US stock futures and global markets are higher, extending their rally while oil hit the lowest level in months following fresh reports that the US and Iran are nearing a provisional agreement to end their war, even if top leadership has yet to sign off. Meanwhile, all eyes are on SpaceX - the world's biggest IPO- where shadow markets are pricing a spike of at least 35% for SpaceX on its debut, while online market see odds of a 30% close at roughly breakeven. As of 8:00am ET, S&P 500 futures rose 0.6% after the benchmark climbed 1.8% in the previous session. Pre-market, all Mag 7 are higher led by GOOGL and META. Treasuries held steady after Thursday's gain: 10Y yields are at 4.46%. The DXY dollar index fell 21bp to 99.639. Commodities are all lower: WTI fell $3.90 to $83.81 while Brent slid almost 4% to head for its first close below $88 a barrel since the first week of the war. Base/precious metals are unchanged; ags are all lower. Today's US economic data calendar includes June University of Michigan sentiment at 10am.In premarket trading, Mag 7 stocks are all higher (Alphabet +1.3%, Meta +1%, Amazon +1%, Nvidia +0.6%, Microsoft +0.6%, Tesla +0.7%, Apple +0.4%)Rocket, satellite and space-linked companies gain after Elon Musk’s SpaceX raised $75 billion in its initial public offering. Movers include EchoStar +5% and Rocket Lab (RKLB) +4%.Adobe (ADBE) falls 6% after the company said its chief financial officer, Dan Durn, would depart, leaving the company without a top tier of veteran leadership after Chief Executive Officer Shantanu Narayen announced he would step aside.Advanced Micro Devices (AMD) gains 2% as Citi upgraded the chipmaker to buy, seeing the company as a key beneficiary of AI.Marvell Technology (MRVL) slips 1% after appointing Adobe’s Dan Durn as chief financial officer, succeeding Willem Meintjes.Travelers Cos. (TRV) slips 2% after Barclays cut its the recommendation on the property and casualty insurance company to underweight, saying that profit upside in the sector is getting more difficult to find.In other corporate news, Adobe said its CFO would depart, leaving the company without a top tier of veteran leadership after the CEO announced in March that he would step aside. Flutter Entertainment, the owner of FanDuel, the largest player in US sports betting, plans to delist from trading in LondonSentiment was lifted overnight amid fresh expectations that the conflict with Iran is drawing to a close. In the latest developments on a draft deal, a Group of Seven official said an agreement could be signed as soon as Sunday. Iran’s foreign ministry told state-run media that a framework text was nearly finalized (full details here). The semi-official Mehr agency reported that the draft contained 14 provisions, including the reopening of the Strait of Hormuz and 60 days of negotiations on nuclear issues. Some have panned the MOU as one which concedes to Iran, giving the country monetary benefits upfront, while leaving the key negotiations for the back-end.That said, traders are keen for an end to the more than 100-day war that has roiled global markets and caused the biggest oil-supply shock in history. While President Donald Trump signaled Thursday that a deal should get done shortly, traders have remained wary as previous bursts of optimism have ended in disappointment.“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 at Jefferies. “For now, markets are in relief mode that further escalation can be avoided.”As for SpaceX, differences of opinion on the $75 billion IPO - the world's biggest - are easy to find on vision, valuation, opportunity and risks, but perhaps the most encouraging sign for traders may be the ability for the market to absorb record equity issuance. There’s been a record flood of equity issuance over the past two weeks, between SpaceX’s debut and Alphabet’s deal, with EPFR analysts saying it leaves “shrinking aggregate cash available to support broader equity valuations.” Meanwhile US equity funds had an 11th week of inflows, the longest streak since Dec., as tech funds had their biggest inflow ever, according to Bank of America.On SpaceX valuation, “expensive” has never been a catalyst with Elon Musk, notes Amanda Lyons at Energy Group Capital, and “betting against his premium has been a losing trade for a decade.” Trading in the stock is likely to be a read for risk appetite while “the danger is that a genuine business and a quasi-religious premium are being sold in the same ticker, and most buyers aren’t separating the two,” Lyons adds. “There appears to be continued investor appetite for technology-related growth stories, particularly those with exposure to AI,” said Tomás García-Purriños at Santander Asset Management. “The pipeline of expected IPOs in 2026 suggests that investor interest in technology, digital infrastructure and AI-related themes remains healthy, extending well beyond a handful of high-profile names.”Bloomberg-compiled data covering 66 of the biggest US tech IPOs and direct listings since 2012 shows that an initial pop is near-universal. Among the pure IPOs, 86% closed above their offer price on day one, with a median 36% gain. After that, dispersion kicks in.Elsewhere, overnight Bloomberg reported that global banks including Citi, JPMorgan and Goldman are said to be curbing hedge funds’ leveraged bets on Asia’s top chipmakers including SK Hynix and Samsung Electronics after a blistering rally this year raised concerns of a potential pullback.Also overnight, Goldman Sachs cut its forecasts for crude oil prices next year by $5 a barrel on higher supply and lower demand. The US declared a power emergency in the southeastern US as forecasters warned of dangerous heat that’s likely to stress power grids along the country’s east coast. Traders in Europe and Asia raced to catch up with Wall Street’s chipmaker-led gains from Thursday. The Stoxx 600 rose 1.5% on optimism about a deal between the US and Iran builds, prompted by President Trump scrapping strikes and extended by a report that a draft deal is under discussion, though one that still needs approval from authorities. Here are the biggest movers Friday: Shares in European energy and fossil-fuel firms fall while airlines gain after President Donald Trump said a peace deal with Iran could be signed as soon as the weekend, comments that pushed down oil pricesHomebuilders are among the best-performing stocks in the UK on Friday as money markets pare bets on BOE rate hikes and swap rates used to price mortgages decline. The move is driven by sliding oil prices on Middle East optimismFlatexDEGIRO shares jump as much as 7.5% after the online brokerage was awarded a new overweight rating at Barclays following the stock’s de-rating this year, while Avanza rises as much as 5.3% after being upgradedGetinge gains as much as 4.9%, the most since Oct. 21, after Kepler Cheuvreux upgraded the stock to buy from hold, citing an improving outlook for the Swedish health-care equipment firmHalma shares rise as much as 4.3%, rebounding from a two-month low following the record 15% drop in the share price on Thursday after the UK industrial group’s guidance for its Photonics business fell short of expectationsNokia gains as much as 6.7% after JPMorgan raised its PT on the company, saying its operating profit in 2028 can beat the company’s own guidance — issued during the capital markets day in November — by more than 50%Colruyt shares rise as much as 8.6% as Oddo BHF analyst Robert Jan Vos upgrades the retailer to outperform from neutral and lifts his price target ahead of full-year results on June 16 in anticipation of continued margin revivalExail shares fall as much as 21% as the company disagrees with financial partner ICG over the size of a payment for bonds and preferred shares as ICG exits its investment in the French defense firmAcciona Energía shares are 9.7% higher Friday in Madrid trading following a Cinco Días report that Brookfield, KKR are among investors that Acciona has reached out to gauge interest on its renewables unitGlanbia drops as much as 4.3% to €21.62 after biggest shareholder Tirlán Co-Operative Society sold down its stake in the Irish manufacturer of workout supplements and energy barsLPP slumps as much as 7.8%, the most in a month, after the Polish fashion retailer slowed its expansion in response to rising cannibalization risk within its key Sinsay brandAsian stocks rallied as technology shares rebounded, helped by President Donald Trump’s claim that a deal with Iran was close.