"Geopolitical volatility is back as U.S. and Iran tensions hit a boiling point. Brent crude has surged past $76 a barrel. This move is reigniting global inflation fears. The U.S. 10-year yield is holding near 4.55 percent. Safe Haven Gold has hit an extraordinary $4,100 an ounce. U.S. futures are attempting a tech-led recovery after yesterday's chip sell-off. In Asia, the Cospi cratered 5 percent as investors ditched semiconductors. However, the Hang Sang rallied nearly 2 percent on strong IPO demand. The Reserve Bank of New Zealand also delivered a hawkish surprise. They raised their policy rate to 2.50 percent. Here is what you need to watch today. At 7 a.m. Eastern, we get the mortgage market index. At 10.30 a.m., the government releases crude oil stock data. The big mover hits at 2 p.m. with the FOMC minutes. Finally, China reports inflation data tonight at 9.30 p.m. Eastern. Save the schedule for the opening bell."