Before the market opens on Monday, US-Iran tensions escalate again: The US launched a new round of airstrikes against multiple targets in Iran on Saturday.

The situation has sharply escalated within 48 hours: Iran attacked a commercial ship on Thursday, and the US launched a round of airstrikes against Iran on Friday.
Iran responded by attacking Bahrain with drones on Saturday and struck a second commercial ship.
Subsequently, the US launched a second round of airstrikes against Iran.
The retaliatory actions on both sides may still be ongoing.
The Associated Press noted that even after a temporary agreement between Iran and the US, the Iran war could still spiral out of control again.
First, the market remains sensitive to the Iran issue.
When news of the US airstrikes on Iran first broke after US stocks closed on Friday, oil prices rose immediately, while US stock futures fell.
So Monday's open will not be calm; pressure is already at its peak.
If Asian markets show panic first, US stock futures could easily enter a "sell first, ask later" mode.
This escalation is the most damaging to the market because it directly and precisely hits the market's most optimistic expectation over the past two weeks—"ceasefire and channel resumption."
In the past few days, the market dared to squeeze the froth out of oil prices only because it believed in the binding power of that "60-day negotiation window."
Now it has been proven that Iran, unable to effectively control the dominance of the Strait of Hormuz, would rather flip the table.
Second, for the market, Monday not only faces the test of geopolitical risk but also the vicious cycle of trading logic.
For example, US Treasury yields have fallen sharply this week, easing selling pressure in other markets.
A key point is "falling oil prices reduce the pressure to raise interest rates."
If oil prices rise next week, the logic will be rewritten.
So next week, it's not just the first hour of Monday's open that matters.
Third, according to our survey released on Saturday, investors seem bearish on everything: gold (42% bullish, 47% bearish), crude oil (42% bullish, 37% bearish), US stocks (32% bullish, 52% bearish).
Market sentiment is no longer just "shorting a particular asset," but has entered a state of "not daring to buy anything."
The survey itself cannot directly predict the direction, but it can tell us: the market has entered a sensitive phase.