SG Morning Brief | Nasdaq 100 Surges 3.3% on Iran Deal Signal, SpaceX IPO Today

US Overnight

The Nasdaq 100 surged 3.3%, its best day in over a year. The S&P 500 jumped 1.75% to 7,394.30, the Nasdaq Composite gained 2.54% to 25,809.66, and the Dow rallied 900 points (+1.86%) to 50,848.75. The Russell 2000 added 3%. The catalyst was Trump cancelling planned strikes on Iran and posting that negotiations "have been brought to the highest level of Iranian leadership" with a "time and place of the signing to be announced shortly." Oil tumbled over 3%, with WTI falling back below $90. Treasury yields dropped. May PPI came in hotter than expected, but the market ignored it entirely — the peace trade overwhelmed inflation fears. Tech led all sectors with a 3.7% gain. SpaceX priced its IPO at $135 per share for 555.6 million shares, raising $75 billion at a $1.77 trillion valuation — the largest IPO in Wall Street history, set to debut today.

Key Movers

Semiconductor sector — SOX +8% — The chip index roared back from Wednesday's 3.6% decline with its best session in weeks. Intel surged 10% after Bank of America upgraded the stock to Buy, citing the Google TPU foundry order and Apple deal as validation of the 18A process node. Micron bounced nearly 12%, erasing the week's losses, and SanDisk jumped 14%. The rebound was broad: Applied Materials gained 7.8% and ARM rose 7.8%.

Tesla (TSLA) +5% — Tesla rose 4.60%, leading the Magnificent Seven higher. The stock benefited from the Iran de-escalation trade (lower oil = lower EV battery costs) and ahead of tomorrow's SpaceX IPO, where Musk's broader ecosystem is in focus. Iran separately threatened to target all Musk companies in the Middle East, including SpaceX's Starlink, as military targets.

Oracle (ORCL) -8% — Oracle fell over 8%, narrowing from a premarket decline of nearly 10%. Despite record Q4 revenue of $19.2 billion (+21% YoY) and non-GAAP EPS of $2.11 (beat by 8%), investors sold on plans to raise $40 billion through debt and equity in FY2027 and a capex surge to $55.7 billion. Cloud revenue was also flagged as disappointing relative to hyperscaler expectations.

SGX Preview

The STI was near 5,070 earlier this week. DBS is near S$62.18 and UOB near S$37.91. The overnight rebound and Iran deal signal provide a constructive backdrop for Asian markets today. Falling oil directly benefits Singapore's import-dependent economy. The chip sector's 8% surge should lift Venture Corp and local tech names. The key risk is SpaceX's IPO: a $75 billion capital raise could create temporary liquidity pressure across global markets as institutional investors free up cash.

Asia Pre-Market

Futures data was not available at time of writing, but the overnight tone is strongly risk-on. WTI below $90, the Dow up 900 points, and the Nasdaq 100's best day in over a year all point to a positive Asia open. SpaceX begins trading today on the New York Stock Exchange under the ticker SPCX — all eyes on whether it holds the $135 IPO price.

Today's US Earnings and Economic Calendar

SpaceX (SPCX) IPO — begins trading today at $135/share.

IPO Spotlight: SpaceX — The largest IPO in Wall Street history. SpaceX is selling 555.6 million Class A shares at $135 each, raising $75 billion at a $1.77 trillion valuation. Goldman Sachs is lead underwriter. The company combines three businesses: rocket launch (Falcon 9/Starship), satellite internet (Starlink), and government defense contracts. The risk: Iran has threatened to treat all Musk companies as military targets, and the valuation implies an extraordinary premium to current revenue. Motley Fool warned that institutional investors may sell existing megacap tech positions to fund SpaceX allocations.

One More Thing

Twenty-four hours ago the Dow was falling 953 points. Today it rose 900. That is a 1,853-point swing in two sessions — the widest since March. The difference between Wednesday and Thursday was one social media post from the President saying he had cancelled strikes and a deal was close. That is the market we are in: geopolitics moves trillions in minutes, and the entire inflation narrative can reverse on a single headline about Hormuz. Today SpaceX goes public at $1.77 trillion. If the Iran deal closes this weekend and oil drops to $80, the IPO looks like genius timing. If the deal falls apart and oil spikes back to $100, it looks like the top. Either way, it is the most consequential single trading day of 2026.

This briefing is for informational purposes only and does not constitute investment advice.