May 14, 2026MixedMedium Conviction

Daily Macro Risk Pulse

Tech resilience meets rate repricing as 10Y jumps 40bps while NDX outperforms, suggesting selective risk appetite despite crypto fear gauge at 34.

BTC$79,656-1.7%

ETH$2,263-2.0%

SOL$90.97-4.4%

Fear & Greed34Fear

VIX17.82-0.3%

DXY98.52+0.0%

US 10Y4.480%+0.4%

Gold$4,703+0.1%

Oil (WTI)$100.60-0.4%

S&P 5007,444+0.6%

RegimeMixed

ConvictionMedium

Analysis

10Y-2Y Curve Steepens 48bps, Tech Defies Duration Risk

The 10Y yield spiked 40bps to 4.48% while 2Y fell 8bps to 3.60%, creating an 88bp spread that signals reflation expectations. Despite this duration headwind, NDX rallied 1.20% vs SPX's 0.58%, indicating AI/tech names are pricing in productivity gains that offset rate sensitivity. This divergence suggests selective positioning in secular growth themes.

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