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(Bloomberg) — US futures climbed ahead of the open on Friday, propelled by optimism about pending trading in SpaceX, which made history with the biggest-ever IPO, and the potential for an interim peace deal in the Iran conflict.
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S&P 500 futures climbed 0.6% as of 7:28 a.m. in New York, while tech-heavy Nasdaq 100 contracts rose 0.6%. West Texas Intermediate crude oil fell around 4% to about $84 a barrel.
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SpaceX’s IPO will be released for quotation at 9:50 a.m., and eligible for trading at 10 a.m., Nasdaq said. Pre-IPO trading in derivatives indicated a gain of anything between 30% and 50% as retail investors were flocking to the anticipated listing.
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Futures were climbing as “it’s a bit of a cocktail between oil weaker, SpaceX hype, and a market still built on strong earnings,” said Todd Sohn, chief ETF strategist of Strategas Securities. Regarding SpaceX, he said “demand is clearly through the roof.”
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The US and Iran were said to be edging toward signing an agreement to reopen the Strait of Hormuz on the sidelines of the Group of Seven world leaders summit next week. Even so, Iran’s state-run Islamic Republic News Agency, or IRNA, on Friday said the country wouldn’t restore the waterway’s pre-war status, and it’s seeking war-related compensation, while Iran’s Fars news agency on Thursday said officials hadn’t yet approved the text of any agreement with the US.
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In single-stocks trading, Adobe Inc. shares tumbled around 7%, after the software maker said its chief financial officer would depart on June 15. The news came after the chief executive announced he would resign earlier this year. The announcement came along with Adobe’s better-than-anticipated quarterly results.
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Sectors in Focus
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- Homebuilders, as Lennar Corp. slipped after forecasts trailed expectations, and as CEO Stuart Miller said the latest quarter was “defined by the same stubborn headwinds that have challenged the housing market for the past several years.” He cited “persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2% driven by higher energy prices.”
- Bank stocks were higher, as comments from bank executives this week show “macro resilience persists” with consumers and companies staying positive, Barclays analyst Jason Goldberg wrote in a note. Companies are successfully handling disruptions from “Covid, tariffs, supply chain, Middle East, elevated oil, inflation,” he said.
- Shares in rocket, satellite and space-linked companies rose after SpaceX’s IPO.
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—With assistance from Neil Campling.
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English (US)