Welcome to Markets Desk, your midday read on the stories moving money.
The biggest macro catalyst today is the provisional peace deal between Washington and Tehran, with President Trump and his Iranian counterpart signing a preliminary agreement to end one hundred and ten days of conflict. Oil prices fell sharply on the news, and that relief is flowing straight to the pump, with the national average for a gallon of gasoline dropping below four dollars for the first time since March, according to AAA data out Thursday. That is a meaningful demand-side tailwind for consumers heading into the summer driving season.
Shifting to semiconductors, Intel shares jumped in premarket trade after President Trump announced the chipmaker will produce processors for Apple domestically. That is a significant vote of confidence in Intel's foundry ambitions, which have been the subject of considerable skepticism on the Street. It also signals the administration is continuing to use trade and industrial policy as leverage to reshape domestic chip manufacturing.
And keeping an eye on the speculative side of the tape, chatter is intensifying around a potential merger between Tesla and SpaceX. SpaceX's valuation trajectory has dramatically outpaced Tesla in recent periods, and some investors are openly floating a combination. SpaceX's president has declined to rule it out, though regulatory and structural hurdles would be substantial.
That's the tape. Markets Desk, signing off the floor.
