The S&P 500 was relatively unchanged on Monday following a winning week as oil prices fell slightly, with traders weighing the odds that the U.S.-Iran war could end soon.
The broad market index ticked up 0.1%, while the Nasdaq Composite gained 0.3%. The Dow Jones Industrial Average lost 35 points, or 0.1%.
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 currently under discussion.
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 is set to hold a news conference with the military at 1 p.m. ET.
Neurocrine Biosciences will acquire rare-disease drugmaker Soleno Therapeutics for $2.9 billion in cash, the companies said on Monday, marking the neuroscience-focused drugmaker's expansion into metabolic disorders. Soleno Therapeutics shares surged 33%.
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