U.S. equities are trading higher: the S&P 500 +0.62% at 7,758, the Nasdaq +1.30% at 26,691, the Dow +0.28% at 54,037. The VIX sits at 14.9 (-1.6% today), inside its normal range.

The 10-year Treasury yield is easing at 4.66% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.6 (-0.4%). Elsewhere: gold up 3.7% at $4,400/oz; WTI crude up 1.1% at $78.18/bbl; Bitcoin at $65,131 (+0.3%).

Among big names, PLTR leads gainers at +10.32%, while CAT lags at -1.72%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.