Major US equity indexes declined sharply over the week as the Iran war, a historic oil price shock, and an unexpectedly dismal payrolls print combined to deliver the market’s most complex macro backdrop in years. The S&P 500 fell roughly -2% and the Dow shed -3%, while the Nasdaq held up better at -1.2% as investors rotated back into mega-cap tech defensively on Monday before selling resumed mid-week. Energy was the overwhelming standout: the WTI crude rose +36% to close above U$90.90/bbl, its largest single-week gain since WTI futures began trading in 1983, while airlines, industrials, real estate, and financials bore the brunt of the selling. The VIX spiked to its highest level since April 2025.