U.S. equities are under pressure: the S&P 500 -0.45% at 7,586, the Nasdaq -0.78% at 25,982, the Dow -0.63% at 52,093. The VIX sits at 17.5 (+2.5% today), inside its normal range.

The 10-year Treasury yield is climbing at 5.00% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.6 (+0.2%). Elsewhere: gold down 0.3% at $4,338/oz; WTI crude up 4.4% at $105.82/bbl; Bitcoin at $76,162 (-2.6%).

Among big names, CVX leads gainers at +2.62%, while COIN lags at -10.10%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.