Stocks recovered from steep losses earlier in the session as investors moved to buy the dip in equities following market volatility in response to the United States and Israel launching strikes against Iran over the weekend.
The Dow Jones Industrial Average
Still, only four of the 11 sectors of the S&P 500 were positive at market close on Monday: energy, industrials, technology and real estate. Those sector gains were supported by U.S. oil prices easing from their session highs (up 12% at its peak), as market participants grow concerned that the military strikes -- which killed Islamic Republic Supreme Leader Ayatollah Ali Khamenei -- could escalate to other regions in the Middle East.
Oil giants Exxon Mobil
International crude benchmark Brent remained up nearly 8% on Monday, however, on news that the Strait of Hormuz -- a key chokepoint for crude oil shipments -- was closed due to the strikes.
Other sectors impacted include defense and travel-related stocks, with names including Northrop Grumman
On the economic front, U.S. factory activity expanded at a slightly slower than expected pace in February as companies were faced with higher prices, the Institute for Supply Management reported Monday. The firm's manufacturing index edged lower from January to a reading of 52.4 -- still representing expansion being over the neutral level of 50.
Beneath the headline reading, the prices index rose by 11.5 points to 70.5, while the employment index remained in contraction territory at 48.8.
Looking ahead, market participants will remain cautious over the ongoing developments surrounding the conflict between the U.S.-Israel and Iran on Tuesday. Key earnings reports due out throughout the session include Target
