A long bottleneck there would present meaningful upside to oil prices as they sit right now,” said Ross Mayfield, Baird investment strategist. “A two-week shock to oil prices is not going to have a major impact on the U.S. consumer or how the Fed is thinking about interest rates, but a multi-month step-up in level would have an impact.” On top of tech, a rise in defense stocks helped the major averages recoup a chunk of their losses. Northrop Grumman advanced 6%, while Lockheed Martin climbed more than 3%. Energy shares including Exxon Mobil and Chevron saw gains as well. Traders Monday may also be getting ahead of a well-known historical pattern where stocks dip initially but typically trade higher in the weeks following geopolitical conflicts. Data from Wells Fargo shows the S&P 500 typically turns positive within two weeks of a major conflict and is higher by 1%, on average, three months out. $XOM $CVX $LMT