War Enters

• The Nasdaq 100 and Dow Jones Industrial Average have both entered correction territory, defined as a more-than-10% decline from recent peaks, marking a significant milestone in the market downturn. • Tech stocks have been particularly hard hit, with Amazon dropping 3.1% and Meta Platforms falling 3.5%, as the sector faces pressure from both high valuation concerns and geopolitical tensions related to the Iran war. • The S&P 500 has suffered five consecutive weeks of losses—its longest losing streak in nearly four years—and is now 8.7% below its record set in early 2026.

• President Trump has warned NATO and China amid an ongoing Iran war that reached its 17th day, with the conflict affecting shipping through the Strait of Hormuz and creating economic ripple effects. • Trump told the Financial Times the U.S. "may delay" a scheduled summit with Chinese President Xi Jinping in less than three weeks if the strait situation is not resolved, potentially impacting trade negotiations led by Treasury Secretary Scott Bessent. • Middle East experts indicate the war is progressing favorably for the U.S. militarily but facing challenges in other dimensions, with the shipping bottleneck threatening to disrupt global trade during a critical period of U.S.-China relations.

• European Union foreign ministers convened in Brussels to address the escalating Iran conflict now in its third week, coordinating response to regional instability and implications for European interests. • The high-level coordination reflects EU concerns about energy security, maritime safety in the Strait of Hormuz, and the potential for wider Middle Eastern destabilization affecting European allies.

• In a Saturday phone call with NBC journalist Kristen Welker, President Trump claimed Iran sought a ceasefire, but Iranian Foreign Minister Abbas Arashi immediately contradicted the assertion, stating Iran has never requested negotiations or a truce. • US and Israeli forces have intensified bombardment of Iranian cities including Tehran, Hamadan, and Isfahan, with Trump warning of additional strikes; 12 US service members have been killed since the war began February 28. • Reuters reports Trump has ignored attempts by Middle Eastern allies to broker negotiations ending the conflict, while the US State Department warned American citizens to leave Iraq immediately amid ongoing military operations.

• President Trump is threatening to delay his summit with China's President Xi Jinping unless Beijing helps secure the Strait of Hormuz, with US and Chinese trade negotiators meeting in Paris to discuss the issue. • The conflict has entered its third week with Operation Epic Fury killing more than 1,300 people in Iran and 13 US service members dead, while Gulf states report new missile and drone attacks on Sunday after Iran threatened to expand its military campaign. • Trump called on China, France, Japan, South Korea, the United Kingdom and other nations to send warships to keep the Strait open and safe, warning the US will "remember" countries that don't help. • China has shown preliminary goodwill by signaling openness to purchase additional US agricultural products including poultry, beef, and non-soybean crops beyond previously pledged soybean purchases.

• The United States has struck 90 targets on Kharg Island, Iran's primary oil export terminal, marking an escalation in the conflict now in its third week of operations. • The strikes are intensifying global economic concerns, with energy markets rattled, supply chains disrupted, and fears of a potential food crisis as oil supplies face unprecedented pressure. • Iran has threatened to blockade the Strait of Hormuz and destroy tankers in response, prompting President Trump to request U.S. allies deploy warships to the region to maintain maritime access.

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The United States and Israel have conducted the largest attacks yet against Iran on the 14th day of the conflict, hitting approximately 15,000 targets since the war began. President Donald Trump announced that American forces executed "one of the most powerful bombing raids in the History of the Middle East," destroying military targets on Kharg Island in the Persian Gulf, while threatening to target Iranian oil infrastructure if Tehran continues blocking energy flows. Trump stated the U.S. would continue its campaign "as long as necessary" and indicated the Navy would begin escorting ships through the Strait of Hormuz "very soon," signaling further escalation of the two-week regional conflict. The joint international decision to release record oil reserves this week appeared to have minimal impact on crude prices, while the U.S. simultaneously moved to ease Russian oil sanctions over a 30-day period to alleviate rapidly rising energy costs.