Major US stock indices closed Friday's session in positive territory. Iranian Foreign Minister Hossein Amir-Abdollahian stated that a memorandum of understanding with the United States could be signed and announced within days once the final stages of negotiations are concluded, with the initial phase to be conducted remotely via electronic means.
The Dow Jones Industrial Average gained 353.51 points, or 0.70%, closing at 51,202.26. The Nasdaq Composite rose 79.18 points, or 0.31%, to finish at 25,888.84. The S&P 500 added 37.16 points, or 0.50%, ending at 7,431.46.
SpaceX (SPCX.US) surged more than 19% on its first day of trading, closing at $161.1 and achieving a total market capitalization of $2.1 trillion, making it the sixth-largest publicly traded company in the United States. Other space-related stocks declined, with Virgin Galactic Holdings Inc (SPCE.US) falling over 30% and Rocket Lab USA Inc (RKLB.US) dropping more than 10%. Arm Holdings plc (ARM.US) gained 11%, and Intel Corporation (INTC.US) advanced 6.5%. The Nasdaq Golden Dragon China Index increased by 0.4%.
European and Asian Market Performance
In Europe, Germany's DAX 30 index rose 414.47 points, or 1.71%, to 24,624.36. The UK's FTSE 100 gained 168.55 points, or 1.64%, closing at 10,472.43. France's CAC 40 advanced 150.07 points, or 1.83%, to 8,350.87. The Euro Stoxx 50 climbed 125.40 points, or 2.07%, to 6,182.36. Spain's IBEX 35 increased by 487.32 points, or 2.66%, to 18,777.42. Italy's FTSE MIB added 1,005.76 points, or 1.99%, ending at 51,510.50.
In Asia, Japan's Nikkei 225 rose 2.81%, South Korea's KOSPI gained 4.63%, and India's S&P BSE Sensex advanced 2.3%.
Currency and Commodity Movements
The ICE US Dollar Index declined 0.12% to 99.739, marking a weekly drop of 0.33%. The Bloomberg Dollar Spot Index edged up 0.02% to 1,206.98, falling 0.40% for the week. The US dollar traded at 160.23 Japanese yen, up 0.18% for the day but down 0.04% for the week.
Bitcoin showed little movement, trading around $63,467.12, while Ethereum was near $1,661.63.
Crude oil futures declined. The July contract for West Texas Intermediate crude fell $2.83, or 3.23%, to settle at $84.88 per barrel. The August Brent crude contract dropped $3.05, or 3.37%, to close at $87.33 per barrel.
Spot gold rose 0.17% to $4,218.85 per ounce, while spot silver gained 0.97% to $68.028 per ounce. UBS Group AG maintained a bullish outlook for gold prices over the next 12 months, citing expectations for future interest rate cuts, a weaker US dollar, and ongoing central bank purchases.
Key Economic Developments
A senior US official stated on Friday that while a final agreement has not been reached, the US and Iran are very close to a deal to resolve their conflicts, with Washington expecting a signing within days. The official noted the agreed terms achieve core objectives and include provisions for reopening the Strait of Hormuz, lifting US blockades on Iranian ports, and the destruction and removal of Iran's high-enriched uranium.
Traders' bullish positioning on the US dollar has reached its highest level in over a year, according to CFTC data, with net long bets totaling $27.8 billion as of June 9, reflecting the dollar's status as a safe-haven currency amid geopolitical tensions.
US consumer sentiment saw its first increase in four months in early June, with the University of Michigan's preliminary index rising to 48.9 from May's record low of 44.8, as falling gasoline prices provided some relief. Consumers' one-year inflation expectations eased to 4.6% from 4.8%.
European Central Bank Governing Council member Peter Kazimir stated that the ECB must raise interest rates further to combat inflation, which he believes is spreading through the economy and will not abate without policy action. He indicated that decisions will be made on a meeting-by-meeting basis.
Notable Corporate News
SpaceX's (SPCX.US) highly anticipated market debut saw its shares rise over 19%, with trading volume exceeding 500 million shares and turnover around $80 billion. The successful listing alleviated some market concerns about the potential impact of a wave of large new offerings. Market observers noted the historic scale of the launch, which instantly created a multi-trillion dollar company.