The long weekend saw a flurry of is-it-open or is-it-closed headlines with regard to the Strait of Hormuz, but the bottom line, for markets, is that the U.S. and Iran are still talking and oil tankers are starting to move out of that restricted waterway.

Besides Iran, one of the other unresolved issues for markets is whether the Federal Reserve under Kevin Warsh has taken a new hawkish turn or just employing more hawkish language. Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said the uncertain outlooks for the Fed and the Middle East were the big talking points among Canadian-based investors in U.S. stocks she spoke to last week.