U.S. equities are selling off: the S&P 500 +nan% at nan, the Nasdaq +nan% at nan, the Dow +nan% at nan. The VIX sits at 14.3 (-5.8% today), inside its normal range.

The 10-year Treasury yield is easing at 4.76% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.6 (-0.1%). Elsewhere: gold up 0.4% at $4,366/oz; WTI crude up 0.9% at $91.01/bbl; Bitcoin at $80,842 (+4.6%).

Among big names, XYZ leads gainers at +5.88%, while PLTR lags at -5.81%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.