After finishing strong in 2025, the broad U.S. equities market got off to a rocky start this year. Stocks initially traded higher during the first quarter, but the onset of the Iran conflict in late February and resulting global spike in oil prices clouded the economic picture and triggered a broad selloff. When the dust settled, the S&P 500 posted its first quarterly loss in a year (-4.3%). Does a difficult first quarter portend a down year? Not necessarily.

Markets entered the new year on solid footing but quickly had to deal with the escalation of conflict in Iran. Oil prices surged, volatility picked up, and the investment landscape was reshaped. In this week’s Money with Murphy, Kara explains the key takeaways from the quarter and reasons to remain optimistic about the market beneath the noise.

Rising oil prices that stem from the Iran conflict are putting pressure on households, but not everyone is feeling it in the same way. In this week’s Money with Murphy, Kara explains how today’s energy shock is amplifying the so-called “K-Shaped Economy” and the divergent economic realities it creates for different people. ​​​​​​