Escalating military conflict in the Middle East drove oil prices higher, fueling inflation concerns that were further validated by a surprise jump in U.S. import costs and declining home affordability. This market volatility benefited banks like Truist Financial, while in the tech sector, a major reshuffling saw Apple reclaim the title of the world's most valuable company from Nvidia as Netflix and SpaceX shares fell on operational setbacks and a weak outlook. Meanwhile, a battle over corporate transparency is brewing in Washington, as the SEC received record public opposition to a proposal to scrap mandatory quarterly earnings reports.

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