Iran deal progress and SpaceX’s IPO debut drive risk assets higher, offsetting mixed signals from U.S. officials on terms.
SpaceX shares opened at $150 per share, capping a strong debut as markets digested mixed signals on an Iran interim deal. The S&P 500 rose 0.5%, while gold fell $3 to $4209 and the U.S. 10-year yield climbed 2 bps to 4.48%. WTI crude dropped $3.36 to $84.35 amid expectations of a swift deal signing.
Iran’s finance minister announced $10 billion in frozen funds would be unlocked under the deal, though U.S. officials disputed leaked terms. Preliminary June U.S. consumer sentiment hit 48.9, beating expectations of 46.0. The USD strengthened, while the CHF lagged as geopolitical risks eased.
Traders shrugged off early volatility after Trump criticized deal leaks, focusing instead on Iran’s foreign minister calling the memorandum of understanding “never closer.” Oil’s decline reflected bets on reduced tensions, though Iran’s state media warned the Strait of Hormuz would not return to pre-war status.