On May 4, 2023, US stock futures experienced volatility as tensions in the Middle East heightened investor anxiety. The S&P 500 futures were down 0.4%, while Dow Jones Industrial Average futures fell 0.1%. This decline followed reports from Iran's Fars news agency claiming that two missiles struck a US warship near the Strait of Hormuz, a vital shipping route. However, US Central Command refuted these claims, stating that no US Navy ships had been attacked. President Donald Trump warned that any Iranian attempts to block shipping would be met with a forceful response. The ongoing conflict raises concerns about prolonged disruptions in oil supply, contributing to fears of slower global economic growth and persistent inflation. Despite these challenges, the S&P 500 achieved a 10% gain in April, marking its largest monthly advance since November 2020. Crude oil prices also surged, with US crude rebounding to over $107 per barrel. Meanwhile, bond yields rose, and the dollar strengthened as investors sought safer assets amid the geopolitical uncertainty.