Stocks in Asia were mixed and European indexes mostly rose at the open, while U.S. stock futures climbed and oil prices fell in early European trade. Markets reacted to President Trump's announcement that planned strikes on Iran were canceled and that peace talks would resume Monday afternoon.

Meanwhile, Tehran signaled progress with Oman over reopening the Strait of Hormuz, and Iran’s foreign affairs spokesperson said the country was not in talks with the U.S. The yen strengthened against the dollar after the U.S. and Japan confirmed a coordinated currency intervention.

U.S. equities were poised to extend Friday’s rally, with gains across chip stocks and hyperscalers after hours; Bristol Myers Squibb rose 2% after reports of merger talks with Astra Zeneca. Palantir Technologies will report after the closing bell, before Space X’s first earnings as a public company Tuesday.

Oil fell 5% to $83.55 a barrel for Brent and 6.1% to $79.48 for WTI, after a 20% surge in July following U.S. and Iran attacks and Houthi threats in the Red Sea. OPEC+ announced a 188,000‑barrel‑a‑day output increase in September, completing the phased unwinding of 1.65 million barrels of voluntary cuts.