Stocks rise as tech shares rebound on SpaceX deal, oil prices slip after Trump vows not to strike Iran before midterms

• SpaceX surged 1.6% after securing a major spectrum license deal, leading tech sector recovery despite OpenAI's $50 billion annualized revenue falling short of $68 billion estimates
• Brent crude fell to $103.93 and WTI to $91.43 per barrel after Trump's announcement, reversing Thursday's 5% spike caused by Iranian attacks on tankers in the Strait of Hormuz
• National gasoline prices remain above $4/gallon and diesel above $6/gallon, with higher diesel costs threatening to increase grocery and retail prices across the economy

Market Summary: Tech Rebounds, Oil Retreats on Trump Iran Pledge

U.S. stocks rose Friday morning, with major indices gaining 0.3% as technology shares rebounded and oil prices declined following President Trump's commitment not to strike Iran before midterm elections.

Key Market Movements:

• Nasdaq climbed 0.3% by 10 a.m. ET, recovering from Thursday's losses
• Dow Jones Industrial Average gained 126 points (0.3%)
• S&P 500 advanced 0.3%
• Brent crude fell 0.3% to $103.93/barrel
• WTI crude dropped 0.5% to $91.43/barrel

Tech Sector Highlights:

SpaceX led the tech rally with a 1.6% gain after securing a significant spectrum license deal. The sector had previously weakened following reports that OpenAI recorded $50 billion in annualized revenue—substantially below the estimated $68 billion figure.

Geopolitical Factors:

Trump's Truth Social post confirming no Iranian strikes before midterms eased market tensions after Iranian attacks on vessels in the Strait of Hormuz disrupted tanker traffic Thursday, temporarily driving Brent crude up 5%.

Bond Market:

The global bond sell-off appears to be moderating. The 10-year Treasury yield reached 5.259% and the 30-year yield touched 5.622%, both below recent multi-decade highs.

Energy Concerns:

National gasoline prices remain above $4/gallon, with diesel exceeding $6/gallon—raising inflation concerns as higher diesel costs impact transportation and consumer goods pricing. Gulf Coast oil producers also reduced output due to an approaching hurricane.

Market Outlook:

Edwards Asset Management's CIO Bob Edwards views recent volatility as a buying opportunity, citing technology sector resilience and robust earnings expectations despite headwinds from geopolitical tensions, rising yields, and election uncertainty.