U.S. equities are under pressure: the S&P 500 -0.38% at 7,719, the Nasdaq -0.29% at 26,507, the Dow -0.51% at 53,414. The VIX sits at 14.5 (+1.5% today), inside its normal range.

The 10-year Treasury yield is climbing at 4.78% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.2 (+0.2%). Elsewhere: gold down 0.3% at $4,477/oz; WTI crude up 0.2% at $91.48/bbl; Bitcoin at $79,817 (-0.0%).

Among big names, AMD leads gainers at +4.69%, while TSLA lags at -5.92%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.