The U.S. 10-year Treasury yield continues to fluctuate at elevated levels near 4.94%, with the high-interest-rate environment continuing to put substantial pressure on U.S. equity valuations. The S&P 500 has recently pulled back to around 7,575 points, while technology growth stocks face greater discount-rate pressure. Meanwhile, Brent crude has fallen to $105.91 per barrel, though continued volatility at elevated levels is still shaping market expectations for imported inflation. Technically, the upward momentum of the major indices’ 20-day moving averages (MA) has eased, while the daily relative strength index (RSI) has slipped into a neutral-to-weak range, reflecting a cautious wait-and-see mood amid mixed macroeconomic signals.