Equity markets retreated from record highs today as increased geopolitical rhetoric from the Middle East and rising oil prices put investors on edge. The tech sector faced a significant software selloff, with notable drops in IBM, ServiceNow, Microsoft, Meta, and Palantir. Conversely, Texas Instruments surged nearly 20%, marking its biggest one-day gain in 25 years. Economic data showed stronger-than-expected manufacturing and services activity, alongside a slight uptick in jobless claims to 214,000. Implied volatility rose across equity index futures, yet short-term call activity in E-mini and Nasdaq-100 options remained robust. In the crypto space, Micro Bitcoin futures (MBT) saw over 75,000 contracts traded between April and May expirations as prices pulled back to the 77,800 level.