U.S. equities are selling off: the S&P 500 -1.09% at 7,659, the Nasdaq -2.15% at 26,140, the Dow -0.34% at 52,002. The VIX sits at 20.0 (+21.4% today), inside its normal range.

The 10-year Treasury yield is climbing at 5.10% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 101.8 (-0.2%). Elsewhere: gold up 0.3% at $4,181/oz; WTI crude up 3.5% at $101.41/bbl; Bitcoin at $81,438 (-0.9%).

Among big names, CVX leads gainers at +2.59%, while SMCI lags at -9.86%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.