Bob Iaccino of Path Trading Partners examines the sharp morning decline in U.S. equity futures as risk assets pull back and crude oil surges 4% amid stalled diplomatic efforts in the Iran conflict. He analyzes the broad sell-off in metals and Bitcoin, the rise in U.S. Treasury yields following a weak 5-year note auction, and the market's preparation for potential military escalation. Looking ahead, the update covers today's 7-year note auction, upcoming earnings from Argan Engineering and Carnival Corp, and key economic data including Michigan Consumer Sentiment and Fed commentary.