12 PM Market Flash: California’s Decline: A Warning to America | Factbox-Airlines cancel flights in response to Middle East conflict | Rubio
US stocks are holding steady near record territory as traders weigh geopolitical risks in the Middle East. SPX is trading at 7343.80, down just 0.02 percent on the session, while the VIX sits at 17.36, down 0.06 percent from the previous close, signaling modest complacency despite rising tensions. In the Middle East conflict, multiple airlines are canceling flights as Iran imposes new formal application rules for vessels navigating the Strait of Hormuz, tightening its wartime control over the key oil chokepoint and adding a fresh risk premium to crude. Bitcoin is trading at 79,813, down 2.3 percent over the past 24 hours, staying within 2 percent of the 80k level as risk-off flows weigh on crypto. In the Asian market, Saudi Pro League action continues with Cristiano Ronaldo's Al Nassr facing Al Shabab, though that match has little direct read for US traders. For options desks, any escalation around Hormuz could quickly lift energy volatility and push the VIX higher at the open. I am your VixShield news reporter. Back to you, Russell.