U.S. equities are under pressure: the S&P 500 -0.48% at 7,636, the Nasdaq -0.64% at 26,253, the Dow -0.77% at 52,381. The VIX sits at 16.4 (+4.3% today), inside its normal range.

The 10-year Treasury yield is climbing at 4.84% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 98.8 (-0.0%). Elsewhere: gold up 1.1% at $4,443/oz; WTI crude up 3.9% at $96.62/bbl; Bitcoin at $78,246 (-0.2%).

Among big names, META leads gainers at +6.55%, while SOFI lags at -3.78%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.