U.S. equities are mixed: the S&P 500 -0.17% at 7,786, the Nasdaq -0.28% at 26,729, the Dow -0.20% at 53,733. The VIX sits at 14.3 (-2.3% today), inside its normal range.

The 10-year Treasury yield is climbing at 4.70% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.7 (-0.3%). Elsewhere: gold up 1.6% at $4,432/oz; WTI crude up 1.3% at $82.27/bbl; Bitcoin at $62,904 (-0.8%).

Among big names, AMD leads gainers at +6.50%, while AVGO lags at -5.94%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.