Dow Futures are showing little movement as traders gear up for SpaceX’s landmark initial public offering. Oil prices have dipped below $90 a barrel following President Donald Trump’s indication that a peace agreement with Iran might be finalised as early as this weekend, although confirmation from Tehran is still pending. Shares of Adobe decline in after-hours trading following the announcement of a high-level executive shake-up for the second consecutive quarter.

Dow futures showed little movement on Friday, as investors prepared for SpaceX’s highly anticipated, record-breaking initial public offering and evaluated the prospects for a resolution to the Iran conflict. By 03:13, the Dow futures contract remained largely stable, while S&P 500 futures experienced a decline of 17 points, or 0.2%, and Nasdaq 100 futures saw a decrease of 160 points, or 0.6%. The primary indices on Wall Street experienced an upward movement in the previous session. Market sentiment experienced significant fluctuations due to President Trump’s statements, which shifted throughout the day from warnings of potential new military actions against Iran to assertions that a peace agreement was imminent. Oil prices, which have been at the forefront of recent concerns regarding a surge in inflation, experienced a significant decline. These developments were sufficient to counterbalance a stronger than expected report on overall U.S. producer price growth in May. Analysts observed that weekly initial jobless claims increased to their highest level in four months, which could complicate the Federal Reserve’s outlook. The U.S. central bank is anticipated to increase interest rates prior to year-end, driven by signs of rising inflation and a robust labour market. Simultaneously, there was a significant decline in Oracle’s shares, driven by a spending forecast from the cloud computing division that greatly exceeded expectations. This development may have intensified concerns regarding the tech sector’s strategy for financing a substantial expansion of artificial intelligence data centers.

SpaceX, the reusable rocket company founded by Elon Musk, is set to commence public trading on Friday, marking what is anticipated to be the largest debut in market history. On Thursday, SpaceX confirmed its IPO price at $135 per share and announced the sale of over 555 million shares, indicating a valuation of approximately $1.77 trillion. The IPO is expected to generate approximately $75 billion, significantly exceeding the $25.6 billion raised by oil giant Saudi Aramco during its 2019 debut and the $21.8 billion secured by e-commerce leader Alibaba in 2014. A strategist observed that SpaceX’s target fundraising would exceed the total of every U.S. flotation over the past two years, combined. Musk, the tech tycoon who founded SpaceX in 2002 and currently holds approximately a 50% stake in the firm, has the potential to become the world’s first trillionaire. The IPO could signal the beginning of a series of significant market entries, as AI startups Anthropic and OpenAI have both confidentially submitted their filings for public offerings, each aiming for a valuation close to $1 trillion.

Trump has indicated that an agreement has been established with Iran and that a conclusive document may be signed shortly, potentially as early as this weekend. Speaking to reporters, the president stated that the U.S. and Iran had come to an agreement to reopen the Strait of Hormuz and terminate the naval blockade of Iran’s ports. We have successfully reached a significant settlement regarding the situation with Iran, and we are now in the process of finalising the necessary documents, which are expected to be completed in the coming days. “We’ll probably have a signing, maybe in Europe,” Trump said. He later stated at a virtual rally, “we ended the war with Iran today,” further noting that the country had agreed “never to have a nuclear weapon. Iran’s foreign ministry has indicated that significant portions of a prospective agreement to resolve the conflict are nearing finalisation, based on recent statements. Tehran has dismissed rumours of a signed agreement, pointing to “contradictory positions” from the U.S. that are creating “turbulence and disruption” in the negotiations.

Brent crude futures, the benchmark for global oil, fluctuated around the flatline on Thursday, ultimately dropping below $90 a barrel. At 03:27 on Friday, the contract had decreased by 2.0% to $88.62 a barrel, falling short of the highs reached in recent months, but remaining significantly above the levels seen prior to the onset of the Iran war in late February. U.S. West Texas Intermediate crude futures experienced a decline of 2.2%, settling at $85.82 per barrel. Despite the hopes for an upcoming peace agreement which would unblock the Strait of Hormuz, a vital conduit for the world’s energy products that has been effectively shuttered for months, some experts have predicted that oil prices may not immediately return to pre-war levels. “[T]he legacy issue of this crisis has been the substantial loss of energy supplies and its inflationary shock sent around the world,” experts noted in a report. Unless oil starts shipping freely in the Strait of Hormuz very soon, our house call is that energy markets could move close to a tipping point in July. In turn, we should exercise caution regarding expectations for significantly lower oil prices from current levels.

Adobe exceeded expectations for both quarterly revenue and earnings, while also increasing its annual profit and revenue targets. Additionally, the annualised recurring revenue associated with its AI products has seen a threefold increase compared to the previous year. However, the company’s shares experienced a decline of over 5% in after-hours trading following the announcement of the departure of its chief financial officer. Dan Durn will depart from Adobe on June 15 to explore a new professional opportunity, with Steve Day, senior vice president of corporate finance, stepping in as interim CFO. This marked a second consecutive quarter featuring a change at the highest executive level, following Adobe’s announcement in March regarding CEO Shantanu Narayen’s impending departure. A company veteran who has held the top position since late 2007, one of Narayen’s most significant initiatives was the integration of Adobe’s diverse software offerings into a cloud-based subscription model. Adobe, headquartered in San Jose, California, is recognised for its range of software offerings, including the image editing tool Photoshop and the video editing software Premiere Pro. The company has also ventured into artificial intelligence with its Adobe Firefly, a suite of generative AI tools for images, video, audio, and vectors.