U.S. equities are mixed: the S&P 500 -0.06% at 7,807, the Nasdaq -0.44% at 27,246, the Dow +0.38% at 51,851. The VIX sits at 15.2 (+2.5% today), inside its normal range.

The 10-year Treasury yield is easing at 5.24% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 102.6 (+0.4%). Elsewhere: gold down 0.6% at $4,191/oz; WTI crude up 2.1% at $93.74/bbl; Bitcoin at $83,291 (-0.5%).

Among big names, META leads gainers at +3.38%, while SMCI lags at -4.49%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.