U.S. equities are mixed: the S&P 500 -0.02% at 7,805, the Nasdaq -0.15% at 27,204, the Dow -0.35% at 51,670. The VIX sits at 15.3 (+0.4% today), inside its normal range.

The 10-year Treasury yield is easing at 5.22% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 102.2 (-0.4%). Elsewhere: gold down 0.3% at $4,177/oz; WTI crude up 0.4% at $94.14/bbl; Bitcoin at $83,582 (+2.2%).

Among big names, ORCL leads gainers at +4.23%, while CAT lags at -3.33%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.