U.S. equities are mixed: the S&P 500 -0.28% at 7,653, the Nasdaq -0.76% at 25,980, the Dow +0.26% at 53,417. The VIX sits at 15.8 (+4.6% today), inside its normal range.

The 10-year Treasury yield is easing at 4.70% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.0 (+0.2%). Elsewhere: gold up 1.8% at $4,709/oz; WTI crude down 2.3% at $85.04/bbl; Bitcoin at $78,727 (+1.2%).

Among big names, DIS leads gainers at +2.62%, while SMCI lags at -5.56%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.