As SPY tracks a wide range of large-cap U.S. stocks, it is generally less affected by specific international geopolitical events unless they have widespread global implications. The current situation in Gaza, as addressed by the U.S. State Department, is unlikely to have a significant direct impact on the overall U.S. market and, by extension, on SPY in the short term.

Geopolitical tensions often lead to uncertainty in regional markets, which can negatively impact the performance of country-specific ETFs like EIS. The U.S. State Department's call for longer pauses in the Gaza conflict and continued engagement with Israel may lead to short-term volatility in EIS as investors assess the potential for an escalation or resolution.

The United States Oil Fund (USO) is sensitive to changes in oil prices, which can be influenced by geopolitical tensions in the Middle East. The U.S. State Department's statements regarding the Gaza conflict could contribute to market uncertainty and potentially lead to short-term volatility in oil prices and USO's value.