Stock market today: Live updates

Futures tied to the broad market index were down 0.3%. Nasdaq 100 futures traded 0.4% lower. Dow Jones Industrial Average futures shed 111 points, or 0.2%.

On Monday, Trump reiterated his warning that the U.S. will destroy Iran’s power plants and bridges if the nation does not reopen the Strait of Hormuz by 8 p.m. ET on Tuesday. Trump said in a news conference on Monday that he had decided to extend the deadline to Tuesday because he “thought it was inappropriate the day after Easter.”

“They have ’til tomorrow,” Trump said. “Now we’ll see what happens. I can tell you, they’re negotiating, we think in good faith, we’re going to find out. We’re getting the help of some incredible countries that want this to be ended, because it affects them also.”

Axios reported that the U.S., Iran and other mediators were discussing terms to reach a potential 45-day ceasefire that could lead to a permanent end to the war, citing sources with knowledge of the talks. To be sure, the 45-day ceasefire is only one of the ideas being explored. Reuters also reported that that the U.S. and Iran on Monday were reviewing a plan brokered by Pakistan that could end the conflict.

Despite the increased tensions, the major averages ended Monday’s session higher.

“Everybody was betting that it’s going to be short term and I think the market still is, and frankly, I still am too,” Barbara Doran, founder and CEO of BD8 Capital Partners, said on CNBC’s “Closing Bell: Overtime” on Monday afternoon. “The market will say, ‘OK, it’s going to be over soon,’ and then we can resume where we’re going, which is starting the year very bullish. And now you have also continued fiscal stimulus from the defense spending.”