New Delhi, July 14 -- The U.S. stock market is feeling the heat and faces a long, volatile summer.

The Iran war has flared up again and stocks were hit Monday. Yet, under the surface things weren't actually that bad. More S&P 500 stocks rose than fell, 273 vs 230.

The chip sector did most of the damage-the PHLX Semiconductor, or SOX, index fell 4.8% Monday with all 30 of its constituents down. Some of the year's biggest winners-Sandisk, Marvell and Intel-were yesterday's biggest losers.

Maybe it's not really about oil at all? The stocks that have typically reacted most to oil-price spikes, including Delta Air Lines and Carnival, barely moved.

Maybe it's a response to inflationary fears and the possibility of higher interest rates? Yet...