Energy Leads, Growth Lags as War-Driven Oil Shock Keeps Markets Fragile

- For most stock portfolios this was another **grindy down day**: S&P 500 and Nasdaq slipped, the Dow was slightly lower, while small caps eked out a gain. Under the surface, breadth stayed weak and volatility remained elevated.

- **Energy, materials and utilities jumped** again, riding a roughly 4% pop in crude and an oil narrative that has flipped from “lower for longer” to “higher for longer” as the Iran war and Strait of Hormuz risks drag on.

- At the same time, **growth, tech, software and real estate fell**, with software in particular hit by renewed worries that AI will disrupt existing business models, even as many AI-focused firms announce record buyback plans.