US stock futures moved higher on Monday as reports of possible peace talks between the US and Iran gave investors some relief. The gains came after a tense weekend of missile strikes and renewed threats from President Trump.

Futures on the S&P 500 rose around 0.4%. The Nasdaq 100 gained 0.6%. Dow Jones Industrial Average futures were up a smaller 0.1%.

Markets had briefly fallen overnight after Trump renewed his threats against Iran. But they recovered as diplomatic reports offered a glimmer of hope.

Reuters reported that both the US and Iran had received a draft ceasefire plan mediated by Pakistan. The plan would involve an immediate halt to attacks. Neither side has publicly confirmed or accepted the proposal.

Separately, the US and regional mediators are pushing for a 45-day ceasefire that could end the war entirely. However, officials familiar with the matter say the chances remain slim.


Trump’s original 10-day deadline for Iran technically expired Monday. But Trump extended it, posting on social media that the new cutoff is “Tuesday, 8:00 P.M. Eastern Time.” He told the Wall Street Journal the US would destroy all of Iran’s power plants if the Strait of Hormuz was not reopened by then.