U.S. equities are under pressure: the S&P 500 -0.58% at 7,592, the Nasdaq -0.65% at 26,082, the Dow -0.60% at 52,064. The VIX sits at 17.9 (+8.5% today), inside its normal range.

The 10-year Treasury yield is climbing at 4.94% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.1 (+0.3%). Elsewhere: gold down 1.2% at $4,362/oz; WTI crude up 6.9% at $102.66/bbl; Bitcoin at $77,128 (-1.4%).

Among big names, AAPL leads gainers at +3.56%, while INTC lags at -5.57%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.