Stocks rose and crude prices tumbled Monday as investors breathed a sigh of relief that Iran’s response to the U.S. attacks over the weekend was more restrained than expected.

The Dow Jones Industrial Average rose 374 points, or 0.89%. The S&P 500 gained 57 points or 0.96%, while the Nasdaq Composite 183 points or 0.94%.

Iran’s armed forces said Monday they attacked an American base in Qatar following the U.S. destroying Iranian nuclear sites in Fordo, Isfahan and Natanz over the weekend. The response, however, was intercepted by Qatar and no casualties were reported.

The price of oil fell 8% to $68 per barrel after rising as high as $78 a barrel over the weekend. The energy sector fell 2.5% with Diamondback Energy down 5% and Exxon down 2.6%.

While energy was lower, the rest of the sectors were higher. The consumer discretionary sector was led by Tesla up 8% after rolling out their robotaxi service in Austin, TX.

 The rate-sensitive sectors all rose on lower interest rates. The real estate, utilities and financial sectors were all higher by more than a percent as the 10-year Treasury note yield tumbled 3.9 basis points to 4.33%, while the 30-year bond yield moved 1.6 basis points lower to 4.87%. The 2-year yield slid 6 basis points to reach 3.84%. Fed Governor Bowman said she could support a rate cut at the July meeting if inflation pressures remain contained while Fed Governor Waller echoed similar comments last Friday.

In the commodity space, gold fell with oil while bitcoin recovered most of its losses from the weekend up over 5% today.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it’s usage.