New York, June 14, 2026, 18:27 ET
- Dow, S&P 500 and Nasdaq futures were up Sunday night after news of a U.S.-Iran peace deal surfaced.
- Oil dropped over 4% after traders moved on speculation about the Strait of Hormuz reopening.
- SpaceX’s record-setting IPO is still being called a major market test. Shares shot up after the Nasdaq debut.
Dow, S&P 500, and Nasdaq futures ticked higher Sunday night after news broke that the U.S. and Iran had struck a deal ending their war. President Donald Trump made the announcement, saying the Strait of Hormuz would reopen. Oil prices dropped as traders reacted. Futures edged up, Investor’s Business Daily reported.
Pakistan Prime Minister Shehbaz Sharif said the U.S. and Iran reached a deal, with signing planned Friday in Switzerland, Reuters reported. Former President Trump posted on Truth Social that “The Deal with the Islamic Republic of Iran is now complete,” Reuters said. No details have come out yet. Earlier versions included reopening the Strait of Hormuz, lifting the U.S. port blockade on Iran, and delaying the nuclear talks for 60 days. Reuters
Oil prices tumbled. Brent crude lost $3.51, or 4.02%, settling at $83.82 a barrel. U.S. West Texas Intermediate slid $3.93, or 4.63%, to $80.95 as of 2203 GMT, according to Reuters. The drop followed news tied to the strait, a key energy chokepoint, after fighting had stoked concerns on supply, shipping, and inflation.
Trump has signed off on ending the U.S. naval blockade at Iranian ports, The Associated Press said. “Ships of the World, start your engines. Let the oil flow!” Trump said, per AP. The news service said full agreement details aren’t public. Iran hasn’t made a detailed announcement yet, though its state media carried Pakistan’s statement. AP News
Stocks pushed higher Friday with the Dow closing up 353.51 points, or 0.70%, at 51,202.26. The S&P 500 ended 0.50% higher at 7,431.46. The Nasdaq Composite climbed 0.31% to 25,888.84, according to Reuters. SpaceX shares surged 19.2% to $160.95, well over its $135 offering price, and its valuation neared $2.1 trillion.
SpaceX surged after Reuters said it pulled in $75 billion in its IPO, the biggest on record. That put Elon Musk’s company at a $1.77 trillion valuation before shares began trading. The stock then traded up, sending the market cap over $2 trillion. Other space names slipped while SpaceX dominated trade. Rocket Lab, Intuitive Machines, and Planet Labs dropped, losing ground after jumping earlier in SpaceX-fueled buying.
Headline risk is driving action. “Today we’re still waiting for proof of a deal,” Jake Dollarhide, CEO of Longbow Asset Management, told Reuters Friday, adding that much of the current market excitement is about the SpaceX IPO. That’s where sentiment is for now. Futures are moving on a diplomatic announcement, but investors want to see a signed deal, more details, and normal shipping flows. Reuters
Markets get a new challenge this week as Federal Reserve Chair Kevin Warsh leads his first policy meeting. Most of Wall Street thinks the FOMC will keep rates unchanged when it wraps up Wednesday, according to Investopedia. Traders want to hear what Warsh says about inflation, with falling oil prices maybe helping if the U.S.-Iran deal holds.
