Equities spent the week grinding lower as investors tried to juggle three big forces at once: a grinding war in Iran, a near-vertical move in oil, and a Federal Reserve that isn’t in a hurry to cut rates. The result: major US indices are down roughly 10% from recent highs, small caps are already in correction, and volatility has crept meaningfully higher.

📉 What’s Happening

Indices are flirting with correction.
The S&P 500 fell about 1.9% this week to around 6,506, its lowest close since September and roughly 10% below its record from four months ago.​
The Dow dropped about 2.1% (roughly 981 points) to 45,577, while the Nasdaq also lost about 2.1% and sits roughly 9.7% off its high.​Small caps have already cracked.
The Russell 2000 has officially entered correction territory, dropping more than 10% from its recent peak as investors dump economically sensitive names.​

War-driven oil shock is back in the driver’s...