U.S. equity futures jumped Friday as traders priced in two headline‑grabbing events. The S&P 500 futures were up 0.6% and Nasdaq‑100 contracts matched the gain, while West Texas Intermediate slipped about 4% to roughly $84 a barrel, reflecting significant oil weakness. Momentum stemmed from anticipation of the historic SpaceX IPO and hopes for a cease‑fire deal in the Iran‑Gulf dispute.

Nasdaq scheduled SpaceX’s shares for quotation at 9:50 a.m. and public trading at 10 a.m., with derivative markets already indicating a 30‑50% premium, as clearly retail bets flooded in. Todd Sohn, chief ETF strategist at Strategas Securities, called the surge “a cocktail of weaker oil, SpaceX hype and solid earnings,” noting demand “through the roof.”

The United States and Iran edged toward a major agreement to reopen the Strait of Hormuz before the recent G7 summit, but Tehran’s IRNA said any pact would exclude pre‑war status and seek compensation. Meanwhile, Adobe shares fell about 7% after the software maker said its CFO will depart on June 15, following the CEO’s earlier significant resignation. The market’s tone hinges on SpaceX’s debut sustaining the rally.