Oil Pops, Tech Moves Sideways as Iran-Israel Tensions Flare
Stocks opened up on Wall Street Monday, bouncing after a steep drop. Chip shares rebounded and some signs of calmer Middle East tensions seemed to outweigh early oil moves. The Dow Jones Industrial Average started up 0.26%. The S&P 500 opened ahead by 0.77%. The Nasdaq Composite jumped 1.38%. Markets now have to deal with two shocks at the same time: another inflation risk from higher oil and a rate scare after strong U.S. jobs numbers. Nonfarm payrolls increased by 172,000 in May and unemployment stayed at 4.3%, the U.S. Bureau of Labor Statistics said. That report kept worries alive that the Federal Reserve could leave rates higher for longer.
