S&P 500-0.78%▼ at 7,354.85: losses concentrated in Financial Services and Industrials. Nasdaq-1.33%▼ at 25,925.59: weakness weighed by large single-stock declines such as GTM-31.84%▼ and MVST-26.98%▼. Russell 2000-1.96%▼ at 2,814.38: small-cap weakness outpaced large-cap, with a mix of biotech and microcap volatility. Dow-0.53%▼ at 49,441.82: modest decline amid mixed sector performance. VIX+2.88%▲ at 18.91: option premiums rose versus yesterday’s levels. Crypto: BTC-1.31%▼ around $80,268 and ETH-2.90%▼ near $2,262. What's driving the market this week Escalation in the Iran conflict has lifted energy prices and fed into this morning’s consumer-price headlines, supporting higher near-term inflation readings. Higher and more persistent inflation has prompted analysts to raise early estimates for Social Security’s 2027 COLA, creating renewed focus on coming CPI prints that will determine the adjustment. Public warnings from major bank leadership about the war’s potential to reignite commodity-driven inflation have reinforced the link between geopolitics and near-term price pressure.