So why are the markets down so hard today? The Australian market is getting absolutely hammered on Monday, down over 3 percent to around 8,550 on the S&P/ASX 200. Most sectors are bleeding, especially financials, miners and tech. The big four banks - Commonwealth, Westpac, ANZ, NAB - are all losing almost 4 percent each. Among miners, BHP is down more than 5 percent, Rio Tinto down almost 4 percent, and Mineral Resources getting crushed with a 7 percent drop. Tech stocks are rough too - Afterpay owner Block is off more than 4 percent, Xero down over 4 percent, and Zip tumbling almost 6 percent.

Why are the markets down this badly? Geopolitical tensions in the Middle East are spooking investors, plus Wall Street took a beating on Friday and we're just following that down. The Nasdaq dropped 1.6 percent, S&P 500 fell 1.3 percent, and the Dow slumped 1.0 percent - all hitting their worst levels in months. European markets are down too, with the FTSE off 1.2 percent, DAX down 0.9 percent, and CAC 40 falling 0.7 percent.

About the only thing holding up is energy stocks. Oil prices surged 12.20 percent to around $90.89 a barrel after Qatar warned of a potential production halt due to disruptions in the Strait of Hormuz. So Beach Energy is up almost 1 percent, Woodside Energy adding more than 1 percent, and Santos advancing over 2 percent. The Aussie dollar is trading at $0.697. Rough day overall, but energy traders are having a laugh.