U.S. and Iran Agree to Halt Attacks, Resume Talks on Strait of Hormuz

Both sides later agreed to stand down.

A U.S. official said Iranian projectiles aimed at the installations were intercepted or missed their targets. Commercial vessels continued moving through the strait at reduced volume over the weekend, with only a handful completing open transits. Talks originally set for Sunday were canceled by Iran but have been rescheduled for Tuesday in Doha and will focus on the Strait of Hormuz and recent escalation rather than nuclear issues.

U.S. equity futures rose Monday, led by technology shares, after last week’s rotation out of top performers. The S&P 500 futures gained 0.9 percent and Nasdaq futures added 1.2 percent in early trading. Oil prices climbed after the weekend flare-ups.

Gold fell about $40 an ounce to near $4,050. Comcast shares jumped more than 20 percent after the company said it would spin off NBCUniversal and Sky into a separate publicly traded entity.

Traders will watch a speech by Federal Reserve Chair Kevin Warsh on Wednesday at the ECB forum in Sintra, Portugal, and the June employment report due Thursday. RBC Capital Markets raised its 12-month S&P 500 target to 8,150. He added that Iran would continue to seek implementation of the agreement in good faith.