This content was published on
June 12, 2026 - 18:32
3 minutes
(Bloomberg) — Hopes for a diplomatic breakthrough that would end the war in Iran sent oil prices lower as stocks rose, with SpaceX’s strong debut also fueling Wall Street’s optimism.In a volatile session, the S&P 500 extended this week’s advance. Elon Musk’s space company soared after a record-breaking IPO. US oil fell below $85 as Iran’s Foreign Minister Abbas Araghchi said the Islamabad Memorandum of Understanding has “never been closer.”“We can confirm that a final, agreed upon text of the peace deal has been reached and Pakistan is now working closely with both sides to finalize the next steps,” Pakistan Prime Minister Shehbaz Sharif said in a post. “Peace has never been this close as it is now.”The US and Iran approached an interim peace agreement meant to reopen the Strait of Hormuz and help end the conflict that has roiled markets. The countries may sign a deal on the sidelines of the Group of Seven world leaders summit next week, according to senior officials familiar with the matter.Equities had briefly fallen after President Donald Trump complained about Iran leaking terms of a deal to end their war.On the economic front, US consumer sentiment rose in early June for the first time in four months as lower gasoline prices provided some relief for Americans grappling with a surge in inflation. Consumers expect prices to rise at an annual rate of 4.6% over the next year, down from 4.8% in May.“We expect inflation pressures to ease after the Iran conflict simmers and the subsequent improvement in supply chains,” said Jeff Roach at LPL Financial. “But if the conflict in Iran remains throughout the summer, we should expect stronger inflation headwinds will put a damper on the growth trajectory.”Corporate Highlights:Adobe Inc. said its chief financial officer would depart, leaving the company without a top tier of veteran leadership after Chief Executive Officer Shantanu Narayen announced in March that he would step aside. Blackstone Inc. is in early-stage talks about an acquisition involving H&R Real Estate Investment Trust, a Canadian owner of apartment buildings and other properties. 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. Some of the main moves in markets:StocksThe S&P 500 rose 0.3% as of 12:31 p.m. New York time The Nasdaq 100 rose 0.4% The Dow Jones Industrial Average rose 0.6% The MSCI World Index rose 0.8% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1575 The British pound was little changed at $1.3415 The Japanese yen fell 0.2% to 160.22 per dollar CryptocurrenciesBitcoin rose 0.9% to $63,886.8 Ether was little changed at $1,670.68 BondsThe yield on 10-year Treasuries advanced two basis points to 4.48% Germany’s 10-year yield declined four basis points to 3.00% Britain’s 10-year yield declined seven basis points to 4.84% CommoditiesWest Texas Intermediate crude fell 3.4% to $84.77 a barrel Spot gold rose 0.1% to $4,216.86 an ounce ©2026 Bloomberg L.P.
