The tape is flashing a mixed-to-risk-off signal: equities (SPX -0.6%, NDX -1.1%, RUT -1.1%) sold off into the long weekend as crude surged +4.3% on Hormuz tensions and 10Y yields pushed to their highest since Jan 2025, squeezing duration and credit simultaneously. The regime scorecard is 2/8 risk votes — barely risk-on — with the dollar bid, gold offered, and high-yield credit soft, confirming this is a yield-shock + geopolitical fear episode, not a straight risk-off flight to safety.