New Delhi, June 20 -- Stocks may have quickly moved on from Kevin Warsh's rather hawkish first meeting as Federal Reserve Chairman. But other parts of the markets are taking the central bank's shift more seriously.

The S&P 500 rose 1.1% Thursday after slipping 1.2% Wednesday following Warsh's first press conference. The tech-heavy Nasdaq Composite had an even easier time shrugging off the Fed meeting-jumping 1.9% in the previous session after a 1.3% dip.

The central bank's economic projections revealed that nine of the 18 policymakers now expect higher interest rates this year-the Fed no longer sees a cut. But President Donald Trump signing an agreement with Iran to end the war and reopen the Strait of Hormuz helped stocks to rebound. ...