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The biggest trigger for this stock market plunge is the re-ignition of geopolitical risks originating in the Middle East. So far, the market has been leaning on optimism that the United States and Iran will find peace through a ceasefire memorandum of understanding (MOU). However, the situation took a sharp turn when President Trump mentioned the possibility of a retaliatory attack targeting Iran's core infrastructure. Iran is also strengthening its will to fight to the death, and the conflict between the two countries is heading towards catastrophe. This shattered expectations for the resumption of traffic in the Strait of Hormuz, which immediately led to a surge in international oil prices. Concerns about disruptions in the crude oil supply chain are pushing up energy prices, once again raising fears of inflation in the global economy.

Inflation indicators also served as a decisive variable that aggravated market instability. The news that the consumer price index (CPI) rose 4.2% in May compared to the same period last year, hitting the highest level in three years, came as a huge shock to investors. Although core inflation fell below expectations, providing some relief, the fact that high energy prices are driving overall inflation has emerged as a new variable in the Federal Reserve's monetary policy. The market is now starting to factor in a scenario in asset prices that could see at least one more interest rate hike by the end of the year. The possibility of an interest rate increase stimulated bond interest rates, lowered the attractiveness of gold, a safe asset without interest income, and reduced market liquidity.

Technology stocks and the AI semiconductor sector, which were the main players in the stock market's rise, have now hit a huge wall called the 'overvaluation controversy'. Major stocks, including Nvidia, fell sharply due to profit-taking sales, and the Philadelphia Semiconductor Index also showed a sell-off pattern. In particular, the incident in which Super Micro Computer (SMCI) plummeted more than 20% in one day after announcing plans to issue large stocks poured cold water on investor sentiment. Ahead of Space As a market consensus is formed that the steep upward trend so far has entered a correction phase, selling pressure centered on technology stocks is intensifying.

The fear spreading throughout the market is clearly evident in the two-day consecutive rise in the volatility index (VIX). Investors are now giving up their optimistic outlook, calculating worst-case scenarios, and reorganizing their portfolios toward defensive ones. Experts agree that unless the situation in the Middle East stabilizes, uncertainty about price indicators and interest rate forecasts will be difficult to resolve. The current market is not simply a problem of a specific stock, but a 'perfect storm' in which exogenous variables shaking the foundation of the macroeconomy are complexly intertwined. In this environment, investors are making strategic moves to avoid market volatility by turning to defensive stocks such as healthcare and consumer staples.