U.S. equities are rallying hard: the S&P 500 +1.79% at 7,736, the Nasdaq +2.59% at 26,585, the Dow +1.71% at 54,086. The VIX sits at 16.4 (+3.6% today), inside its normal range.

The 10-year Treasury yield is easing at 4.63% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.9 (-0.1%). Elsewhere: gold up 2.5% at $4,136/oz; WTI crude down 5.6% at $75.86/bbl; Bitcoin at $64,169 (+1.1%).

Among big names, PLTR leads gainers at +29.45%, while AMZN lags at -2.32%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.