lower at 26,830, the only major index in the red. Money rotated into Health Care, Financials and Real Estate, the kind of split our charts have flagged with tech as the weaker leg.

Bitcoin Drops Below Its Pre-War Levels Near 64,300
BTC fell about 4% to $64,316 and has given back everything it gained since the Iran war began, with ETF outflows running $2.42B over seven days. It is trading like a risk asset again, not a safe haven, which is what our macro read expected once liquidity tightened.

Dollar Hits Highest Since April, Fed Hike Odds Jump to 85%
DXY pushed to 99.54 and markets now price an 85% chance of a quarter-point Fed hike by year-end, up from 60% a week ago. Dollar up, yields up. The tightening backdrop we keep flagging keeps building.

10-Year Yield Holds Near 4.48%
The 10-year sits around 4.48%, the 30-year near 4.99%. Higher yields plus a firmer dollar are the combination that squeezes equities and crypto most, and both felt it today.

Oil Eases to $95 on Middle East Ceasefire Hopes
WTI slipped about 1% to $95 as traders priced progress on a Lebanon truce, with the Strait of Hormuz still effectively shut. Choppy and headline-driven, the unreliable price action we keep expecting from oil.

Gold Pushes Above $4,500
Gold climbed past $4,500 an ounce on safe-haven demand and an earlier softer dollar. Still the most constructive chart in the macro picture, holding up as risk assets wobble.

Nvidia Unveils RTX Spark PC Chips, Stock Jumps 6%
Nvidia revealed its N1X and RTX Spark superchips at Computex, sending the stock up 6% and Dell up 10%, with AMD and Intel slipping. AI moving to the edge is a real shift, and it still did not keep the Nasdaq green.

Jobless Claims Rise to a Four-Month High
Initial claims rose 13,000 to 225,000, the most since February. The four-week average barely moved, so read it mostly as holiday noise for now, not a crack in the labor market.

Trump Pushes Lebanon Truce, Floats 10% EU Tariff
Trump said Lebanon ceasefire talks are progressing, then Hezbollah's leader rejected the offer on TV. His administration also moved toward a 10% tariff on the EU over forced-labor goods. Geopolitics and trade staying noisy, both feeding the same risk-off, strong-dollar mix.

Takeaway: A textbook tightening day. Dollar and yields up, tech and crypto down, gold firm, oil sliding on ceasefire hopes. The macro regime did the talking.