"I think it surprised me how easily people are swayed by headlines," says Suderman, noting that wartime information flows are often strategic and conflicting. "You have to learn in a wartime to take everything with a grain of salt in the context of what you observe."
Financial markets were firmly in the red as investors reacted to the Middle East conflict intensifying, with stocks down across Asia and Europe. Gold also fell, which suggests investors are once again liquidating assets that have previously served them well, or they are reacting to a further strengthening in the US dollar.
The attacks added to fears the energy crisis triggered by the closure of the Strait of Hormuz to tanker traffic may be longer and more extensive than feared, with lasting damage to oil and gas production. Brent crude, the international benchmark, rose nearly 6% to $113.77 per barrel, up from less than $73 per barrel on the eve of the war.
Oil WTI crude climbed from $71 a barrel on March 2 to $94.65 by March 9 in a single week, after the Strait of Hormuz was effectively closed and Iranian energy infrastructure was struck. Brent briefly touched elevated intraday highs before pulling back when Trump signaled the conflict was winding down.
The strikes on Iran by the US and Israel have sent global markets reeling, with asset classes such as stocks, bonds, and commodities ricocheting up and down after every White House update and tweet. Many funds and traders focused on macro and commodities opportunities, two of the industry's most in-demand areas coming into the year, have so far been unable to avoid losses.
CrowdStrike recorded its first-ever positive GAAP net income of $38.69 million, flipping from a $86.29 million loss in the same quarter a year ago. Revenue grew 23% year-over-year to $1.305 billion, edging past estimates. Ending ARR hit $5.25 billion, up 24%, while net new ARR of $330.7 million surged 47% year-over-year, a record.
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