Wall Street Cautiously Higher on Middle East, SpaceX Optimism

U.S. stock futures are pointed cautiously higher Friday, as optimism surrounding a potential Iran-U.S. peace agreement boosted investor sentiment and eased concerns over global oil supplies. Reports that the proposed deal would reopen the Strait of Hormuz and lift certain oil sanctions helped lift S&P 500 (SPX), Nasdaq-100 (NDX), and Dow (DJI) futures ahead of the open. Traders were also focused on SpaceX’s highly-anticipated Nasdaq debut, which could provide another catalyst despite concerns over the record-setting IPO’s impact on liquidity and tech leadership.

Continue reading for more on today's market, including:

• Keep an eye on this ETF with bearish bets building. 
• Gold mining stock due for a short-term bounce. 
• Plus, a faltering software name, who joined the space rally, and oil lifts travel stocks. 

5 Things You Need to Know Today

1. The Cboe Options Exchange saw more than 3.3 million call contracts and 2.9 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.86, while the 21-day moving average stayed at 0.59. 
2. Brushing off an earnings beat, software name Adobe (NASDAQ:ADBE), is down 6.8% after the company's fiscal second-quarter non-GAAP operating margin failed to impress, and CFO Dan Dunn announced a June 15 departure. The stock is looking to extend its selloff, having already reached seven-year lows yesterday. Year-to-date, ADBE is off by 40%, heading into today. 
3. AST SpaceMobile (NASDAQ:ASTS) looks ready to join today's space rally, adding 4% before the bell, peddling on SpaceX's IPO. The stock has cooled off since tapping its May 28 record high of $133.86, though the $90 level added an extra layer of support.
4. Today's oil pullback is lifting travel stocks, with United Airlines Holdings (NASDAQ:UAL) up 1% premarket. The stock sits not far off its Jan. 7 record high of $119.21, despite a choppy week so far. UAL sitting right at its year-to-date breakeven line. 

5. All eyes are on the Federal Reserve next week next week. 

Volatility Shakes Up Overseas Markets

Asian markets finished the volatile week higher as chip stocks enjoyed a rebound. The South Korean Kospi jumped 4.6% as Samsung Electronics and SK Hynix surged, while Japan’s Nikkei rose 2.8%, Hong Kong’s Hang Seng rose 1.9%, and China’s Shanghai Composite tacked on 1.1%.

European markets are all up more than 1% today, collectively heading for their best day in a month as investors become hopeful regarding a peace deal in the Middle East. London’s FTSE 100 was last seen up 1%, while the French CAC 40 rises 1.7%, and the German DAX increases 1.4%