Global equities climbed on Friday as a massive wave of excitement surrounding SpaceX’s $2 trillion market debut injected fresh confidence into Wall Street. The spectacular performance of the aerospace giant overshadowed lingering skepticism regarding a potential U.S.-Iran peace deal, helping the major indexes bounce back from early morning declines. Meanwhile, energy markets experienced a sharp sell-off, with oil prices sliding over 3% as traders weighed the prospect of a reopened Strait of Hormuz.
Wall Street & Global Equities Post Gains
The historic debut of SpaceX (SPCX), which closed up 19% at $161.11, served as a major shot in the arm for investor sentiment. Analysts noted that the success of the listing has set a highly optimistic tone for the broader primary market.
“The excitement about the SpaceX IPO is what’s driving the market. A healthy IPO is great for the market,” said Jake Dollarhide, CEO of Longbow Asset Management, pointing out that this could pave a productive path for upcoming tech giants like OpenAI and Anthropic.
By the closing bell, the major U.S. indexes and global benchmarks posted solid gains:
| Market Index | Closing Value | Change (%) | Change (Points) |
| Dow Jones Industrial Average | 51,202.26 | +0.70% | +353.51 |
| S&P 500 | 7,431.46 | +0.50% | +37.16 |
| Nasdaq Composite | 25,888.84 | +0.31% | +79.18 |
| MSCI World Equity Index | 1,112.24 | +1.15% | +12.69 |
| Pan-European STOXX 600 | — | +1.88% | — |
In Europe, stocks rallied despite a complex macroeconomic backdrop. The European Central Bank (ECB) raised interest rates for the first time in nearly three years to combat war-driven inflation, even as newly released data showed the UK economy contracted by 0.1% in April.
Oil tumbles on Crucial U.S.-Iran Diplomatic Progress
Energy markets recorded their lowest levels in nearly two months as crude futures plummeted. The sell-off was fueled by announcements from U.S. officials stating that negotiators are “close to the finish line” on an agreement to end the three-month-old conflict.
The proposed deal would reportedly require Iran to halt nuclear weapon procurement, lift the U.S. maritime blockade, and fully reopen the vital Strait of Hormuz to normal oil traffic. However, caution remains; Iranian Foreign Minister Abbas Araqchi tempered expectations by stating that nuclear discussions would happen later and that management of the Strait would not simply return to the pre-war status quo.
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U.S. Crude (WTI): Settled down 3.23% ($2.83) at $84.88 a barrel.
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Brent Crude: Settled down 3.37% ($3.05) at $87.33 a barrel.
Bonds, Currencies, and Commodities
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Treasury Yields Edge Higher: U.S. bond yields ticked up slightly from one-week lows. Traders are positioning themselves ahead of next week’s crucial Federal Reserve policy meeting—the first under the leadership of newly appointed Fed Chair Kevin Warsh. The benchmark 10-year Treasury note yield rose to 4.481%.
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Yen Watch: The U.S. Dollar Index remained flat at 99.78. However, the dollar strengthened slightly against the Japanese Yen to 160.2, keeping traders on high alert for currency market intervention as the yen hovers near a critical line in the sand.
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Precious Metals: Gold held steady near historic highs, closing virtually flat at $4,212.66 an ounce, while silver climbed 0.86% to $67.93 an ounce.
