Key Takeaways

• Futures reverse: S&P 500 futures fell 0.1% to 7,390.25; Nasdaq 100 futures dropped 0.3% to 29,385.50; Dow futures were flat at 50,883.0.
• Initial gains erased: Futures had climbed after Thursday’s Wall Street surge before Iran’s cautious comments cooled optimism.
• Wall Street surged Thursday: The S&P 500, Dow, and Nasdaq rose between 1.7% and 2.6% on Trump’s peace deal claims.
• Chip stocks rebounded: Tech shares led Thursday’s gains as AI optimism returned after last week’s brutal selloff.
• Trump’s deal announcement: The president said a peace agreement had been reached and a final document could be signed in Europe, possibly this weekend.
• Strikes called off: Trump earlier backtracked on promised attacks, saying Hormuz would reopen immediately and the U.S. naval blockade would halt.
• Iran pours cold water: State media acknowledged some progress but flagged “several points of contention” with Washington; no final decision made.
• Hormuz drone strikes continue: Iran launched drones at ships attempting to cross the strait and maintained it remains closed — contradicting U.S. claims.
• Core PPI surprise: Softer-than-expected core producer price inflation for May slightly eased war-related inflation concerns.
• SpaceX debuts today: The company begins trading on the Nasdaq after pricing its IPO at $135 per share — raising $75 billion in the largest U.S. offering ever.
• $1.77 trillion valuation: Based on 13.08 billion shares outstanding; shares priced at roughly 90 times 2025 revenue.
• Musk’s grand promises: Space data centers and Mars colonies underpin the lofty valuation.
• Trump’s deal claims have a history: The president has made similar imminent-deal assertions several times since April.

U.S. stock index futures reversed course early Friday after cautious comments from Iran cooled some optimism over President Donald Trump’s claims that a peace deal was close.

Focus was also squarely on SpaceX’s trading debut when the market opens later in the day, after the Elon Musk-led rocket firm raised $75 billion in the biggest ever U.S. initial public offering.

S&P 500 futures fell 0.1% to 7,390.25 points by 02:42 ET (06:42 GMT). Nasdaq 100 futures fell 0.3% to 29,385.50 points, while Dow Jones futures were flat at 50,883.0 points.

Futures had initially risen following a strong session on Wall Street, but trimmed their gains after Iran said it was yet to make a final decision on a peace deal.

Wall Street Surges After Trump Touts Peace Deal; Iran Says No Decision Made

The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite rose between 1.7% and 2.6% on Thursday.

Tech shares were the best performers, with chipmaking stocks rebounding further from bruising losses clocked last week. Optimism over artificial intelligence largely remained in play for the sector, although losses in Nasdaq futures pointed to renewed skittishness going into Friday’s session.

Trump said on Thursday that a deal with Iran had been reached, and that a final document could be signed in Europe soon — potentially over the weekend.

The president had earlier in the day backtracked on fresh attacks he had promised against Iran, stating that the Strait of Hormuz would immediately reopen and the United States would halt its naval blockade of Iran.

But Iran struck a less optimistic tone. State media reports carrying comments from Iran’s foreign ministry acknowledged that while there was some progress toward an agreement, several points of contention with Washington remained. Tehran was also yet to make a final decision on any peace deal, the reports said.

Military tensions in the Middle East persisted after Iran launched drone strikes on ships attempting to cross the Strait of Hormuz. Tehran asserted that the channel remained closed, despite U.S. claims to the contrary.

Still, Trump’s claims of an imminent deal — which he has made several times since April — helped spur some hopes for a cooling in heightened military tensions after the United States and Iran traded airstrikes several times over the past week.

Concerns over the war’s inflationary impact also eased slightly on Thursday after core producer price index inflation data came in softer than expected for May.

SpaceX Set to Begin Trade After Bumper IPO

SpaceX is set to begin trading on the Nasdaq on Friday after the rocket firm priced its IPO at $135 per share, raising $75 billion in the largest offering in U.S. history.

SpaceX sold 555.56 million shares and clinched a valuation of $1.77 trillion — based on 13.08 billion shares outstanding, with the figure standing to potentially increase if underwriters exercise their option to sell additional shares.

The bumper valuation is fueled largely by Musk’s lofty promises of building data centers in space and establishing colonies on Mars, with the company’s shares priced at roughly 90 times its 2025 revenue.