Geopolitical tensions between the U.S. and Iran sent equities lower in late February, with the Nasdaq briefly dropping more than 4%. Markets have since recovered, but the story isn't over. In this video, we break down the key forces now in play for retail traders and investors trying to make sense of what comes next. The bigger concern may be oil. Prices spiked sharply following the escalation, pushing 2-year inflation breakevens from roughly 2.5% to above 3.2%. That move puts the Federal Reserve in a difficult position, balancing a softening labor market against the risk of renewed inflation pressure. We walk through what the March 6th jobs report revealed, why the upcoming CPI release on March 11th may be less telling than usual, and when the full impact of higher oil prices is likely to show up in the data. We also explore a nuanced point on labor market interpretation: could rising AI productivity expectations be suppressing hiring without signaling a true economic slowdown?