U.S. equities are rallying hard: the S&P 500 +1.48% at 7,600, the Nasdaq +2.13% at 25,914, the Dow +1.32% at 53,178. The VIX sits at 15.7 (-1.7% today), inside its normal range.

The 10-year Treasury yield is easing at 4.69% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.9 (+0.1%). Elsewhere: gold up 1.5% at $4,110/oz; WTI crude down 5.1% at $80.34/bbl; Bitcoin at $63,778 (+0.5%).

Among big names, SOFI leads gainers at +10.55%, while CVX lags at -1.86%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.