U.S. equities are mixed: the S&P 500 -0.25% at 7,711, the Nasdaq -0.52% at 26,402, the Dow -0.02% at 53,559. The VIX sits at 14.4 (-0.4% today), inside its normal range.

The 10-year Treasury yield is climbing at 4.72% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.7 (+0.5%). Elsewhere: gold down 2.2% at $4,506/oz; WTI crude down 0.2% at $83.38/bbl; Bitcoin at $77,587 (-3.3%).

Among big names, AMZN leads gainers at +3.97%, while PYPL lags at -12.71%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.