U.S. equities are trading higher: the S&P 500 +0.51% at 7,744, the Nasdaq +0.48% at 27,069, the Dow +0.93% at 51,829. The VIX sits at 14.8 (-5.7% today), inside its normal range.

The 10-year Treasury yield is climbing at 5.18% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 101.0 (-0.3%). Elsewhere: gold up 0.7% at $4,328/oz; WTI crude down 2.5% at $92.29/bbl; Bitcoin at $83,992 (-0.5%).

Among big names, PYPL leads gainers at +4.64%, while INTC lags at -3.45%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.