Good afternoon and welcome to Markets Desk.
Equity markets are under pressure today as oil prices surge and inflation data comes in hotter than expected. The S&P five hundred is off nearly three quarters of a percent, the Nasdaq one hundred leading declines down one point four five percent, as rate-sensitive tech names absorb the brunt of the selling. Bonds are offering little relief.
That oil spike is not just a domestic story. India is feeling the full weight of the Iran conflict cutting off a critical supply lifeline, with Prime Minister Modi reinstating COVID-era work-from-home policies and asking farmers to slash fertilizer use by half. When a major emerging economy begins rationing energy behavior in real time, the downstream effects on global demand and commodity markets are significant and worth watching closely.
Meanwhile, in Washington, FDA Commissioner Marty Makary is out, according to reporting from CNBC. His tenure was defined by internal dysfunction, friction with drugmakers, and a breakdown in trust between the agency and the White House. Leadership instability at the FDA carries real consequences for drug approval timelines, biotech valuations, and the broader regulatory environment that pharma depends on.
That's the tape. Markets Desk, signing off the floor.
