Dow jumps 350 points as SpaceX soars and Iran deal hopes grow

• SpaceX debuted on Nasdaq at $150 per share and closed up 19%, achieving a valuation exceeding $2 trillion with only 3-4% of shares expected to trade publicly, creating supply constraints.
• US-Iran peace deal negotiations advanced with reports of a draft agreement including US lifting of oil sanctions and Iranian reopening of the Strait of Hormuz, with a potential signing in Switzerland as soon as Sunday.
• West Texas Intermediate crude fell approximately 3% to around $84 per barrel on hopes that easing geopolitical tensions could reduce inflation pressures, ahead of next week's Federal Reserve meeting under new chair Kevin Warsh.

Market Summary: June 12, 2026

Market Performance:

US equities closed higher Friday, with the Dow Jones Industrial Average gaining 353.51 points (+0.7%) to 51,202.26. The S&P 500 rose 0.5% to 7,431.46, while the Nasdaq Composite added 0.31% to 25,888.84.

Key Drivers:

*SpaceX IPO:* Elon Musk's SpaceX debuted on Nasdaq (ticker: SPCX) at $150 per share, surging 19% and achieving a $2+ trillion valuation. The strong performance positioned SpaceX among the largest US publicly traded companies. Limited float (3-4% of shares trading) contributed to the dramatic price appreciation.

*US-Iran Peace Deal Progress:* Market sentiment improved on reports of advancing negotiations between Washington and Tehran. A senior US official confirmed both sides agreed to a draft proposal, with Iranian media reporting the memorandum includes US commitments to lift oil sanctions and Iranian pledges to reopen the Strait of Hormuz. Pakistan's Prime Minister later confirmed a "final, agreed upon text" had been reached, with a potential signing in Switzerland as early as Sunday.

Commodity Impact:

West Texas Intermediate crude futures fell approximately 3% to $84 per barrel on expectations that easing geopolitical tensions would increase oil supply and reduce inflation pressures.

Technology Sector:

Mixed performance among tech stocks, with Meta and Alphabet gaining 1%, while Tesla, Broadcom, Amazon, Microsoft, and Palantir Technologies declined.

Forward Outlook:

Investors are focused on next week's Federal Reserve policy meeting, the first chaired by Kevin Warsh, for signals on monetary policy direction amid improving geopolitical conditions and renewed market confidence.