The S&P 500 rose on Monday following a winning week as oil prices seesawed, with traders weighing the odds that the U.S.-Iran war could end soon.
The Dow Jones Industrials moved forward 42.6 points to 46,547.27.
The S&P 500 accumulated 8.32 to 6,591.01.
The NASDAQ took on 50.06 points to 21,929.24.
Netflix settled 44 cents to $98.22, after a Goldman Sachs upgrade to buy from neutral. The bank said it sees Netflix as continuing to be the leader in content acquisition and development, and a high chance for multiyear capital return to shareholders.
Soleno Therapeutics shares surged $12.71, or 32.2%, to $52.21, after Neurocrine Biosciences announced an agreement to acquire the company for $53 per share in cash, valuing the deal at around $2.9 billion. Neurocrine said Soleno will help expand its medicine portfolio and strengthen its position as a leader in endocrinology and rare disease.
Axios reported that the U.S., Iran, and a group of regional mediators were discussing terms for a potential 45-day ceasefire that could lead to a permanent end to the war, though the chances for reaching a partial deal before the Tuesday deadline were slim. To be sure, a 45-day ceasefire is just one of the many ideas being floated.
Reuters also reported that Iran and the U.S. have received a plan to end hostilities that, if agreed, would result in an immediate ceasefire and the reopening of the Strait of Hormuz. The framework, which could come into effect on Monday, was put together by Pakistan, an unnamed source told Reuters.
President Donald Trump was set to hold a news conference with the military at 1 p.m. ET.
On Sunday, Trump warned the U.S. would strike Iran’s power plants and bridges if the Strait of Hormuz isn’t opened by Tuesday. “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!” Trump said in a Truth Social post.
Monday will mark the first session during which investors will be able to react to the stronger-than-expected March jobs report, which came out on Friday. U.S. markets were closed due to Good Friday.
Prices for the 10-year Treasury gained ground, weighing on yields to 4.34% from Friday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices gained 64 cents to $112.18 U.S. a barrel.
Gold prices brightened $13.40 to $4,693.10 U.S. an ounce.
