U.S. equities are trading higher: the S&P 500 +0.86% at 7,657, the Nasdaq +0.96% at 26,333, the Dow +0.98% at 52,573. The VIX sits at 15.8 (-11.4% today), inside its normal range.

The 10-year Treasury yield is climbing at 4.97% — the number behind mortgage rates and Washington's interest bill. The dollar index is at 99.1 (+0.0%). Elsewhere: gold up 0.5% at $4,387/oz; WTI crude down 1.8% at $100.62/bbl; Bitcoin at $77,277 (+0.9%).

Among big names, SMCI leads gainers at +7.28%, while ORCL lags at -1.82%. Rate moves and energy prices feed straight into the political fight over inflation — match this against the headlines above.