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Update: US Equity Indexes Rise as Communication Services Tops Sector Charts, Trump Sends Envoys to Qatar for Iran Talks

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(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)

US equity indexes rose amid standout gains in communication services and consumer discretionary in midday trading on Monday, and as a meeting was announced between Washington and Tehran in Doha, Qatar, after both warring sides agreed to halt strikes over the weekend.

The Nasdaq Composite jumped 1.8% to 25,754.6, the S&P 500 rose 1% to 7,425.1, and the Dow Jones Industrial Average advanced 0.5% to 52,157.4.

Technology was among the top three gainers intraday. Tesla (TSLA), Alphabet (GOOG, GOOGL), and Meta Platforms (META) were among the top 20 gainers in a category with a market capitalization of over $200 billion. The group's leader was Corning (GLW), trading up 14%.

Materials and real estate led the decliners.

In geopolitical news, President Donald Trump said the US will meet with Iran in Doha, Qatar, on Tuesday, after US officials said both sides agreed to "stand down for now" and that negotiations remained on track following strikes over the weekend, CNN reported Monday, adding that Iran has not confirmed that talks will take place.

Iran's foreign minister, Abbas Araghchi, reiterated that "Tehran retains exclusive authority over traffic through the Strait of Hormuz under the preliminary peace agreement, leaving the risk of renewed supply disruptions elevated," Saxo Bank said in a note.

The front-month global benchmark North Sea Brent rose 1.9% to $74.01 per barrel, and the US West Texas Intermediate climbed 2.4% to $70.86 per barrel.

Most US Treasury yields rose, with the two-year up 2.5 basis points to 4.11%. The 10-year rate was slightly higher at 4.38%.

Gold futures slumped 1.4% to $4,038.9, and silver futures dropped 1.8% to $58.18.

In economic news, the Dallas Fed's monthly manufacturing index fell to 0.0 in June from 0.4 in May, missing expectations for an increase to 1.0. The other manufacturing readings already released indicate expansion.

In company news, Rocket Lab (RKLB) agreed to acquire satellite communications provider Iridium Communications (IRDM) in a cash-and-stock deal valued at about $8 billion to create a vertically integrated space company. Shares of Rocket Lab climbed past 15%, making it among the Nasdaq's top gainers.

Meanwhile, UBS adjusted Astera Labs' (ALAB) price target to $400 from $205 while maintaining its neutral stock rating. Astera's shares were up 14%, the top gainer on the S&P 500.

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