Stock market today: Dow, S&P 500, Nasdaq futures mixed as oil rises after Iran and Israel exchange strikes

Markets commencement the week connected unsteady footing aft the Nasdaq (^IXIC) dropped 4% connected Friday and the S&P 500 (^GSPC) snapped its nine-week winning streak. A beardown rotation retired of high-flying semiconductor stocks and into much antiaircraft areas of the marketplace came connected the heels of a blowout May jobs study that strengthened the lawsuit for the Federal Reserve to rise involvement rates later this year.

Oil prices flared aft Iran fired missiles astatine Israel for the archetypal clip since April, and Israel struck backmost contempt President Trump’s calls for some sides to halt fighting. Brent futures (BZ=F) climbed implicit 4% to supra $97 a barrel, portion West Texas Intermediate futures (CL=F) topped $94 a tube amid revived concerns that a US ceasefire with Iran could autumn isolated to instrumentality unfastened struggle successful the Middle East.

Investors volition get a amended consciousness of whether higher lipid prices are starting to bleed into halfway prices connected Wednesday with the merchandise of the latest monthly Consumer Price Index. That’s followed by an update connected the Federal Reserve’s preferred gauge of inflation, the Producer Price Index, connected Thursday. The Fed's absorption volition beryllium squarely connected ostentation aft a batch of jobs information past week showed the labour marketplace remains stable.

Other cardinal events to ticker this week see Oracle (ORCL) net connected Wednesday and the apt SpaceX (SPCX) IPO connected Friday, which is expected to beryllium the largest nationalist offering connected record.