The near-flat equity performance masks growing pressure from the bond market. The 30-year Treasury yield reaching 5.50% and expectations of another Fed hike indicate tighter financial conditions, particularly as higher oil prices could reinforce inflation concerns. The sharp rise in October hike expectations from around 53% to 77.5% increases the risk of further valuation pressure on rate-sensitive equities. However, the limited movement in major indices suggests investors have so far absorbed the higher-rate outlook without significant broad-market selling.