Tariffs meet oil shock: Corporate margins face a new squeeze

Good morning. Just as companies were adjusting to tariffs, the Iran conflict has delivered a fresh energy shock, potentially reviving inflation risks and squeezing margins.

On Sunday evening, as investors reacted to the U.S.–Israeli bombardment of Iran, U.S. stock futures pointed to a risk-off trade. The selloff followed President Donald Trump’s warning that more casualties are likely from Operation Epic Fury. Futures tied to the Dow Jones Industrial Average fell 353 points, or 0.72%.