US stocks traded in a narrow range on Friday as investors watched two major events unfold: the long-awaited debut of SpaceX on public markets and fresh reports of a potential US-Iran peace deal.
The Dow Jones Industrial Average rose about 138 points, or 0.2%, in early trading. The S&P 500 was up 0.2% while the Nasdaq Composite was flat after dropping 0.3% shortly after the open. Thursday had seen a strong rally after President Trump said the US and Iran were close to signing a peace agreement.
SpaceX, which trades under the ticker SPCX, priced its shares at $135 each ahead of Friday’s market debut. The company raised roughly $75 billion, making it the largest IPO ever recorded. Its anticipated market capitalization stands at $1.77 trillion.
At that valuation, CEO Elon Musk is expected to become the world’s first trillionaire.
SpaceX aims to put artificial intelligence data centers in space. Investor expectations for the stock are high, and analysts say anything less than a strong first-day gain will attract scrutiny.
The IPO is seen as a test for the broader market, which has been dealing with a wave of selling tied to AI-linked stocks over the past week.
Oil prices dropped sharply on Friday as traders priced in the possibility of a US-Iran agreement. Brent crude futures fell as much as 5% in early trading to their lowest level since March, before recovering slightly. West Texas Intermediate crude was down 2.8% to around $85.26 a barrel.
Reports suggest the two countries are edging closer to a deal that would reopen the Strait of Hormuz, a key oil shipping route. G7 leaders are set to meet next week, where the agreement could be finalized.
Barclays strategist Emmanuel Cau said a confirmed US-Iran deal would “remove a major macro tail risk and clear the way for further broadening and rotation.”
Also on Friday, investors were set to receive the University of Michigan’s consumer sentiment reading. In May, the headline index fell to an all-time low of 44.8, reflecting ongoing concern about the economy.
Bitcoin remained range-bound after a tepid recovery earlier in the week.
Gold climbed more than 2.5% on hopes surrounding the US-Iran deal, though it remained on track for a weekly loss.
Other space-related stocks also drew attention. Rocket Lab and four other companies were set to join the Nasdaq 100, adding momentum to the sector on the same day SpaceX made its debut.
The combination of the SpaceX IPO, falling oil prices, and geopolitical progress gave markets multiple headline events to absorb heading into the weekend.
The post US-Iran Peace Deal Hopes Push Oil Prices Lower as SpaceX Hits the Market appeared first on CoinCentral.
