The S&P 500 is trading lower today due to escalating geopolitical tensions between the U.S. and Iran, which has led to a surge in crude oil prices. [2, 9, 13] The expiration of a ceasefire agreement and new rhetoric from President Trump have heightened market uncertainty. [2, 14, 18] This has renewed concerns about inflation, further evidenced by rising long-term Treasury yields, which are pressuring equity valuations across the board. [1, 3, 16] The market decline reflects a broad-based risk-off sentiment.