The S&P 500 closed March 31 at 6,528.52, up 2.91% for the day but roughly 6.8% below its all-time high of 7,002.28 reached intraday on January 28, reflecting trader consensus on heightened geopolitical risks from the U.S.-Iran conflict that erupted February 28, spiking oil prices over 50% in March and fueling inflation fears despite Federal Reserve signals against near-term hikes. This pressured equities amid forced liquidations across assets, with the index posting a monthly decline and YTD return of -4.63%. Upcoming Q1 earnings season starting this week, April FOMC meeting, and further Middle East developments on oil supply could determine if trader sentiment shifts toward reclaiming records or deepens the correction.