Global equity markets remain under pressure as escalating tensions between the U.S., Israel, and Iran continue to dominate sentiment. Elevated oil prices, driven by ongoing disruptions around the Strait of Hormuz, are fueling renewed inflation concerns and reducing expectations for near-term rate cuts from the Federal Reserve. Major indices such as the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average have already shown signs of weakness, with risk appetite remaining fragile amid persistent geopolitical uncertainty.

Looking ahead, upcoming U.S. PMI data will be closely watched for signals on economic resilience under mounting pressure. A weaker print could revive stagflation fears, potentially triggering further downside in equities, particularly in rate-sensitive sectors like technology. On the other hand, any signs of de-escalation in the Middle East could support a short-term rebound across indices. For now, market direction remains highly dependent on headline risk, with traders keeping a close eye on energy prices, bond yields, and geopolitical developments.