Q1 2026 just closed as the worst quarter in nearly four years, and yet Wall Street still tried to celebrate a rally built on hope instead of resolution. In this video, Mark breaks down the three biggest forces driving markets right now: the Iran war and Strait of Hormuz shutdown, inflation surging through oil and manufacturing costs, and a bond market that is suddenly pricing in the possibility of Fed hikes instead of cuts.

The big question is simple: was this rally real, or was it a trap?

With oil above $116, ISM prices paid exploding, jobs data sending mixed signals, and the labor market quietly weakening underneath the surface, this market may be staring directly at a stagflation setup. And with Trump’s Iran deadline falling as markets reopen, the risk of a violent move in either direction could not be higher.

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