Oil climbed for a third straight session after Iran ruled out direct talks with Washington, pushing gold toward $4,400 and silver past $64. Meanwhile the S&P 500 closed at a record 7,757 and Nasdaq futures led again overnight. Capital is hedging Wednesday's inflation print two contradictory ways at once — here's what that rotation is telling you.

A hot inflation print sent Bitcoin tumbling to multi-year lows, triggering nearly $1 billion in liquidations across the crypto market. But beneath the selloff, the XRP Ledger flipped Ethereum in RLUSD stablecoin supply and Kraken moved toward a major Aave stake. Here's the full breakdown.