U.S. equities are under pressure: the S&P 500 -0.71% at 7,631, the Nasdaq -1.03% at 26,100, the Dow -0.79% at 52,767. The VIX sits at 16.3 (+9.5% today), inside its normal range.

The 10-year Treasury yield is climbing at 4.80% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.7 (+0.2%). Elsewhere: gold down 1.9% at $4,348/oz; WTI crude up 5.2% at $90.22/bbl; Bitcoin at $77,479 (-1.4%).

Among big names, AAPL leads gainers at +2.61%, while COIN lags at -6.01%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.