Stocks are holding steady at record highs as traders await a potential US-Iran peace deal, according to Bloomberg. The optimism has fueled broad market gains, with defensive sectors lagging as risk appetite returns.
The tentative agreement signals a major geopolitical shift, reducing oil price uncertainty and Middle East risk premiums. This context is driving rotation into growth and tech names, which have seen renewed momentum.
In a separate development, SpaceX has cut its IPO valuation to at least $1.8 trillion, down from prior expectations. Meanwhile, Anthropic's latest funding round has pushed its valuation to $965 billion, eclipsing rival OpenAI, Bloomberg reports.
Tech valuations are drawing scrutiny. Cole Smead of Smead Capital Management described the environment as 'mania' in tech stocks, warning of frothy pricing. The US-Iran deal's finalization remains uncertain, creating a binary outcome for markets.
Smaller movers include Dell Technologies, HP, AST SpaceMobile, and Gap, with notable premarket activity tracked by CNBC.