By Sinéad Carew and Samuel Indyk
NEW YORK/LONDON, June 8 (Reuters) – The MSCI global stock index recovered some earlier losses supported by a rally in technology, and oil futures pared gains on Monday as Iran and Israel said they had stopped their attacks on each other, following a call from U.S. President Donald Trump.
The dollar fell, although uncertainty remained as Tehran said it would resume attacks if Israel continued attacking Iran-backed Hezbollah in Lebanon. Israel had attacked a petrochemical plant in southwestern Iran and Iran’s Islamic Revolutionary Guard Corps said it retaliated with a targeted attack on a similar Israeli plant in the city of Haifa.
In energy markets, US crude futures rose 1.42% to $91.83 a barrel after earlier trading above $95 a barrel, while Brent was at $94.78 a barrel, up 1.82% on the day, after earlier rising above $98 a barrel.
Wall Street indexes rallied as investors hunted for bargains after Friday’s sell-off, when the heavyweight technology sector pressured the entire market. The sector suffered its biggest daily drop since April 2025 after an interesting May jobs report fueled fears that the US Federal Reserve would need to raise interest rates.
“The profit takers did their job on Friday,” said Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts. “New buyers have come in and said that was overkill.”
In addition to worrying about geopolitics and interest rates, Zaro said investors were also preparing for this week’s long-awaited SpaceX initial public offering and reacting to changes in S&P 500 membership. The index is adding Marvell Technology, helping boost the chip sector, which sold off sharply on Friday.
The S&P 500 technology index rose 2.3% on Monday after falling 5.8% on Friday.
On Wall Street as of 10:53 a.m. ET (1453 GMT), the Dow Jones Industrial Average rose 153.76 points, or 0.30%, to 51,020.54, the S&P 500 rose 71.63 points, or 0.97%, to 7,455.37 and the Nasdaq Composite rose 414.23 points, or 1.61%, to 26,123.66.
MSCI’s index of global shares rose 0.70 points, or 0.06%, to 1,106.50, while the pan-European STOXX 600 index fell 0.06%.
The decline in stock markets was earlier marked in Asia, with South Korea’s KOSPI, the world’s best-performing market this year, leading the losses with an 8.3% drop that takes the benchmark index down more than 16% from last week’s record high. Japan’s Nikkei fell almost 4%, with market favorites across the computer chip production supply chain falling the most, while Taiwan’s benchmark index sank 3.5%.