Trading day: Volatility surge, tech wreck

Market Overview - Global markets experienced significant volatility due to fears of a U.S. strike on Iran and the threat of another government shutdown, impacting oil and metals prices while tech stocks suffered, leading to declines in the Nasdaq and S&P 500 [1][3] Key Market Moves - Wall Street saw a decline, with the Nasdaq down by 0.7%, and notable losses in Germany's DAX at 2%. U.S. tech stocks fell by 2%, while communications software gained 3%. Major companies like SAP and Microsoft saw declines of 15% and 10% respectively, whereas Apple rose by 4% in after-hours trading following its Q4 results [3][4] Oil and Commodities - Oil prices surged, with Brent crude surpassing $70 per barrel for the first time since July, driven by geopolitical tensions, particularly U.S.-Iran relations. WTI crude reached its highest level since September [4][5] - The volatility in commodity markets was marked by sharp price swings, with gold, silver, and copper hitting new highs before closing lower. This reflects a speculative excess in the precious metals sector [5][6] Economic Indicators - The U.S. trade deficit widened significantly, marking the largest increase in nearly 34 years as of November [3] - Year-on-year oil price changes have shifted from -25% at the start of the year to -5%, indicating a potential concern for policymakers as high energy prices could impact the affordability crisis ahead of the U.S. midterm elections [5]