U.S. equities are under pressure: the S&P 500 -0.18% at 7,710, the Nasdaq -0.06% at 26,348, the Dow -0.85% at 53,885. The VIX sits at 15.3 (-3.1% today), inside its normal range.

The 10-year Treasury yield is climbing at 4.67% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 100.0 (+0.3%). Elsewhere: gold up 1.2% at $4,298/oz; WTI crude up 3.6% at $77.96/bbl; Bitcoin at $64,431 (-0.3%).

Among big names, UBER leads gainers at +3.39%, while XYZ lags at -6.09%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.