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Update: US Equity Indexes Jump as Communication Services Rally While Crude Oil Slides With Treasury Yields

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US equity indexes rose amid strong gains in communications services and a slide in government bond yields, coupled with a drop in crude oil futures, supporting President Donald Trump's version of the state of Iran peace negotiations.

The Nasdaq Composite jumped 2.2% to 25,939.2, with the S&P 500 up 1.6% to 7,608.5 and the Dow Jones Industrial Average higher by 1.4% to 53,195.4 ahead of Monday's close.

Communication services surged 4.6%, topping sector charts, followed by a rise in consumer discretionary and technology. Energy and consumer staples led decliners.

President Donald Trump said his latest offer of talks is a "last chance" for Iran after he called off what he said was a major attack on the Islamic Republic, Bloomberg reported.

"I want to give them every last chance before decapitation," Trump told reporters in the Oval Office, according to Bloomberg. "You'll find out today or tomorrow. I mean, they're going to go quickly, one way or the other. It's not very complex."

Iran's Foreign Ministry Spokesman Esmaeil Baghaei said no negotiations with the US were underway and no meetings were scheduled, Reuters reported.

Oman and Iran have been negotiating over a new maritime route through the Strait of Hormuz, which borders both their territorial waters, Al Jazeera, a Middle Eastern broadcaster, reported. Sunday night, Iran's Foreign Minister Abbas Araghchi told the Iranian cabinet in a report that negotiations between Tehran and Muscat were "on the way to being finalized".

The front-month US West Texas Intermediate crude oil slumped 5.2% to $80.26 a barrel, and global benchmark North Sea Brent dropped 4.6% to $83.85 a barrel.

Most US Treasury yields declined, with the 10-year trading down 5.7 basis points to 4.69%, retreating from the 52-week high touched late last week. The two-year yield dropped 3.5 basis points to 4.26%.

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