Energy companies' stocks rose in early trading, echoing a runup in oil prices as the Israel-Hamas conflict intensifies. The Energy Select Sector SPDR Fund gained more than 3%, on pace for its largest one-day percentage increase since April. Chevron stock and Exxon Mobil each gained around 3%.
Israel ordered Chevron to shut down natural-gas production at one of the two major offshore platforms it operates as a safety precaution. Occidental Petroleum rose 4%. Marathon Oil jumped more than 6%. Airline stocks fell on the oil-price move, and as carriers cancelled flights to Israel. American Airlines, Delta Air Lines and United Airlines all dropped 4% or more.
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