Investors face a Fed meeting, chip giant Micron's results, and a long awaited Nvidia conference. Stocks are down three straight weeks, and oil hit $98 Friday, dominating news.

Crude oil futures (/CLJ26) remain well above $90 per barrel on Friday as the Iranian conflict shows few signs of a near-term resolution.

The U.S. sought help to get oil through the Strait of Hormuz, helping send crude lower. Nvidia's conference and central bank meetings loom this week, and Micron reports results.

Our point of view on recent market and economic activity.

The January Personal Consumption Expenditures price index rose in line with expectations, while two economic reports arrive after the open. Nvidia's tech conference starts Monday.

Major indices are on track for the third straight week of losses as the U.S./Iran conflict continues to dominate headlines and weigh on investor confidence.

The worsening energy shock from the Iran War has raised risks of a more severe crisis. It may resolve quickly, but the longer it persists, the larger the possible economic damage. Asia and Europe are most vulnerable.

Our outlook on the 11 S&P 500 equity sectors.

With PCE inflation data due Friday but little data today, focus could fixate on oil prices and the war. Adobe reports later, shifting attention to the sagging software sector.