U.S. equities are mixed: the S&P 500 -0.25% at 7,652, the Nasdaq +0.24% at 26,861, the Dow -0.86% at 50,906. The VIX sits at 16.3 (+1.9% today), inside its normal range.

The 10-year Treasury yield is climbing at 5.29% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 101.6 (+0.2%). Elsewhere: gold up 0.5% at $4,209/oz; WTI crude down 1.4% at $89.14/bbl; Bitcoin at $84,177 (+0.7%).

Among big names, INTC leads gainers at +3.71%, while PYPL lags at -2.52%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.