Analysis-what’s good for the US economy now may not be good for stocks

Is it over or not? World ⁠markets that assumed the Middle East conflict was over and done with got a rude awakening over ​the weekend after the United States conducted fresh strikes on Iran in response to attacks on Gulf shipping.

But oil markets barely got a chance to react in ‌early trading today, as the two sides ‌agreed to halt hostilities and resume peace talks once again.

I’ll get into that and more below.

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Crude prices didn’t react much to the weekend’s hostilities, maintaining their recent slide to pre-war levels heading into the week, with parts of the oil market already seeing oversupply due to a resumption of Gulf shipping. Brent crude was still trading at under $73 per barrel on Monday morning, after slipping more than 10% last week.

However, ​the wobbly tech sector remains on edge after last week’s whipsaws and selloffs, largely due to profit-taking after a spectacular quarter for ⁠chip stocks.

Real ⁠concerns are still swirling on that ⁠front. Despite Micron Technology’s blowout ​earnings report last week, the tech space was also rocked by product price rises from Apple on soaring memory costs, as ​well as reports of a possible delay ⁠to OpenAI’s planned IPO.

Combined with the peace deal uncertainty, those worries helped keep Asia markets jittery on Monday, with major indexes closing lower. Things looked steadier elsewhere, with Wall Street futures in the green before the bell and European shares holding their ground in early trading.

Meanwhile, the dollar was poised for its biggest monthly gain against major peers in nearly a year, fired higher by Federal Reserve rate-hike bets.

The week will be shortened by Friday’s Independence Day holiday ⁠stateside, with the June payrolls report set for release on Thursday. That should give a further read on the ⁠outlook for Fed policy.

Elsewhere on the calendar for the week, new Fed Chair Kevin Warsh will make a speech on Wednesday at the European Central Bank’s annual symposium in Sintra, Portugal, which kicks off today.