U.S. equities are trading higher: the S&P 500 +0.72% at 7,731, the Nasdaq +1.57% at 26,541, the Dow +0.20% at 53,569. The VIX sits at 14.5 (-4.7% 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 99.2 (-0.0%). Elsewhere: gold up 1.4% at $4,662/oz; WTI crude up 1.8% at $83.72/bbl; Bitcoin at $79,903 (+1.1%).

Among big names, CRM leads gainers at +22.60%, while DIS lags at -2.57%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.