War, Oil and Yields Drive a Deepening Risk-Off Week

- For everyday investors, this now looks like a full-blown **war-driven correction**, not a quick dip: the S&P 500 fell about 1.7% today, is down over 7% this month, and just logged a **fifth straight losing week**. The Nasdaq is in official correction.

- The market is **selling growth and cyclicals** (tech, consumer, financials, high‑beta) and hiding in **energy and defensives** (staples, utilities, low‑vol, value) as oil jumps back above $110, inflation expectations rise, and bond yields climb.

- Traditional “safe havens” are messy: the **dollar is strong**, but **Treasuries are wobbly**, gold has pulled back after record highs, and credit looks calm on the surface while risks (EM debt freeze, weaker auctions, higher funding costs) build underneath.