Oil & Interest rates, collectively, are single-handedly driving the equity market. The longer prices remain high, the flatter the slope will be WRT stocks. That means, smaller changes in oil/rates will have larger impacts on stocks. One reason this is already beginning to play out, is because we're beginning to see higher oil/rates show up in the economic/sentiment data. This will only get worse going forward, explaining why higher-for-longer oil/rates will become increasingly problematic for an investors base with 2022 PTSD inflation anxiety.