Good afternoon and welcome to Markets Desk, your midday read on what's moving and why.
Crude oil is the dominant story across energy markets today. West Texas Intermediate fell more than two and a half percent Thursday after President Trump confirmed he had canceled planned military strikes on Iran, and Friday brought fresh pressure as Washington announced a framework agreement with Tehran. That geopolitical risk premium is unwinding fast, and traders are repricing accordingly.
Turning to agriculture, soybeans closed Thursday with losses of up to eight cents a bushel as the USDA revised Argentina's production estimates higher. More supply on the global board means less urgency for American beans, and that showed up cleanly in the cash price, which settled near ten dollars sixty-one and a half. Soy oil futures also slipped, compounding the weakness across the complex.
On the equity side, the Nasdaq one hundred is getting a meaningful reshuffle. Rocket Lab is among five companies set to join the index, alongside four names tied to the artificial intelligence buildout. The move reflects how dramatically the composition of large-cap tech has shifted, and with SpaceX potentially waiting in the wings for its own inclusion, the space and defense technology trade is clearly earning its seat at the table.
That's the tape. Markets Desk, signing off the floor.
