Wall Street Awaits SpaceX’s Historic Debut as Dow Surges on Iran Deal Hopes

Wall Street staged a broad rally on Thursday as President Donald Trump called off planned military strikes against Iran, raising hopes for a diplomatic resolution to months of regional conflict — while all eyes now turn to SpaceX’s historic market debut on Friday.

Equities Surge on Iran Peace Hopes

The S&P 500 climbed 126.86 points, or 1.75%, to close at 7,393.85, while the Nasdaq Composite surged 637.78 points, or 2.53%, to 25,801.47. The Dow Jones Industrial Average added 928.72 points, or 1.84%, to finish at 50,847.50 — its strongest single-day gain in weeks. Tech stocks led the charge, with buying momentum accelerating through the afternoon session as the geopolitical risk premium that had weighed on markets for months began to unwind.

The catalyst was a dramatic reversal in U.S. foreign policy: Trump announced he had canceled planned strikes against Iran within hours of them being authorized, and separately said Vice President JD Vance would attend a U.S.-Iran deal signing expected to take place in Europe this weekend. Markets interpreted the de-escalation as a signal that oil supply disruptions — a persistent source of inflation anxiety — would not materialize.

SpaceX Set for Historic Nasdaq Debut

Elon Musk’s SpaceX is poised to begin trading on the Nasdaq on Friday, marking one of the most anticipated IPOs in recent memory. The company has set the pricing at $135 per share for a 555.6 million-share offering, which would value the aerospace company at roughly $75 billion. Once listed, SpaceX will rank seventh among all U.S.-listed firms by market capitalization — a remarkable achievement for a company that has not yet turned a profit and whose revenue trails the largest mega-cap technology companies by several magnitudes.

SpaceX’s IPO prospectus reveals a company betting heavily on its Starlink satellite internet constellation and a pipeline of government contracts. Whether public market investors will reward a loss-making aerospace firm at this valuation will be the defining question of the week.

Oil Retreats as Middle East Tensions Ease

Brent crude futures fell $2.72, or 2.9%, to settle at $90.38 per barrel, while WTI U.S. crude fell $2.32, or 2.6%, to $87.71. The move came after Brent had surged nearly 4% earlier in the session when strikes appeared imminent, only to reverse sharply once Trump’s cancellation became public. The retreat in oil prices — a key input cost for manufacturers and transportation companies — reinforced the equity rally by easing concerns about a sustained inflation spike.

Gold Rises, Dollar Dips

Gold climbed 2% to $4,153.71 per ounce as the safe-haven appeal of U.S. military action faded. The dollar slipped 0.17% against the yen to 160.27, reflecting improved risk appetite. MSCI’s global equities index rose 10.26 points, or 0.94%, to 1,097.24, signaling that the relief extended beyond U.S. markets to the broader global economy.

Crypto Market Recovers

Bitcoin gained 1.78% to $63,283, lifting the broader crypto market capitalization to $2.25 trillion — a 1.7% recovery over 24 hours. Ethereum added 0.99% to $1,661.86. Bitcoin dominance held at 56.3%, with total crypto trading volume at $79.33 billion. Despite the recovery, the Crypto Fear & Greed Index remained in “extreme fear” territory at 12, suggesting traders remain cautious even as selective altcoin momentum returns.

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