Earnings from PepsiCo today and Delta tomorrow precede big banks and key chip names reporting next week. Oil and yields are elevated after the most recent Middle East skirmishes.

Though overnight strikes in the Strait of Hormuz kept the market on edge, chips kept gaining early today. PepsiCo's earnings appeared to disappoint but jobless claims were subdued.

Crude oil prices surged more than 7% Wednesday after President Trump announced that the ceasefire with Iran was over.

The swift move out of chips Tuesday could reflect market fatigue and precedes key chip company earnings next week. Fed minutes are today's highlight amid inflation concerns.

The Great Moderation has given way to a more volatile era, where inflation shocks and market dispersion favor flexibility and diversification.

Investors are in risk-off mode, and oil prices are higher, after an Iran attack prompted President Trump to cancel the U.S./Iran ceasefire.

Trump Accounts launch with new guidance, the Supreme Court reinforces Fed independence, and an affordable housing bill moves toward becoming law.

Yesterday's chip revival put tech back in the driver's seat, and it's in focus again today as South Korean semiconductor giant Samsung reports. SpaceX joins the Nasdaq 100 today.

The calendar is light this week, with earnings season around the corner. Investors may scrutinize Fed minutes on Wednesday while the Dow strives to continue outperforming.