MARKET SNAPSHOT

U.S. stocks finished mixed as the tech sector pulled back from Monday's strong rally, while the Dow Industrials extended its record. Oil fell, and Treasury yields declined for a second session. The dollar weakened, while gold settled higher.

MARKET WRAPS

EQUITIES

U.S. stock indexes ended mixed, following a ferocious rally Monday that sent the Nasdaq surging more than 3%. The tech-focused index was down more than 1%, while the Dow rose 0.6%, moving further into record territory. The S&P 500 lost 0.6%

SpaceX shares pared gains after the rocket company overtook Amazon to become the world's fifth-most valuable public company.

The Elon Musk-led company's stock rose as much as 17% in early trading before falling back. They ended the day 4.8% higher, with SpaceX's market capitalization narrowly leapfrogging the e-commerce giant.

Tuesday's SpaceX move, which would be the third session of gains in a row, came as the company announced a deal to buy AI-coding startup Cursor for $60 billion. It also briefly put SpaceX's market cap neck-and-neck with Microsoft's.

Investors are still waiting for clearer details about the memorandum of understanding struck between the U.S. and Iran, which both parties are expected to sign Friday.

Elsewhere, central-bank decisions are expected later this week from the Bank of England, the Swiss National Bank and the Federal Reserve. All three are expected to hold rates steady.

Earlier Tuesday, Asian equities were mixed. Analysts reckon that even if the strait reopens, normalization will be gradual.

China's Shanghai Composite Index ended 0.1% lower, while the Shenzhen Composite and ChiNext Price Index rose 1% and 1.7%, respectively. Hong Kong's Hang Seng Index dropped 1.7%.

In Japan, the Nikkei Stock Average ended 0.1% higher at 69404.50 after briefly rising above 70000 for the first time after the Bank of Japan raised interest rates to a 31-year high.

Australia's S&P/ASX 200 Benchmark Index held steady, while New Zealand's S&P/NZX 50 Index increased 0.5%.

COMMODITIES

Oil futures fell for a fourth straight session as the U.S.-Iran agreement raised expectations of a quick recovery in oil flows out of the Middle East.

Reports that Qatar could restore much of its lost LNG production in a couple of months "may be a signal that damage to infrastructure in the war might not be as bad as some feared," Phil Flynn of the Price Futures Group said in a note. Across the region, "much disruption stemmed from logistics/shipping fears rather than irreparable physical destruction."

Downward price pressure from returning barrels would be offset by expectations of demand recovery "and the reality that any supply flood won't be unlimited," Flynn added.

WTI settled down 5.8% at $76.05 a barrel and Brent fell 5.1% to $78.96.

Front-month gold settled nearly 0.1% higher, up for three consecutive sessions, while silver fell 0.2%.

TODAY'S TOP HEADLINES

The Trump-Iran Deal Allows Tehran to Immediately Sell Oil

The U.S. will allow Iran to immediately begin selling oil and fuel under the deal to end the war, offering Tehran an early financial incentive to wind down the conflict, people familiar with the agreement said.

The provision for waivers of sanctions on oil sales takes effect immediately upon signing the agreement this week and also covers necessary services including banking, transportation and insurance needed to facilitate the sales, the people said.

United Against Nuclear Iran, a nonprofit, said an Iranian supertanker carrying crude oil, Diona, had left Chabahar port, crossed the U.S. blockade and was sailing out of the Gulf of Oman on Tuesday with its location tracker active. It was the first such transit since the start of the U.S. blockade in April. Shortly afterward, a second supertanker, Hero II, also crossed the blockade, according to the nonprofit and ship-tracking data from MarineTraffic.

EU Lawmakers Give Approval to U.S. Trade Deal

European lawmakers on Tuesday approved their trade deal with the U.S., ahead of a deadline set by U.S. President Trump that would have seen tariffs on cars increase.

The European Parliament gave its assent to the agreement with 440 votes in favor versus 151 against, and 50 abstentions. EU member states are expected to give their seal of approval soon.

The move opens a new chapter in relations between the two economies after a rollercoaster period for trans-Atlantic trade. The so-called Liberation Day tariffs launched last year significantly raised duties on goods imports from the European Union.

Major Wall Street Banks Cut Oil-Price Forecasts on Faster Gulf Supply Recovery

Major Wall Street banks cut their oil-price forecasts after the U.S. and Iran reached an interim deal to end hostilities and reopen the vital Strait of Hormuz waterway, with Persian Gulf flows now expected to recover to prewar levels sooner than anticipated.

Goldman Sachs expects Brent crude, the international oil benchmark, to average $85 a barrel this year, down from prior estimates of $90 a barrel. Morgan Stanley sees Dated Brent-a benchmark for physical markets-at $90 a barrel in the fourth quarter from $100 previously, and at $80 next year.

President Trump said the U.S. would lift a naval blockade of Iranian ports and that the Strait of Hormuz would reopen this week, restoring passage through one of the world's most critical energy chokepoints. A specific list of agreed-upon details hasn't been released yet, but the deal is set to be officially signed on Friday.

SpaceX's $60 Billion Deal to Buy Cursor Gives It More AI Coding Power

SpaceX said it would buy Cursor parent Anysphere for $60 billion, striking a massive deal for an autonomous coding agent that could help the company catch up with its AI rivals after its blockbuster IPO.

Cursor will receive $60 billion worth of SpaceX stock under the agreement, according to a filing released Tuesday.

The deal comes days after SpaceX's historic public offering Friday. SpaceX's market value is now nearing $3 trillion after its shares jumped 19% in their first day trading, another 20% Monday and over 10% Tuesday morning.

EV Startup Rivian Lays Off Hundreds of Workers

Electric vehicle automaker Rivian laid off hundreds of employees Tuesday, a move to make the business profitable as it launches a key new model.

The cuts represent less than 2% of Rivian's workforce, a spokesperson said. The company had about 15,200 employees at the end of last year.

"We recently restructured a handful of teams within Rivian as we work to profitably scale our business," the company said.

Robinhood to Cut 10% of Workforce in Restructuring

Robinhood Markets said Tuesday it will slash 10% of its workforce, its first major layoff in three years, in a bid to keep the brokerage firm lean and "maximize its talent density."

The cutbacks will eliminate about 290 jobs. In a note to employees, Chief Executive Officer Vlad Tenev wrote Tuesday that Robinhood's business has never been stronger.

"It is the hardest consequence of committing uncompromisingly to our values of being 'lean & disciplined' and demanding 'high performance,'" Tenev wrote.

Expected Major Events for Wednesday

00:30/SIN: May Merchandise Trade, incl non-oil domestic exports (NODX)

01:00/AUS: Apr Westpac-Melbourne Institute Indexes of Economic Activity

04:00/SIN: 2Q MAS Survey of Professional Forecasters

09:59/CHN: May FDI Foreign Direct Investment

22:45/NZ: 1Q GDP

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(END) Dow Jones Newswires

June 16, 2026 16:37 ET (20:37 GMT)

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