US Pre-Market: Futures Hold Thursday's Iran De-escalation Rally as SpaceX Debuts (12 June 2026)

Sentiment: bullish S&P 500 futures: +0.23%

S&P 500 futures sit +0.23% at 7,413 after the cash index closed +1.75% at 7,394.30 on Thursday, its biggest single-day gain in about two months, once President Trump called off planned strikes on Iran and signaled a provisional deal was close. Small caps led the move, with the Russell 2000 +3.02% to 2,921.03, while crude fell as the supply-disruption premium came out. The rally landed despite a hot May PPI print and an 8.53% drop in Oracle ORCL.US, and the next event is SpaceX's Nasdaq debut today after a record $75 billion IPO.

What drove the overnight session

• Iran de-escalation: Trump canceled Thursday's planned strikes and said a deal was largely agreed, with the US naval blockade staying until it is signed. Risk appetite returned across every market cap, and the 10-year Treasury yield fell to 4.463% at the close.
• Crude down: WTI -2.53% to US$85.49 as the Middle East supply-disruption premium unwound. Energy lagged, with Exxon XOM.US -2.67%, while lower fuel costs ease input pressure for transport and consumer names.
• Semiconductor rebound: AMD AMD.US +7.97%, Intel INTC.US +9.27%, Marvell MRVL.US +11.13% and SanDisk SNDK.US +14.50% as the chip group recovered from the early-June selloff and drove the Nasdaq +2.54% to 25,809.66.
• Hot PPI, the counterweight: May headline PPI rose 1.1% month-on-month, the fastest since late 2022, and 6.5% year-on-year. CME futures now price roughly 70% odds of a Fed hike at some point this year, and gold pushed +2.57% to US$4,219/oz. The bounce overrode the inflation read rather than resolved it.

Overnight Wall Street (Thursday close)

• S&P 500: 7,394.30 (+1.75%)
• Nasdaq Composite: 25,809.66 (+2.54%)
• Dow Jones: 50,848.75 (+1.86%)
• Russell 2000: 2,921.03 (+3.02%)
• VIX: 19.40 (-0.21%)

Technology, industrials and materials led the advance; energy, staples and real estate were the laggards as oil retreated. Adobe ADBE.US fell 6.25% in the regular session and another 5.5% after the bell despite a fiscal Q2 beat (EPS $5.96 versus $5.83 expected, revenue $6.62 billion) and a raised full-year outlook, as investors stayed skeptical on AI monetization. The stock sits near a 12-month low.

Space sector and the SpaceX debut

SpaceX lists on the Nasdaq today at a fixed $135 per share, having raised about $75 billion for a valuation near $1.77 trillion, the largest IPO on record. The shares will not print at the opening bell; first trades are likely late morning to early afternoon ET. The halo ran through the sector on Thursday: Virgin Galactic SPCE.US +21.66%, Intuitive Machines LUNR.US +15.47%, EchoStar SATS.US +11.19% and Rocket Lab RKLB.US +9.26%, with RKLB.US adding a further 2.8% to about $118 in pre-market. Morningstar's published fair value sits far below the IPO price, so the listing starts under a clear valuation question.

Overnight Asia and Europe

• Nikkei 225: 66,020.04 (+2.81%)
• Hang Seng: 24,718.10 (+1.93%)
• STOXX 600: 628.87 (+1.18%)
• DAX: 24,497.52 (+1.19%)
• FTSE 100: 10,407.34 (+1.00%)

Asia closed firmly higher on the de-escalation read, and European markets traded up across London, Frankfurt and Paris into the US pre-open. The European Central Bank raised rates on Thursday, its first hike in three years.

US economic calendar today (ET)

• 10:00am: University of Michigan consumer sentiment, preliminary. Consensus 46, prior 46. One-year inflation expectations ran 4.8% last month, the five-year 3.9%.
• 1:00pm: Baker Hughes US oil rig count.

What to watch

• Futures read flat to modestly higher (S&P 500 +0.23%, Nasdaq 100 -0.04%), so the open reads as consolidation of Thursday's gain, not a fresh breakout.
• The 10-year yield has ticked back to 4.491% and gold is up 2.57%, both signs the hot PPI print is still in the frame even with equities bid.
• SpaceX's first trade is the session's wildcard; a wide opening range could move the broader space and satellite group either way.

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