Daily Digest DOW NASDAQ S&P 500 RUSSELL 2000 US stocks mostly lower as Iran-driven oil surge above $100 fuels growth and inflation worries and delays Fed rate-cut hopes - S&P 500 (SPY) declines for a third straight session, sitting more than 9% below its record high and near an eight-month low, while the Nasdaq (QQQ) underperforms and the Dow (DIA) ekes out a small gain on defensive and financial strength. - Escalating Iran conflict tensions push crude oil (@CL) above $100 per barrel for the first time since 2022, pressuring technology and other growth stocks while leaving energy shares mixed. - Technology sector falls more than 1% as memory-chip names Micron Technology (MU) and Western Digital (WDC) drop sharply. - Russell 2000 (IWM) lags with a roughly 1.5% decline, underscoring risk-off pressure in small caps. - Financials and utilities outperform, while technology, industrials and energy rank among the weakest S&P 500 (SPY) sectors. - Fannie Mae and Freddie Mac surge after Bill Ackman calls the government-sponsored enterprises “stupidly cheap” and highlights potential 10x upside in a Sunday post. - United Therapeutics (UTHR) advances on positive clinical trial results, bucking broader weakness in biotech. - Biotech and small-cap names Alumis (ALMS) and Fermi (FRMI) fall around 13% amid the broader risk-off backdrop. - Fed Chair Jerome Powell reiterates that longer-term inflation expectations remain anchored despite the energy shock, but traders still push back rate-cut expectations as bonds rally. - With no major after-hours earnings and index futures moves muted, traders head into the shortened week focused on Middle East developments, Powell’s stance on energy supply shocks and economic data due Tuesday.