The equity markets faced significant pressure today as WTI Crude Oil futures surged 5%, weighing on major indices. Scott Bauer notes that the Nasdaq-100 has officially entered correction territory, dropping more than 10% from its October high. Meanwhile, the S&P 500 has broken below its 200-day moving average. Labor data provided a mixed signal, with initial jobless claims rising to 210,000 while continuing claims hit their lowest level since May 2024, the lowest in nearly two years. Volatility remains a key theme, with E-mini S&P 500 futures options showing elevated implied volatility, particularly for next week's expiration reaching over 26%. In the crypto space, Bitcoin and Ether followed the broader market lower after failing to hold their morning highs.