The Iran war enters its second month, and concerns about the prolonged impact of the oil shock on the market intensify.

The Dow Jones index fell into adjustment last Friday, marking the first time since the trade war sparked by President Trump's "Liberation Day" tariffs nearly a year ago. The index, along with the Nasdaq Composite Index and the Russell 2000 Index, entered the adjustment zone. The so-called adjustment zone refers to a stock index closing at least 10% below its recent high point. Nationwide's Chief Market Strategist, Mike Hackett, said, "The problem is that the market as a whole does not believe the ceasefire news." He also stated that weekly fund flow data shows that retail investors seem to be joining institutional investors in choosing to wait on the sidelines.