Stock futures rose on Friday as Iranian state media reported that a proposed peace deal would see the Strait of Hormuz reopen.
Futures for the Dow Jones Industrials hiked 295 points, or 0.6%, to 51,170.
Futures for the S&P 500 index captured 34.5 points, or 0.5%, to 7,430.50.
Futures for the NASDAQ Composite grabbed 130 points, or 0.4%, to 29,594.75.
Iranian state media reported that the draft version of the Iran-U.S. memorandum of understanding includes a commitment from the U.S. to lift oil sanctions, as well as a commitment from Iran to reopen the Strait of Hormuz.
A peace deal could be signed in Switzerland as soon as Sunday, Bloomberg reported Friday.
Traders are also watching SpaceX, Elon Musk’s rocket maker, as it debuts on the NASDAQ. SpaceX, set to go public under the ticker symbol SPCX, has set a fixed price of $135 per share, which would put its valuation at $1.77 trillion.
The company plans to sell 555.6 million shares, amounting to a $75-billion fundraise that would be the largest initial public offering in history.
It’s more than triple the size of Alibaba’s $22 billion offering in 2014, currently the biggest U.S. IPO to date.
If the IPO goes according to plan, it could offer a major catalyst for stocks on Friday. But some investors are concerned that due to the offering’s sheer size, it could pressure the market.
Even if the market can digest these new shares of SpaceX, IPOs are known to be volatile, and Friday’s offering could trigger another rotation in tech leadership as investors find capital to fund their new issues.
In Japan, the Nikkei 225 ballooned 2.8% Friday, while in Hong Kong, the Hang Seng surged 1.9%.
Oil prices faded $3.38 to $84.33 U.S. a barrel.
Gold prices jumped $113.00 to $4,227 U.S an ounce.
