FX.co ★ Wall Street Pares Early Session Rally, Holds Gains

On Monday, U.S. stocks scaled back their recent rally following Iran's missile attacks on U.S. bases in Qatar. Despite this, key market indices such as the S&P 500, Dow Jones, and Nasdaq 100 still posted gains of over 0.3%. This resilience was largely attributed to the assurance that energy supplies remained secure, with no disruption expected in tanker traffic through the Strait of Hormuz. Although crude futures initially rose, they later retreated upon reports indicating that oil flows in the Persian Gulf would persist without interruption, despite retaliatory actions targeting Iranian nuclear infrastructure. Tesla saw a significant surge, climbing over 8%, following the successful launch of its first driverless taxis. Additionally, AMD experienced a 2.3% rise due to a favorable research update. While energy giants ExxonMobil and Chevron saw some of their early gains diminish as oil prices moderated, the broader market was buoyed by positive corporate developments and reduced immediate supply concerns.