Gold declined by $3 to $4209.
US 10-year yield increased by 2 basis points to 4.48%.
WTI crude oil decreased by $3.36 to $84.35.
Global markets showed mixed movement on the day. The S&P 500 gained 0.5%, while the USD strengthened and the Swiss franc weakened.
Oil Prices Slide on Iran Deal Optimism
Crude oil prices fell sharply, with WTI dropping $3.36 to settle at $84.35. The decline was driven by market expectations of a quick signing ceremony and the reopening of key shipping lanes.
The Iran deal headlines competed with SpaceX news, with both events carrying a relatively positive tone for markets.
Political Rhetoric Meets Quiet Trading
President Trump criticized leaks of the supposed deal contours, but the market interpreted his comments as a signal that he would not abandon the agreement. Iran's foreign minister downplayed the issue, stating the full text would be released later.
Macro trades remained light overall, with FX and bond markets trading in tight ranges.
The Strait of Hormuz Factor
The reported deal includes a 30-day window to clear the Strait of Hormuz, a critical chokepoint for global oil shipments. However, analysts note that Iran may have an incentive to delay, as nuclear negotiations are expected to be difficult.
SpaceX IPO Gains Traction
The SpaceX IPO moved forward with notable initial performance. Allocations at $135 performed well, with shares opening at $150, reaching a high of $176.52, and closing at $161.22. Retail investors reportedly faced difficulties profiting from the offering.