Just caught the market swings today and wow, what a rollercoaster. Dow barely held on, down about 50 points, but the real story is happening everywhere else. When Trump announced that Strait of Hormuz blockade over the weekend, oil just shot through $100 again - WTI jumped over 5% to hit $101, while Brent touched $102. That April ceasefire relief we got? Pretty much wiped out in a day.

The geopolitical tension really threw things off balance. Overnight futures had tanked over 500 points, but then we saw this weird intraday recovery as people started betting on some kind of resolution. Guess investors are hoping cooler heads prevail, though the negotiation breakdown in Islamabad doesn't look great. Iran's still demanding control of the strait, war reparations, and their frozen assets back, so both sides seem pretty far apart right now.

What's interesting is how the market rotated hard into tech while financials got hammered. Goldman Sachs dropped 2.5% despite crushing earnings - equities trading was a record $5.33 billion, up 27% year-over-year, but their FICC division totally missed. Oracle led the bounce, surging 8% on new AI utilities stuff, and software names like Palantir, ServiceNow, and Workday all popped 3-5%. That sector rotation was pretty much the only thing keeping Nasdaq afloat with all this Middle East uncertainty hanging over everything.

On the macro side, existing home sales hit a nine-month low in March - only 3.98 million on a seasonalized basis, missing expectations. Mortgage rates climbed to 6.64% before easing slightly during the ceasefire window. Treasury yields are climbing again too, 10-year hit 4.34%, as oil prices reignited inflation worries. Fed speakers like Barkin and others are coming up this week, plus that PPI inflation data on Tuesday is expected to jump to 4.6% year-over-year. If that print comes hot on top of everything else, rate cut expectations could get pushed back even further. Last week was the strongest for stocks since November, so maybe today's pullback is just a healthy pause before we figure out what comes next.