With the S&P 500 already down ~2% YTD, do you think 2026 could end up being a negative year for the market?

The S&P 500 is already down roughly around 2% year-to-date, and we’re still very early in the year. With the ongoing war between the U.S. and Iran, and the possibility that the conflict drags on longer than expected, it makes me wonder how much this could impact markets over the rest of the year.

One of the biggest concerns is obviously oil. If the conflict continues or escalates, energy prices could stay elevated for longer than expected. Higher oil prices tend to feed into inflation, which could put pressure on consumers and potentially slow economic growth.

I’m also curious how other investors are approaching this situation. Have any of you reallocated part of your portfolio into things like U.S. Treasury bonds or commodities such as Gold as a hedge, or are you just continuing to dollar-cost average into your index funds and viewing the current dip as a cheaper buying opportunity?