The S&P 500 stays rangebound as traders await Trump's decision on ceasefire or full-scale war

The S&P 500 is trading in a tight range as investors wait for a decision from Trump on whether the US-Iran crisis will de-escalate into a ceasefire or escalate into full-scale war. The article says geopolitical uncertainty has revived inflation and growth concerns, while crowded positioning has triggered broader deleveraging. Softer US inflation data helped stabilize sentiment by strengthening the peak-inflation narrative and increasing expectations for a dovish Fed, but Middle East risk remains the main driver. Technically, traders are watching support near 7,475 and 7,200, with resistance around 7,540. A ceasefire would likely support equities and potentially send the index toward new highs, while a full-scale war could pressure stocks lower. Upcoming US jobless claims and flash PMIs may add near-term volatility, but geopolitics is the dominant catalyst.