US stocks gain during early trade, higher oil prices supporting the up-move

US stocks opened slightly higher on Monday and shrugged off escalating geopolitical concerns in wake of the US decision to redirect a naval aircraft carrier and several warships towards the Korean peninsula, following a provocative missile test by North Korea. 

Strong gains for WTI crude oil prices, now trading with gains in excess of 1.0% and fast approaching the $53.00/barrel mark, was seen extending support to energy stock. Buoyant sentiment in oil markets further boosted investors’ appetite for riskier assets – like equities, and further collaborated to the positive trading sentiment on Monday. 

At the time of writing, the Dow Jones Industrial Average was up by over 50-points to 20,710, while the broader S&P 500 Index added 7-points to 2,363. Meanwhile, tech-heavy Nasdaq Composite Index gained over 20-points and inched back closer to 5,900 mark.

With an empty US economic docket, market participants will remain focused on the Fed Chair Janet Yellen's speech, later during the day for some fresh impetus. Investors will be looking for clues on the central bank's plans to start winding down its $4.5 trillion balance sheet later this year.