US Morning News Call | Musk Nears Trillionaire Status as Historic SpaceX IPO Values Firm at $1.77 Trillion

Key Takeaways:

• Trump Announces Expected US-Iran Agreement Within Days

• Musk Nears Trillionaire Status as Historic SpaceX IPO Values Firm at $1.77 Trillion

• Rocket Lab and Four Other Companies Join Nasdaq 100 Index

🔔Before the Bell

Stock futures advanced on Friday after Iranian state media reported that a proposed peace agreement would lead to the reopening of the Strait of Hormuz.

$E-mini NASDAQ 100 Futures (SEP6) (NQmain.US)$ went up by 0.35%;

$E-mini S&P 500 Futures (SEP6) (ESmain.US)$ went up by 0.41%;

$E-mini Dow Futures (SEP6) (YMmain.US)$ went up by 0.53%.

Trump Announces Expected US-Iran Agreement Within Days

President Trump expects to sign a US-Iran memorandum of understanding within days. The agreement includes the immediate reopening of the Strait of Hormuz, the removal of transit fees, the gradual sanctions easing, and a 60-day extension of the ceasefire for nuclear negotiations.

Musk Nears Trillionaire Status as Historic SpaceX IPO Values Firm at $1.77 Trillion

$SpaceX (SPCX.US)$ is raising $75 billion by selling 555.6 million shares at $135 each, valuing the company at $1.77 trillion and making it the seventh most-valuable U.S. company. The listing pushes Elon Musk's net worth above $1.1 trillion, putting him on the verge of becoming the world's first trillionaire, with his SpaceX stake alone worth roughly $866 billion.

Rocket Lab and Four Other Companies Join Nasdaq 100 Index

$Rocket Lab (RKLB.US)$ and $Astera Labs (ALAB.US)$,$CoreWeave (CRWV.US)$,$NEBIUS (NBIS.US)$,$Rocket Lab (RKLB.US)$ ,$Teradyne (TER.US)$ are joining the Nasdaq 100 index in a shakeup of the premier tech-heavy index, with SpaceX potentially waiting for future inclusion.

Adobe Reports Record Second Quarter Results Despite CFO Departure

$Adobe (ADBE.US)$ reported record second quarter financial results. The company's CFO is departing, contributing to a 5% decline in Adobe's stock price despite the strong quarterly performance.

🪙Crypto News

$Bitcoin (BTC.CC)$ climbed +0.35% to 63719.56;$Ethereum (ETH.CC)$ climbed +0.13% to 1678.31.

SEC Proposes Scrapping Key NMS Rules, a Major Unlock for Tokenized U.S. Stocks in DeFi

The SEC has proposed rescinding Rules 611 and 610(e) of Regulation NMS, which analysts say could remove key structural barriers preventing automated market makers (AMMs) in DeFi from trading tokenized U.S. equities at scale. Galaxy Digital's Alex Thorn called it "one of the biggest unlocks yet" for tokenized stocks, while TD Cowen expects the rule to be finalized in Q1 2027, with the SEC likely granting exemptive relief for tokenization pilots in the meantime.

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