U.S. equities are under pressure: the S&P 500 -0.32% at 7,728, the Nasdaq -0.60% at 26,445, the Dow -0.34% at 53,792. The VIX sits at 15.3 (-1.2% today), inside its normal range.

The 10-year Treasury yield is easing at 4.68% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.8 (+0.0%). Elsewhere: gold up 1.6% at $4,429/oz; WTI crude up 1.6% at $83.44/bbl; Bitcoin at $63,490 (-0.7%).

Among big names, AMD leads gainers at +1.01%, while GOOGL lags at -3.84%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.