Wall Street woke up to an old-fashioned reminder that the global economy still runs on pipes, not PowerPoints. By late morning Tuesday, the S&P 500 was down more than 2% and sitting at its lowest level in more than two months, wiping out all of its 2026 gains and leaving it roughly 4% below its late-January record. Meanwhile, the Dow was off about 1,084 points, and the Nasdaq was down about 2%. The headline moves look a lot like a simple risk-off day. The mechanics are more complicated: Oil and natural ...