1)
Who will not fear?
1.
Rashi: One who trusts in Him will not fear.
2)
Why does it mention "mi'Pachad Laylah"?
1.
Malbim: Since He will save You from human traps, you will not fear them, including covert plunderers at night.
3)
What is "me'Chetz Ya'uf Yomam"?
1.
Rashi: It is a demon that flies like an arrow.
2.
Radak: They are mishaps of time that fly like arrows and come suddenly on a person, during the day or at night 1 . The verse calls them arrows because they go so fast.
3.
Malbim: It is an arrow that your enemy in war shot at you; He will be like a shield to protect you from it.
1
Yomam is day and night. (PF)