Stocks Extend Gains as Traders Await Iran Accord: Markets Wrap
(Bloomberg) — Stocks and bonds extended their rallies as details emerged about a draft US-Iran deal to end their conflict in the Middle East.
S&P 500 futures advanced 0.2% after the benchmark climbed 1.8% in the previous session. Treasury yields fell across the curve. Oil extended declines, with Brent heading for its first close below $87 a barrel since the early days of the war. Shadow markets were pricing a spike of at least 35% for SpaceX on its debut.
Markets elsewhere raced to catch up with Wall Street’s chipmaker-led gains from Thursday. Europe’s Stoxx 600 rose 1.7%. A key gauge for Asian stocks advanced 2.8%, powered by a rally in South Korea’s Kospi index. UK gilts outperformed as bond yields tumbled across Europe.
Traders are keen to see an end to the more than 100-day war that has caused the biggest oil-supply shock in history and roiled global markets. While US President Donald Trump signaled Thursday that a deal should get done over the next few days, traders remain wary as similar bursts of optimism over the past few weeks ended in disappointment.
In the latest developments, Iran’s semi-official Mehr news agency reported that the draft deal with the US has 14 provisions. These include the reopening of the Strait of Hormuz within 30 days, a release of frozen Iranian assets and 60 days of negotiations on nuclear issues.
“Markets would believe the deal is reached when we have the actual agreement signed and the Strait of Hormuz can be opened,” said Mohit Kumar, chief economist and strategist for Europe at Jefferies. “For now, markets are in relief mode that further escalation can be avoided.”
In other asset classes, the dollar held firm after a four-day run of losses. Gold and Bitcoin were little changed.
“I expect equity markets to muddle through for a while, as a real deal could prove harder to achieve and the Fed meeting looms close,” said Roberto Scholtes, head of strategy at Singular Bank.
What Bloomberg Strategists Say..
“The sudden pullback from the Kospi late in the Asian day may leave some lingering anxieties about whether AI boom trades will surge back once the SpaceX IPO-related liquidity lockup is removed.”
— Garfield Reynolds, MLIV Team Leader. For full analysis, click here.
Corporate Highlights:
SpaceX has made history with the biggest-ever IPO, sending it into the top ranks of the largest public companies and putting founder Elon Musk on the verge of becoming the world’s first trillionaire. Flutter Entertainment Plc announced plans to delist from the London Stock Exchange about two years after the online betting group shifted its primary listing to New York, the latest company to abandon the UK bourse to prioritize US trading. Global banks are curbing hedge funds’ leveraged bets on Asia’s top chipmakers including SK Hynix Inc. and Samsung Electronics Co., according to people familiar with the matter. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 1.7% as of 9:39 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average rose 0.6% The MSCI Asia Pacific Index rose 2.8% The MSCI Emerging Markets Index rose 3.1% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1582 The Japanese yen fell 0.1% to 160.10 per dollar The offshore yuan was little changed at 6.7605 per dollar The British pound was little changed at $1.3416 Cryptocurrencies
Bitcoin rose 0.1% to $63,408.18 Ether was little changed at $1,671.59 Bonds
The yield on 10-year Treasuries declined two basis points to 4.44% Germany’s 10-year yield declined six basis points to 2.97% Britain’s 10-year yield declined 10 basis points to 4.80% Commodities
Brent crude fell 4.5% to $86.33 a barrel Spot gold rose 0.2% to $4,221.46 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Neil Campling.
©2026 Bloomberg L.P.
