Stocks closed sharply higher yesterday with big gains across the board. The small-cap Russell 2000 led the way with 3.02%. The tech-heavy Nasdaq was up 2.54%. And the S&P 500 was up 1.75%.

Early reports that the U.S. would bomb Iran again on Thursday night, and seize control of Kharg Island (Iran's key oil export terminal), kept a lid on stocks in the beginning.

But later in the day, President Trump said he called off the planned strike. And that Kharg Island would be off the table as well, if a deal was signed.

Then a bit later, he said that a deal was nearly complete, "final points have been, in both concept and great detail, approved by all parties involved," and it could be signed within days.

Stocks shot up on the news.

It's been a fluid situation in the Middle East. And it's clear that some factions in Iran do not want a peace deal, while others do.

The agreement yesterday suggests the peace seekers have won out. But things change rapidly over there. And nothing is done until it's done. (And even then...)

But the market cheered the news. And there's hope that the hostilities can soon be put behind everyone. And hopefully see lower oil prices too.

Yesterday's Producer Price Index (PPI) came in better than the CPI the day before. Headline PPI was up 1.1% m/m, in line with last month's downwardly revised 1.1% (from 1.4%) but above views for 0.7%. The y/y rate came in at 6.5%, up from last month's 6.0%, and above estimates for 6.4%. The core rate (ex-food & energy) came in at 0.4% m/m, better than last month's downwardly revised 0.7% (from 1.0%) and in line with the consensus for 0.4%, while the y/y rate was at 4.9%, easing from last month's 5.2% pace and outlook for 5.4%.

Weekly Jobless Claims rose 4,000 to 229,000 vs. expectations for 215,000.

Today we'll get Consumer Sentiment. Always an important report since a happy and confident consumer is a consumer who spends. And since roughly 70% of GPD comes from consumer spending, it?s a number to watch.

But the main event today (aside from any news surrounding a possible peace deal with Iran) is the SpaceX IPO.

The IPO is expected to raise up to $75 billion (almost 3x times the record set by Saudi Aramco's 2019 IPO), with an expected valuation of $1.75 to $2 trillion.

The global space economy is heating up, and SpaceX is at the center of it.

But interest in the IPO goes beyond SpaceX. Investors are fascinated by the empire of companies Mr. Musk is building (Tesla, Neuralink, X, Boring Co., xAI, Starlink, etc.) and how they might all tie together one day.

Given the buzz around what is likely to be the largest and most anticipated IPO of all time, we are broadcasting a live event covering the SpaceX IPO this morning (Friday, June 12), at 11:00 AM ET.

Join our Zacks experts Tracey Ryniec and David Bartosiak as they cover all things SpaceX, including how it compares to other high-growth tech and aerospace companies, and the interconnectedness of Elon Musk's companies and what it could mean for investors. They'll also be answering questions from fellow Zacks members.

Don't miss this live event, and be a part of history in the making as SpaceX makes its debut.

The SpaceX IPO Live Coverage begins this morning (Friday, June 12), at 11:00 AM ET.

Best,