Wall Street traders expect a strong jobs report on Friday. That may not be enough to soothe them, as the war-fueled oil price shock increasingly shifts the focus toward inflation.

As chipmakers suffered their worst day in more than two weeks, there were signs that some traders are betting the selloff will be short-lived.

US stocks advanced on Monday, paring last week’s slump, as chipmakers surged and traders assessed cooling tensions in the Middle East, which supported oil prices and energy shares.

The massive months-long rally in US stocks took a painful turn on Friday as traders rushed to dump mega-cap technology stocks and snap up more defensive names, while the latest employment data boosted expectations for an interest-rate hike this year.

The S&P 500 Index swung violently on Tuesday, almost wiping out a 2.3% plunge to close modestly lower, as investors reacted to headlines on the Iran war and looked ahead to figures that may show inflation accelerating.