Group 1 - The U.S.-Israeli military campaign against Iran has effectively closed the Strait of Hormuz since late February, causing significant disruptions to global energy markets and driving oil prices toward $100 per barrel [1] - WTI crude is currently just shy of $94 per barrel, with Brent at $99, leading to a surge in energy ETFs like USO, which rose nearly 10% in a single session [1] - Energy producers such as Devon Energy and Dow Inc. have seen stock price increases, with Dow shares jumping approximately 9% as investors shift towards companies benefiting from higher crude prices [1] Group 2 - The S&P 500 has lost 2.33% year-to-date, with small caps like the Russell 2000 down 7.04% in the same period, as rising oil costs and inflation fears disproportionately affect economically sensitive companies [1] - The Nasdaq 100 is down 2.78% year-to-date, impacted by semiconductor weakness, with NVIDIA falling over 1.5% and the leveraged semiconductor ETF SOXL dropping more than 10% [1] - The 10-year Treasury yield has increased to 4.21%, up from 4.05% at the start of March, as markets react to the inflationary pressures from rising oil prices [1] Group 3 - The U.S. trade deficit narrowed to $54.5 billion in January, a 25% decline from December, with exports rising 5.5%, providing a positive data point amidst a complicated macroeconomic environment [1] - The VIX is at 24.23, up nearly 40% from a month ago, indicating elevated market volatility, while consumer sentiment is measured at 56.4, suggesting pessimism [1] - The pre-market bounce in the S&P 500 appears fragile unless energy gains extend to the broader market, with potential relief for tech valuations if the Strait of Hormuz reopens [1]