US Pre-Market: Three Major Indices Rise. SpaceX Listing Becomes Market Focus, Can It Lead Tech Stocks Higher?

TradingKey - On Friday ET, rising expectations for a U.S.-Iran peace deal triggered a sharp pullback in oil prices, easing market concerns over energy inflation; meanwhile, SpaceX's (SPCX) largest-ever IPO debuted today, becoming a focal point of pre-market trading. The three major U.S. stock index futures trended higher pre-market; as of press time, Dow futures rose about 0.8%, S&P 500 futures gained about 0.68%, and Nasdaq 100 futures advanced roughly 0.64%.

U.S. Stock Index Futures Performance, Source: Investing

In commodities, gold ( XAUUSD) rebounded, with the price of gold rising 0.1% to near $4,214. Crude oil fell sharply, with WTI ( USOIL) spot crude fell 1.79% to $84.87, while Brent crude dropped 1.6% to $87.30. Markets are betting that the U.S.-Iran deal will drive the reopening of the Strait of Hormuz, cooling supply disruption risks.

Crypto assets also recovered, with Bitcoin ( BTC) rising 0.34% to around $63,800. As U.S. stock futures rebounded and the dollar weakened, sentiment for risk assets has seen a recovery, but the high-interest-rate environment continues to cap Bitcoin's upside.

Market Volatility

The aerospace sector is active pre-market. SpaceX (SPCX) debuted on the Nasdaq today, setting a record for the largest IPO in history, with market enthusiasm spilling over into aerospace concept stocks. Virgin Galactic ( SPCE ), AST SpaceMobile ( ASTS ), Rocket Lab ( RKLB) and other related stocks were sought after by capital pre-market, as investors bet that SpaceX's listing will enhance the valuation focus of the entire commercial aerospace sector.

Tech stocks performed generally strong pre-market, but the AI chain showed divergence. NVIDIA ( NVDA) rose about 1%, AMD ( AMD) rose nearly 3%, Alphabet ( GOOGL) rose 1.3%, Microsoft ( MSFT) rose 0.68%, Broadcom ( AVGO) rose 0.42%, Micron Technology ( MU) fell about 1%.

Adobe ( ADBE) fell over 7% pre-market. The company's second-quarter revenue reached $6.62 billion, and adjusted EPS was $5.96, both exceeding market expectations, and it raised its full-year guidance. However, CFO Dan Durn will leave to join Marvell ( MRVL ), which, combined with the company's shift to an AI freemium model that could suppress short-term ARR growth, weighed on the stock price.

Airline stocks strengthened pre-market. A sharp drop in oil prices eased fuel cost pressures, boosting airline stocks such as United Airlines ( UAL ), American Airlines ( AAL ), Delta Air Lines ( DAL) and others.

Market Headlines

Expectations for a U.S.-Iran peace deal have intensified, pushing oil prices below $90. Trump stated that the U.S. is close to reaching an agreement with Iran and has canceled previously planned military strikes. Markets anticipate the deal may include the reopening of the Strait of Hormuz, leading to sharp declines in both Brent and WTI crude. However, Iran noted that the agreement has not yet been finalized, and geopolitical risks have not been fully eliminated.

SpaceX's IPO officially debuts today, with expectations to raise $75 billion at a valuation of approximately $1.77 trillion; its market performance will serve as a key barometer for risk appetite regarding mega-cap AI and space technology companies. Markets are also watching whether this will drive IPO expectations for subsequent tech giants like OpenAI and Anthropic.

U.S. PPI for May heated up more than expected. The May PPI rose 1.1% month-on-month and 6.5% year-on-year, indicating that production-side inflationary pressures remain strong. Although today's retreat in oil prices eased some concerns, this week's CPI and PPI data have both undermined market bets on Federal Reserve interest rate cuts this year.

Adobe's earnings beat expectations, but management changes have sparked concern. While Adobe's second-quarter results and full-year guidance both exceeded estimates, the CFO's departure, the CEO transition, and the impact of the AI freemium strategy on short-term subscription revenue have left investors worried about the defensive capabilities of software companies' business models in the AI era.

Top executives from OpenAI and Anthropic, including CEOs Sam Altman and Dario Amodei, have confirmed they will attend the upcoming G7 summit in France to discuss the latest developments in artificial intelligence, potential opportunities, societal impacts, and related regulatory challenges with world leaders.

Key Data & Events Preview

SpaceX is expected to officially begin trading on June 12, Eastern Time.

At 10:00 AM ET on June 12, the U.S. will release the preliminary University of Michigan Consumer Sentiment Index and inflation expectations for June.

Next week, the market will focus on the Federal Reserve's interest rate decision and press conference.