Please see my daily pre-mkt summary on my assessment of elevated oil prices caused by Saudi Arabia’s closure of their East-West pipeline, which has driven Brent crude to $105/bbl and caused 10-year treasury yields to spike to 5.05%, its highest level since 2007. This has led value stocks to significantly outperform growth stocks (+20.9% vs +2.7% respectively YTD) with long duration growth stocks like $Tesla(TSLA.US) impacted most. Money markets now see a 92% chance of a Fed hike (first hike since July 2023) tomorrow following the two-day Fed meeting.