The market is experiencing a broad risk-off day as President Trump’s doubling down on his threat to wipe out Iran if his 8PM deadline is missed has sent shockwaves through the global economy. The S&P 500 is currently trading down by over 1%, with all sectors except energy and financials showing losses. Tech and momentum stocks are particularly under pressure, with the Nasdaq Composite down by over 2%.

The ongoing tensions between the US and Iran have been a major driver of market volatility in recent weeks, and today’s developments are only adding to investor nervousness. The New York Times is reporting that Iran has stopped negotiations with the US, while Pakistani officials have told Reuters that Iran has informed them that it will not continue ceasefire talks with the Taliban.

Unsurprisingly, oil and natural gas stocks are outperforming today, with oil up by over 2% and natural gas up by over 1%. High-beta momentum stocks are also under pressure, with the Guggenheim S&P 500 Pure Value ETF (RHOM) down by over 4%.

Apple (AAPL) is the top inbound on our desk, down by over 4% and accounting for nearly 40% of the S&P 500’s decline. Sentiment is “ok” on the name, according to Callahan, but there are no clear catalysts for upside at present. The stock does, however, hold up better than other momentum names due to its strong free cash flow generation.

Market volumes are normalizing from yesterday’s slow session, with today’s volume running at around 13% above the year-to-date average. Top of Book liquidity remains relatively low, but it is still slightly higher than the 20-day moving average. ETFs remain active, with over 35% of the overall tape consisting of ETFs.

Our flows are mixed, with activity levels at a 2 out of 10 and supply being 12% better for sale across the floor. LOs (long only) are 4% better for sale, with supply in energy, consumer staples, and financials vs demand.