LIVE MARKETS-US stocks rally, oil slides on hopes for Iran deal

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

US STOCKS RALLY, OIL SLIDES ON HOPES FOR IRAN DEAL

The main U.S. indexes are rallying early on Monday after President Donald Trump said he would order the military to postpone strikes against Iranian power plants and energy infrastructure following "productive conversations" with Tehran.

Iran's Fars News Agency, however, disputed Trump's statement, citing a source who said there had been no direct communication with the United States, nor via intermediaries. Israel's military said it was conducting strikes on Iran.

President Trump has since told reporters the United States has held talks with Iran and that the two sides had "major points of agreement." Trump said the conversations that took place on Sunday would continue on Monday and that if the negotiations continued productively, there would be a deal very soon.

Nearly all S&P 500 .SPX sectors are higher with Consumer Discretionary .SPLRCD, up more than 3%, posting the biggest gain.

Under the surface, gold/silver miners .XAU, chips .SOX, transports .DJT, small caps .RUT, and mid caps .MID are among the outperformers.

Meanwhile, traders are looking to see if the main indexes can reclaim their 200-day moving average (DMA) on a closing basis.

The S&P 500 is now around 6,628 vs. its 200-DMA which now resides around 6,625. The Nasdaq .IXIC is now around 22,100 vs. its 200-DMA which now resides around 22,270. The Dow .DJI is now around 46,500 vs. its closely followed long-term moving average, which now resides around 46,590.

Here is a snapshot of where markets stood around 10:10 a.m. EDT:

(Terence Gabriel)

EARLIER ON LIVE MARKETS:

S&P 500 FUTURES SURGE WITH TRADERS BRACED FOR SHARP SWINGS CLICK HERE

WHY CHINA MATTERS IN IRAN CRISIS CLICK HERE

TRUMP'S LATEST U-TURN LIFTS STOCKS, IRAN SAYS NOT SO FAST CLICK HERE

EUROPEAN EARNINGS GROWTH WIPED OUT IN ECB ADVERSE SCENARIO CLICK HERE

EUROPEAN SCREENS FLASH RED, CORRECTION IN SIGHT CLICK HERE

OF COURSE TRUMP WOULD HAVE A COUNTDOWN CLICK HERE

EUROPE BEFORE THE BELL: FUTURES SINK CLICK HERE