Traders work on the floor of the New York Stock Exchange (NYSE) in New York City.
Spencer Platt | Getty Images
Stock futures rose on Friday as Iranian state media reported that a proposed peace deal would see the Strait of Hormuz reopen.
S&P 500 futures added roughly 0.6% along with Nasdaq-100 futures. Futures tied to the Dow Jones Industrial Average gained 363 points, or 0.7%.
Global stocks were also higher. Japan’s Nikkei 225 surged 2.8%, India’s Nifty 50 was up 1.3%, South Korea’s Kospi gained 4.6% — and the Shanghai Composite advanced more than 1%. In Europe, the Stoxx 600 gained 1.7%.
Iranian state media reported that the draft version of the Iran-U.S. memorandum of understanding includes a commitment from the U.S. to lift oil sanctions, as well as a commitment from Iran to reopen the Strait of Hormuz.
A peace deal could be signed in Switzerland as soon as Sunday, Bloomberg reported Friday, citing people familiar with the plans.
Friday’s rally comes after a rally on Thursday, thanks to a rebound in chip stocks and President Donald Trump signaling that a peace deal with Iran was near.
Traders are also watching SpaceX, Elon Musk’s rocket maker, as it debuts on the Nasdaq. SpaceX, set to go public under the ticker symbol SPCX, has set a fixed price of $135 per share, which would put its valuation at $1.77 trillion.
The company plans to sell 555.6 million shares, amounting to a $75 billion fundraise that would be the largest initial public offering in history. It’s more than triple the size of Alibaba’s $22 billion offering in 2014, currently the biggest U.S. IPO to date.
If the IPO goes according to plan, it could offer a major catalyst for stocks on Friday. But some investors are concerned that due to the offering’s sheer size, it could pressure the market. Even if the market can digest these new shares of SpaceX, IPOs are known to be volatile, and Friday’s offering could trigger another rotation in tech leadership as investors find capital to fund their new issues.
“History indicates that large IPO issuance occurs during periods of strong equity market sentiment, but the added equity supply can cause some indigestion. Household equity exposure already sits close to an all-time high, which suggests they may sell existing holdings to fund these new positions,” wrote Wells Fargo Investment Institute global equity strategist Douglas Beath.
“Combined with the ongoing geopolitical tensions and the upcoming midterm elections, it could be one more reason for markets to display greater choppiness in the second half.”
“We remain favorable on the AI theme and the Information Technology sector but would not chase this run up,” he added, noting that as of May 29 the sector has gained 37% since April compared to the S&P 500’s 17% advance in the same period.
Thursday’s rally lifted the S&P 500 and Nasdaq Composite back into the green for the week, with the indexes on pace to add 0.14% and 0.39%, respectively. The blue-chip Dow trailed behind, on pace to end the week 0.04% lower.
Peace deal could be signed as soon as Sunday: Bloomberg
A peace deal could be signed in Switzerland as soon as Sunday, Bloomberg reported Friday, citing people familiar with the plans.
IRNA, Iran’s official news agency, said the details including the time and place of the meeting are “media speculations” and an official announcement will be made as soon as the state reaches a final conclusion, citing a foreign ministry spokesperson.
The G7 summit runs from June 15 to June 17 and is taking place in Evian, in the French Alps.
Travel stocks lift off as European markets surge on U.S.-Iran peace hopes
A Boeing 787 ‘Dreamliner’ plane with the logo of tourism giant TUI at Hanover airport in Langenhagen, central Germany.
JULIAN STRATENSCHULTE | AFP | Getty Images
Travel and leisure stocks led the surge in European markets on Friday morning.
Travel and leisure names were last seen more than 4.9% higher, followed by European banking stocks, which rose 3.7%, as the Stoxx 600 index rose about 1.7% in morning trade.
German travel and tourism mainstay Tui surged 8.5%, topping the pan-European benchmark. Budget airline Ryanair jumped 7.5%, while shares in German airline Lufthansa advanced 6.9%. International Consolidated Airlines Group, which owns British Airways, Iberia, Vueling and Aer Lingus, gained 6.4%. Low-cost carrier EasyJet was up 3.7%.
Tui AG.
Positive sentiment also spread to the banking sector, with Societe Generale leading the way with a 6.1% gain. Deutsche Bank added 5.5%.
— Hugh Leask
Global stocks rally
Global stocks rose sharply on Friday morning, as investors reacted to new details about a potential peace deal between the U.S. and Iran.
In Europe’s morning trading session, the pan-European Stoxx 600 was 1.9% higher, while Germany’s DAX, France’s CAC 40 and Italy’s FTSE MIB were all up more than 2%. London’s FTSE 100 was up by around 1.5%.
Asian stocks also saw sharp rises, with the South Korean Kospi jumping 4.6%, Japan’s Nikkei 225 up 2.8% and the Indian Nifty 50 up by 1.5%.
— Chloe Taylor
Proposed Iran-U.S. deal would reopen Hormuz strait and lift oil sanctions, Iran state media says
Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, June 8, 2026.
Amirhosein Khorgooi | ISNA | WANA | Reuters
The draft version of the Iran-U.S. memorandum of understanding includes a commitment from the U.S. to lift oil sanctions and a commitment from Iran to reopen the Strait of Hormuz, Iranian state media reported Friday.
The 14-point document dictates that final negotiations will not begin until the release of half of Iran’s frozen funds, the suspension of Iran’s oil sanctions, and the lifting of the naval blockade, the Mehr News Agency reported.
President Donald Trump on Thursday had claimed that the U.S. “just made a great settlement of the war with Iran,” subject to the “finalization of documents.”
— April Roach
Asia markets close in the green; Kospi gains over 4%
Asia markets closed in the green as traders looked ahead to SpaceX’s historic initial public offering on Friday.
South Korea’s Kospi advanced 4.6% to close at 8,123.62 on Friday, while Japan’s Nikkei 225 rose 2.81% to 66,020.04. Mainland China’s CSI 300 closed 1.2% higher at 4,777.32, while Hong Kong’s Hang Seng was up 1.6% as of its last hour of trading.
Australia’s benchmark S&P/ASX 200 was up 1.98%, ending the trading day at 8,804.
—Lee Ying Shan
European stocks rise on hopes for peace deal
European stocks surged on Friday, following Asian peers higher as investors hope a peace deal between Washington and Tehran is nearing its conclusion.
Shortly after the opening bell, the pan-European Stoxx 600 index was seen up 1.1%, with all regional bourses and sectors, oil and gas exempted, trading in the green.
London’s FTSE 100 opened 0.8% higher, while France’s Cac 40 added 1.4% and Germany’s Dax rose 1.3%.
Travel and leisure stocks were the standout performers in early trade, rising 3.5%, while autos and banks also added 2.5% and 2.4%, respectively.
Meanwhile, the U.K. economy shrank by 0.1% in the month to April, figures published on Friday showed, as the impacts of the war continue to hamper growth.
April’s print followed growth of 0.3% in March, 0.4% in February and no growth in January.
— Joseph Wilkins
Oil prices fall on hopes of U.S.-Iran deal despite Tehran pushback
Oil prices fell Friday after U.S. President Donald Trump said Washington had reached a framework agreement with Iran, raising hopes the Middle East conflict could be nearing its end.
U.S. crude oil futures for July delivery fell 1.61% to $86.30 per barrel, while August futures for international benchmark Brent lost 1.75% to $88.8 per barrel.
Speaking at the Oval Office, Trump said he expects an agreement to be signed “over the next few days,” assertions he has made several time during the conflict. He also said the Strait of Hormuz would reopen once a deal is finalized.
Brent oil
Tehran pushed back on Trump’s claim, with Iranian state-affiliated outlet Fars reporting on Telegram that Tehran had not approved any draft text for an initial memorandum of understanding with Washington.
—Lee Ying Shan
Alibaba offers $1.5 billion to acquire Chinese grocery delivery firm Pupu: Bloomberg
Alibaba is offering to acquire Chinese grocery delivery firm Pupu for $1.5 billion, sparking a bidding war as it seeks to grab more market share in e-commerce from Meituan, China’s largest food delivery services provider, according to Bloomberg.
Alibaba’s proposed price is more than double that of a bid from former affiliate Sun Art Retail, Bloomberg said, citing people familiar with the matter. Sun Art, which is backed by private equity firm DCP Capital, had proposed a takeover at $600 million, the people said.
News of Alibaba’s proposal comes mere months following the announcement of Meituan’s $717 million acquisition of Dingdong Fresh in February.
Alibaba and Meituan continue to engage in a fierce fight for market share in China’s highly competitive food delivery and quick commerce sectors.
—Justina Lee
Woodside Energy shares fall over 2% as company looks to raise stake in Browse Joint Venture
Shares of Woodside Energy fell over 2% following its move to acquire PetroChina’s stake in the Browse Joint Venture, off the west coast of Australia.
The Australian energy company exercised its pre-emptive right to acquire the 10.67% stake and will pay $225 million to PetroChina. This payment will be made alongside with the reimbursement of cash call contributions made since June 30, 2025.
The Browse Joint Venture is a consortium of energy companies that will help develop Australia’s biggest undeveloped offshore gas resource. Woodside’s stake in the venture if it completes the acquisition will rise to 41.27%.
The project could contribute to energy security in the Asia Pacific region, with liquefied natural gas, liquefied petroleum gas and domestic gas production capacity estimated at 11.4 million ton per annum, according to Woodside Energy.
—Justina Lee
South Korea’s KRX briefly halts trading as benchmark Kospi soars: Yonhap
South Korea’s bourse operator activated a buy-side sidecar, or a brief halt in stock purchases, for benchmark Kospi index, Yonhap reported, following a sharp spike as rising hopes of an end to the Middle East conflict sent Asia markets broadly higher.
Program trading for shares listed on the Kospi was suspended for five minutes shortly after the market opened.
When the Kospi 200 Futures index rises 5% or more for at least a minute, a buy-side sidecar is triggered.
The Kospi was last at 8.37% higher at 8,414.13.
—Justina Lee
South Korea’s Kospi surges 7% and Japan’s Nikkei 225 gains 3%
Asia-Pacific markets traded higher early Friday, with South Korea’s Kospi leading the gains.
The Kospi advanced 7.01% at open, while the small-cap Kosdaq added 3.25%.
Japan’s Nikkei 225 rose 3.4% while the Topix was 1.8% higher.
Australia’s benchmark S&P/ASX 200 was up 1.54%.
Hong Kong Hang Seng index futures were last at 24,376, higher than the index’s last close of 24,249.29.
—Justina Lee
Asia-Pacific markets are set to open higher on hopes of a potential Iran-U.S. peace deal
Asia-Pacific markets were set to open higher Friday, amid investor optimism that the Middle East conflict might end in the near future after President Donald Trump signaled that Iran and the U.S. could soon sign a peace deal.
Japan’s Nikkei 225 was poised to rise, with the Chicago futures contract at 66,665 and its Osaka counterpart last trading at 66,540, compared with the index’s previous close of 64,217.27.
Hong Kong Hang Seng index futures were last at 24,376, higher than the index’s last close of 24,249.29.
Futures for Australia’s S&P/ASX 200 last traded at 8,794, while the index closed at 8,633.20.
Trump told reporters in the Oval Office on Thursday that the U.S. “just made a great settlement of the war with Iran,” subject to the “finalization of documents.” He expects a signing to occur between Iran and the U.S. over the next few days. “The documents are in pretty final shape. It should be done and it should be done pretty quickly,” he said.
—Justina Lee
8 of the 11 GICS sectors rise on Thursday
Eight of the 11 GICS sectors finished higher on Thursday.
The materials sector was the session’s leader, rising 3.26% and was followed closely by the industrials sector, up 3.25%. A rally in chip stocks also sent the information technology sector up 2.94% to be the day’s third-best performer.
On the other hand, the energy sector shed 2.06% and was the session’s laggard. Consumer staples and real estate stocks also fell, respectively slipping 0.47% and 0.12%.
— Lisa Kailai Han
WTI crude oil and gold futures will soon be available for 24-hour trading, CME Group says
Traders will soon have all-day access to West Texas Intermediate crude oil futures and gold futures, according to CME Group.
The derivatives marketplace will offer 24-hour trading seven days a week for smaller gold and crude oil contracts, pending regulatory review, according to a press release.
CME Group said its existing 1-ounce gold futures contract will start trading 24/7 on July 26. The company has set a launch date of Aug. 30 for its new oil contract that will be a tenth the sizes of its existing Micro WTI futures.
—Darla Mercado
Stocks making the biggest moves after the bell: Adobe, RH and Lennar
These are the stocks moving the most in after-hours trading:
- Adobe — The software giant slipped almost 6% after reporting that its fiscal second-quarter non-GAAP operating margin came in at 44%, below the 44.5% estimate, per LSEG. The company also announced that CFO Dan Dunn would depart on June 15 to pursue a new opportunity. However, Adobe did post an overall beat on both the top and bottom lines in its last quarter.
- RH — Shares slipped 1% after the home furnishings company guided for current-quarter revenue growth of between 0.5% to 2.5%, less than the 4.3% analysts polled by LSEG had penciled in. For its last quarter, RH posted a narrower-than-expected adjusted loss and a revenue beat.
- Lennar — The home construction stock shed more than 2% after its second-quarter revenue of $7.94 billion missed the $8.02 billion analysts had forecast, according to LSEG. Deliveries for the quarter also came in at 20,519, below the 20,541 estimate. Lennar’s earnings of $1.24 per share were in line with estimates.
— Lisa Kailai Han
Stock futures are little changed
Stock futures traded little changed on Thursday evening.
Shortly after 6 p.m. ET, futures tied to all three major averages were trading slightly above the flatline.
— Lisa Kailai Han
