Stock market today: Dow, S&P 500, Nasdaq futures rise in wait for historic SpaceX debut amid hopes for Iran-US peace

Adobe (ADBE) stock fell 8% after the software company announced that CFO Dan Durn would leave on June 15, 2026, to become the Marvell (MRVL) CFO.

The stock fell despite the company reporting strong revenue and earnings that beat Wall Street’s expectations. Adobe earned $5.96 a share in the first quarter on revenue of $6.62 billion, compared to estimates of $5.81 for EPS and $6.4 billion.

“Adobe delivered record revenue of $6.62 billion in Q2 reflecting strong AI-driven demand across our customer groups and we are raising our full-year fiscal 2026 revenue and non-GAAP EPS targets on the strength of that performance,” Adobe CEO Shantanu Narayen said. “We are inspired to bring the magic of our new AI products to consumers, business professionals, creators, and marketers to deliver on our mission to Empower Everyone to Create.”

Pre-IPO trading in derivatives linked to SpaceX (SPCX) indicates a gain of anything between 30% and 50% for Elon Musk’s rocket, satellite and AI company as retail investors flock to the much anticipated listing

Bloomberg reports:

Derivatives offered by online brokerage IG International pointed to a market value of $2.4 trillion Friday morning in Singapore, implying a gain of more than 35% from a price of $135 a share and valuation of $1.77 trillion in the initial public offering.

SpaceX-tied perpetual futures — contracts that don’t expire — on crypto venue Hyperliquid were trading around $180, implying a valuation of more than $2.3 trillion. Over $143 million of the instrument traded in the past 24 hours, and it currently has more than $208 million in open interest. In Germany, retail broker Lang & Schwarz quoted SpaceX with a Thursday closing price of $208, implying a 54% gain from the IPO price.

… Should the trading indications hold into the regular trading debut, the IPO would clear its first major hurdle as a public company, given the ambitious valuation, skeptical Wall Street voices on the business growth assumptions and the low initial free float.

Read more here.

SpaceX (SPCX) has not started trading yet, but Wall Street is already building the leveraged trade around it.

Yahoo Finance’s Jared Blikre reports:

At least a dozen ETFs are lined up to offer 2x long or -2x short daily exposure to SpaceX, turning one of the most anticipated IPOs in years into a short-term trading vehicle before the stock even has a public chart.

Some of those products could be live as soon as SpaceX starts trading on June 12, while others appear likely to follow later, with launch indications stretching as far as the week of June 22.

The lineup says less about SpaceX’s fundamentals than about demand for ways to trade the stock once it opens. Single-stock ETFs first hit the market in 2022 to give traders a way to make amplified one-day bets on individual stocks. SpaceX may become the next big test of how far that trade has come.

Read more here.

Yahoo Finance’s Pras Subramanian lays out what’s in play after SpaceX (SPCX) notched a historic IPO.

He writes:

The rocket and satellite company priced its IPO Thursday night at $135 a share ahead of today’s debut on the Nasdaq (^IXIC), trading under the ticker SPCX.

SpaceX offered 555.6 million shares to hit a record $75 billion raised. Underwriters are holding a “greenshoe” — or option to sell additional shares if demand outstrips the initial allotment — of approximately 83 million shares, worth around $11.2 billion. The terms of the offering set an initial stock market value for SpaceX at around $1.78 trillion.

The biggest open question is how much ends up with retail investors. SpaceX is reportedly targeting a retail allocation of roughly 30% — far above the 5% to 10% typical of most IPOs — but the final figure remains unsettled. Reports suggest SpaceX drew retail orders in excess of $100 billion.

Read more here.

The US and Iran are edging closer to signing an agreement to reopen the Strait of Hormuz as the Group of Seven world leaders are set to meet next week, according to senior officials.

Bloomberg reports:

A senior Iranian official indicated overnight that a deal is likely, said a G7 official, who asked not to be named discussing sensitive matters. Another G7 official said it will likely take the form of a memorandum of understanding, rather than a final deal.

This year’s summit takes place in Evian, in the French Alps, from June 15 to June 17. Geneva, in Switzerland, is nearby and being floated as a potential location for the signing as soon as Sunday, according to people familiar with the plans.

The official cautioned that Iran has yet to confirm it is ready for a signing ceremony and communications between its government and the US have been slow since the war began in February.

A second G7 official confirmed that there were signs that the US and Iran were close to signing but also warned that previous diplomatic progress has not materialized.

An Iranian foreign ministry spokesman said, “We have not yet reached a conclusion on this matter.” He signaled there had been progress toward ending a war that’s caused chaos across the Middle East and sent energy prices surging.

Read more here.

Yahoo Finance’s Pras Subramanian reports:

Oppenheimer initiated coverage of SpaceX (SPCX) with an Outperform rating and a $190 price target on Thursday, one day before the company begins trading on the Nasdaq under the ticker SPCX.

The price target implies around 40% upside from the $135 IPO price and values the firm at a hefty $2.5 trillion.

… Oppenheimer expects growth to accelerate in 2027 as Starship enters commercial service, but warned that the rocket “needs to enter commercial service before year-end” for its estimates to hold.

Read more here.

AP Finance reports:

Asian shares climbed sharply on Friday, tracking big Wall Street gains, and oil prices slipped after U.S. President Donald Trump claimed there was a breakthrough in talks to end the Iran war.

South Korea’s Kospi (^KS11) jumped 7.8% to 8,370.82, narrowing losses from earlier this month from sell-offs of shares related to artificial intelligence. The Kospi has roughly doubled over the past six months, with a record closing high of 8.801.49 on June 2.

Samsung Electronics, South Korea’s most valuable company, advanced 11.2%. Computer chipmaker SK Hynix (000660.KS) rose 7.2%.

Tokyo’s Nikkei’s 225 (^N225) gained 3.5% to 66,442.95, also led by gains for technology stocks. SoftBank Group, a multinational investment holding company with a strong AI focus, was up 2%. Chip equipment maker Tokyo Electron (TOELY) jumped 10.3%.

Hong Kong’s Hang Seng (^HSI) gained 1.8% to 24,689.32 and the Shanghai Composite (000888.SS) index rose 1.6% to 4,050.51.

In Australia, the S&P/ASX 200 (^AXJO) traded 1.9% higher to 8,798.10.

Taiwan’s Taiex (00685L.TW) gained 2.6%, while India’s Sensex advanced 1.2%.

The renewed investor optimism came after Trump said Thursday he had called off military strikes against Iran. He asserted that the U.S. had made “a great settlement of the war with Iran,” adding that an extension of the shaky ceasefire between the two sides could be finalized in “the next few days.” Few details were offered.

Read more here.

Bloomberg reports:

Oil slid to a two-month low after President Donald Trump said a peace deal with Iran could be signed as soon as the weekend following US military strikes that cast doubt over progress to end the war.

West Texas Intermediate (CL=F) tumbled almost 3% at the open to $85.13 a barrel, the lowest level since April 17, before paring some losses. Trump vowed to hit Iran again and threatened to seize its oil infrastructure, before announcing attacks were off and a deal was close, without confirmation from Tehran.

The US president has previously insisted an agreement with Iran was within reach dozens of times, but none has yet materialized. The war has led to the near-total closure of the Strait of Hormuz, choking off crucial supplies of crude, fuels and natural gas to global customers, while stoking inflation.

Iran has not yet approved any text for an agreement with the US, the semi-official Fars news agency reported. The American military launched a second day of strikes against the Islamic Republic early Thursday after Trump accused the country of dragging out talks on an interim peace deal.

Read more here.