Welcome to Markets Desk, your midday read on the stories moving markets and the world.
The United States and Iran have signed a ceasefire agreement, with President Trump pledging to release frozen Iranian funds and ease sanctions. But analysts are urging caution — Tehran kept its ballistic missiles, and a sixty-day nuclear negotiation window now begins. Hormuz is open, pressure is off oil supply routes for now, but this is a pause, not a resolution.
Shifting to commodities, lean hog futures are painting a split picture today. July contracts are under modest pressure, down roughly a quarter dollar, while deferred months are rallying as much as a dollar fifty. The USDA national base hog price is holding near ninety-seven dollars and seventy-five cents, suggesting bargain buyers are stepping into the back of the curve while near-term supply weighs on the front month.
And in private markets, SpaceX's initial public offering has officially made Elon Musk the world's first trillionaire. For retail investors eyeing a piece of that trajectory, the opportunity may exist, but access remains the central obstacle — SpaceX shares are tightly held, and getting in at meaningful size will require navigating a narrow path through secondary markets or future public offerings.
That's the tape. Markets Desk, signing off the floor.
