US equities are experiencing volatility as investors remain focused on geopolitical risks and inflation concerns. The S&P 500 recently broke a five-week losing streak, yet it recorded its weakest quarterly performance since 2022, primarily due to soaring energy prices and escalating tensions from military actions involving the U.S. and Israel against Iran. Oil prices have risen sharply, surpassing $110 per barrel, raising fears of constrained global supply, especially with disruptions in the Strait of Hormuz. This rise has led to U.S. gasoline prices exceeding $4 per gallon for the first time in over three years. The upcoming consumer price index (CPI) data, set to be released on April 10, is anticipated to shed light on how the oil shock is influencing broader price levels. A Reuters poll indicates that headline inflation may rise significantly, while core inflation could remain stable. Additionally, corporate earnings reports from companies like Delta Air Lines and Constellation Brands are expected to reveal how businesses are managing increased input costs amid uncertain demand. The earnings season, beginning mid-April, is projected to show double-digit profit growth for S&P 500 companies, which could support equity markets despite ongoing macroeconomic risks. Ultimately, market focus may shift from geopolitical issues to fundamental economic indicators in the coming weeks.