Stocks Rebound as Fed Hints Rate Hikes Could Slow; Oil and Defense Shares Rally Amid Middle East Tensions
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U.S. equities rebounded from earlier losses after Fed officials suggested surge in Treasury yields could diminish likelihood of further rate hikes.
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Concerns about conflict in Middle East sent crude oil futures up over 4% and lifted gold prices as investors sought "safe haven" investments.
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Defense stocks rose with shares of Northrop Grumman, L3Harris Technologies and Lockheed Martin all gaining over 9%.
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Worries about related pullback in travel demand and rise in fuel prices dragged down shares of airlines and cruise lines.
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Shares of SolarEdge Technologies and First Solar declined after OPEC predicted oil demand would increase more than expected despite "green" energy expansion.
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