🚀 S&P coming off third consecutive losing week

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Market Overview
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Year To Date Performances:

1. Wall Street closed its third-straight losing week on Friday as the S&P 500 fell to a new 2026 low, driven by a worsening energy crisis in the Middle East. Global benchmark Brent crude surged back above $103 per barrel following a defiant statement from Iran’s new Supreme Leader, Mojtaba Khamenei, who advocated keeping the Strait of Hormuz closed as a strategic "tool" against the U.S. and Israel. While Defence Secretary Pete Hegseth attempted to downplay the maritime blockade during a Pentagon briefing, investors reacted with deep skepticism, aggressively pricing in a "stagflationary" scenario of high oil and stalling growth. This geopolitical tension has fundamentally shifted interest rate expectations, with Fed funds futures now completely erasing the probability of a September rate cut, as the "inflation problem" once again takes center stage over corporate earnings resilience.

2. As the conflict in Iran enters its third week, nations across the globe are adopting a mixture of drastic economic interventions and quirky austerity measures to survive a massive energy supply shock. Major economies like China have implemented total bans on refined fuel exports to protect domestic reserves, while Japan and South Korea have moved to enforce national price caps on gasoline, capping pump prices at approximately $1.07 per litre in Tokyo. Beyond formal policy, a wave of "demand reduction" tactics has emerged: Thailand has ordered civil servants to wear short-sleeved shirts to reduce air conditioning use and take the stairs to save elevator power, while the Philippines and Pakistan have pivoted to four-day work weeks for government employees. These desperate measures highlight the severe reality of the "post-war" energy market, where the closure of the Strait of Hormuz has forced even high-income nations to return to pandemic-era work-from-home orders simply to keep their power grids stable.

3. FCC Chair Brendan Carr has issued a stern warning to U.S. broadcasters, threatening to revoke licenses for those found spreading "news distortions" following a high-profile dispute over the severity of Iranian military strikes. The controversy erupted after The Wall Street Journal and The New York Times reported that five U.S. Air Force refueling tankers were struck at Prince Sultan Air Base in Saudi Arabia, a report President Trump subsequently labeled "fake news." ” While the President acknowledged the planes were hit, he claimed four sustained "virtually no damage" and are already back in service, contrasting with media reports of more significant impact. This domestic information battle coincides with a dangerous escalation in the Gulf, as Trump confirmed the U.S. bombing of Kharg Island—Iran’s primary oil export hub—triggering vows from Tehran to retaliate against U.S.-linked energy infrastructure across the Middle East.

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