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Update: Equities Rise Intraday as US, Iran Halt Hostilities Ahead of Qatar Meeting

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Update: Equities Rise Intraday as US, Iran Halt Hostilities Ahead of Qatar Meeting

(Updates with latest market prices and developments.)

US benchmark equity indexes were higher intraday as Washington and Iran agreed to halt renewed hostilities, while US President Donald Trump said the two countries will hold a meeting Tuesday.

The Nasdaq Composite was up 1.9% at 25,771.3 after midday Monday, while the S&P 500 rose 1.1% to 7,433.8. The Dow Jones Industrial Average advanced 0.7% to 52,217.3. Among sectors, communication services paced the gainers, while materials saw the sharpest drop.

On Sunday, the US and Iran agreed to cease attacks on each other and allow commercial vessels to pass freely through the Strait of Hormuz, CNBC reported. "Technical talks are slated to continue on all areas of the (memorandum of understanding)," a US official told CNBC. "Both sides will stand down for now and vessels can move freely."

In a social media post Monday, Trump said Iran has requested a meeting that will take place in Doha, Qatar, Tuesday.

West Texas Intermediate crude oil was up 2.4% at $70.92 a barrel intraday Monday, while Brent advanced 1.8% to $73.31.

"Renewed US-Iran tensions failed to materially lift oil prices," ING Bank said in a note. "While the oil market is technically in oversold territory, momentum appears to still be to the downside."

US Treasury yields were higher intraday, with the two-year rate up 2.5 basis points at 4.11% and the 10-year rate rising 1.3 basis points to 4.38%.

In company news, Alphabet's (GOOGL) class A shares were up 4.8% intraday, the top gainer on the Dow, as the Google parent joined the index, replacing Verizon Communications (VZ), which fell 5.8% and was the second-worst performer on the S&P 500.

Alphabet's class C shares (GOOG) rose 5.1%.

Comcast (CMCSA) said it plans to split into two publicly traded companies, separating its NBCUniversal and Sky media businesses from its broadband and connectivity operations as the media giant aims to boost strategic focus for each unit. Comcast shares were up 5.7%.

Honeywell International (HON) shares were down 2.7%, the worst performer on the Dow. The company completed the spinoff of its aerospace business into an independent publicly traded company.

Nike (NKE), Constellation Brands (STZ) and General Mills (GIS) are expected to release their latest financial results this week. AeroVironment (AVAV) and Concentrix (CNXC) are scheduled to report after the closing bell Monday.

Gold was down 1.4% at $4,040.50 per troy ounce, while silver dropped 1.1% to $58.56 per ounce.

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