US markets close cautiously higher as hopes for Iran peace deal rise amid SpaceX mania

As investors watched for a possible temporary peace agreement in the Iranian dispute, stocks increased as SpaceX made progress on its first day of trading.

Following Pakistan's prime minister's announcement that a "final, agreed-upon text of the peace deal has been reached," the S&P 500 Index increased by 0.5%. Following Iran's foreign minister's statement that a memorandum of understanding with the US "has never been closer," stocks also saw an increase.

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The Nasdaq 100 Index, which is heavily focused on technology, increased by 0.6%. Weekly increases were reported by both benchmarks.

After selling for $150 in its initial Nasdaq session, 11% above its $135 offering price, and rising as high as $176.52, or 31% over its offering price, SpaceX finished at $161.11.

The price of West Texas Intermediate crude oil dropped by roughly 4% to $84 per barrel. On the fringes of the Group of Seven world leaders conference next week, it was reported that the United States and Iran were moving closer to finalising an agreement to reopen the Strait of Hormuz.

In the middle of the day, a US official stated that "it's probably more like 80, 85% now, but it's not 100%" that an agreement with Iran will be reached.