Stocks Pressured as Crude Oil Prices and Bond Yields Climb

Market Overview - The S&P 500 Index is down -0.80%, the Dow Jones Industrial Average is down -0.83%, and the Nasdaq 100 Index is down -0.98% [1] - June E-mini S&P futures are down -0.84%, and June E-mini Nasdaq futures are down -0.98% [1] Geopolitical Tensions - The ongoing war in Iran has entered its twenty-fifth day, contributing to market declines [2] - WTI crude oil prices have increased by more than +4% today due to renewed tensions [2] - Iran has launched missile and drone strikes on several cities in Israel and US bases in the Middle East, escalating regional conflicts [2][3] Economic Indicators - Q4 nonfarm productivity remains unchanged at +1.8%, while Q4 unit labor costs have been revised upward to +4.4% from +2.8%, exceeding expectations of +3.6% [4] - The March S&P manufacturing PMI unexpectedly rose by +0.8 to 52.4, surpassing expectations of a decline to 51.5 [4] Oil Supply Disruptions - The International Energy Agency (IEA) reported that the war against Iran is disrupting 7.5% of global oil supply, with an expected cut of 8 million barrels per day this month [6] - The closure of the Strait of Hormuz is significantly affecting oil and gas flows, as it is a critical passage for about a fifth of the world's oil and natural gas [6] - Goldman Sachs warns that crude prices could exceed the 2008 record high of nearly $150 per barrel if flows through the Strait of Hormuz remain depressed through March [6]