Stocks, oil on roller coasters as Trump, Iran conflicting reports

U.S. stocks were set to surge and oil fell after Trump and Iran gave conflicting reports about talks between the U.S. and Iran.

U.S. stocks surged as trading got underway Monday, after President Donald Trump announced that he was postponing all military strikes on Iranian power plants for a 5-day period.

Iranian state media responded to Trump’s post by saying the U.S. president has “backed down” after Iran’s firm response.

Iran's semi-official Mehr news agency also relayed a message from the nation's foreign ministry that, "there is no dialogue between Tehran and Washington."

The S&P 500 and Nasdaq 100 futures initially soared about 3% on Trump's post shortly after 7 a.m. ET. Three hours later, the S&P 500 and Nasdaq Composite had opened with significant gains of about 2%, but far less than futures had indicated early in the morning.

Dow Jones Industrial Average futures also rose as much as 1,300 points immediately after Trump's statement. The Dow was higher by about 850 points in early trading. The Russell 2000 index rose 2.5%.