Stocks climbed on Friday after SpaceX's IPO and President Donald Trump's claim that a deal with Iran is imminent.
The S&P 500 gained 0.50%, while the tech-heavy Nasdaq Composite did so by 0.31%. The Dow Jones Industrial Average climbed 0.70%.
Elon Musk's rocket company, SpaceX, soared on its first day of trading, climbing after beginning the day at $150 per share. The company's shares closed above $160 on Friday.
"As you look at the IPO market going forward, there are a lot of companies that want to go public, but you may see some of the more important names wait and see what happens because so much capital is flowing to a handful of companies," Mark Klein, SuRo Capital CEO, told CNBC.
Musk said in a livestream before the IPO that the company has been cash-flow positive for more than 10 years. He added that he wanted to take the company public to take the company into a "significant growth phase" that involves putting more than 100,000 satellites in orbit for communications. The company also wants to build AI data centers in space.
Musk became the world's first person worth than a trillion after the company began trading. With the stock at $150 a share, his stake in the company is worth more than $766 billion. Combined with the $280 billion worth of Tesla stock, he is now worth more than $1 trillion.
Elsewhere, investors also looked on as President Donald Trump said the United States was nearing an agreement with Iran. Other parties involved in negotiations have also signaled a deal is close.
Concretely, Trump said discussions with Iran had reached the highest levels of the Iranian government and claimed that a deal was close enough for him to cancel planned military strikes. He described the negotiations as being in their "final points," though he added that sanctions and the U.S. naval blockade would remain in place until an agreement is formally completed.
Reuters also reported that a peace treaty between the U.S. and Iran could be signed in Geneva on June 14. U.S. Vice President JD Vance and Iranian Parliament Speaker Mohammed Baqer Qalibaf will likely represent their respective countries.
Iranian media and government sources have characterized discussions as ongoing rather than finalized. Trump's optimism about a possible agreement was tempered by sharp criticism of Tehran's negotiating tactics.
In a series of comments on Friday, the president accused Iranian officials of leaking inaccurate details about the talks and described them as "very dishonorable people" to negotiate with. Trump insisted that reports circulating in Iranian media about the contents of a potential deal had "nothing to do with the terms that were agreed to" and warned that Tehran needed to "get their act together" if it wanted a final agreement.
