U.S. equities are under pressure: the S&P 500 -0.77% at 7,684, the Nasdaq -0.92% at 26,820, the Dow -0.67% at 51,482. The VIX sits at 16.1 (+8.1% today), inside its normal range.

The 10-year Treasury yield is climbing at 5.24% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 101.2 (+0.2%). Elsewhere: gold down 3.5% at $4,168/oz; WTI crude up 0.2% at $92.60/bbl; Bitcoin at $83,002 (-1.7%).

Among big names, NVDA leads gainers at +1.68%, while BA lags at -6.91%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.