Equity index futures experienced wild swings, tumbling after a positive morning start due to news of potential geopolitical escalations in the Middle East. The cash S&P market saw a massive 250-handle move, dropping from 7,483 down to 7,237, while the Nasdaq-100 fell nearly 1,000 points before staging a partial recovery. This broad sell-off extended into commodities, sending gold, silver, and crude oil notably lower. Despite strong existing home sales data and record-high median home prices, the market remains cautious ahead of upcoming CPI and PPI reports. In the options space, E-mini S&P 500 implied volatility skyrocketed above 20% for Friday expirations. Meanwhile, Bitcoin faced technical pressure, slipping below 61,000 and dropping under key moving averages as Micro Bitcoin futures traded roughly 60,000 contracts on the session.