The S&P 500 Index is up 0.58%, the Dow Jones Industrial Average is up 0.91%, and the Nasdaq 100 Index is up 0.64% amid reports of a potential US-Iran peace agreement. This agreement could be signed as early as this weekend, which may lead to the reopening of the Strait of Hormuz and an end to the US blockade on Iran’s oil exports. Key negotiations will follow regarding sanctions and the release of $24 billion in frozen assets.
On Thursday, stocks surged after President Trump canceled planned military strikes against Iran, indicating that further discussions would determine the time and place for a negotiated settlement. WTI crude oil prices have dropped more than 3% on these optimistic developments. Additionally, the University of Michigan reported a rise in the US Consumer Sentiment Index to 48.9, surpassing expectations.
SpaceX’s IPO debuted at nearly $160 per share, reflecting strong demand with over four times the oversubscription. However, despite this positive note, many space-linked stocks are down, including EchoStar, which fell more than 9%. Chip stocks are recovering, with the iShares Semiconductor ETF up 2.25%, aided by Oracle’s higher-than-expected capital expenditures. Airline stocks also experienced a boost, with United Airlines, American Airlines, and Southwest Airlines each rising over 3% as oil prices decline.
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