Market Panic: S&P Down 2.2%, VIX Spikes 10%, Oil Surges 7.6%

A severe risk-off session is underway with SPY dropping 2.24% while the VIX fear gauge surged nearly 10%. Oil jumped 7.58%, suggesting a geopolitical catalyst. Gold is up 2.26% as a safe haven. Prediction markets now price a 37% chance of US recession by end 2026 and an 18% chance of a Fed emergency rate cut, while Treasury yield dip expectations surged 14 pts.