U.S. equities are trading higher: the S&P 500 +0.46% at 7,667, the Nasdaq +0.45% at 26,218, the Dow +0.56% at 53,062. The VIX sits at 15.2 (-6.7% today), inside its normal range.

The 10-year Treasury yield is easing at 4.80% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.6 (-0.1%). Elsewhere: gold up 2.0% at $4,435/oz; WTI crude up 0.7% at $90.88/bbl; Bitcoin at $77,303 (-0.1%).

Among big names, XYZ leads gainers at +5.88%, while PLTR lags at -5.81%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.