Markets surge on Iran peace deal hopes while SpaceX records historic IPO debut; Pakistan's FY27 budget receives mixed business response with tax relief for salaried workers.

U.S. oil prices dropped to $84 per barrel after Pakistan announced a U.S.-Iran peace deal agreement, with Brent crude sliding to its lowest levels since the early days of the Iran conflict, signaling market relief from geopolitical tensions.

SpaceX completed the largest IPO on record, opening at $150 per share with stock jumping nearly 30% on its first trading day, driving gains across the Dow, S&P 500, and Nasdaq indexes despite red flags identified by analysts regarding the company's structure.

Pakistan's government extended the Final Tax Regime at 0.25% for IT exporters and freelancers through 2029, with industry stakeholders welcoming the decision as crucial support for the technology sector's growth and competitiveness.

The Salaried Class Alliance Pakistan welcomed tax relief measures in the FY27 budget, though the tax-free income threshold remained unchanged, indicating targeted support for wage earners amid mixed business reaction to the overall budget.

Business leaders expressed mixed views on the federal budget 2026-27, describing it as neither good nor bad, while the Overseas Investors Chamber of Commerce raised serious concerns about specific provisions affecting foreign investment.

AMD stock gained ground as a Citi analyst highlighted Wall Street's underestimation of Meta's spending on AMD's AI chips, positioning the company beyond its traditional CPU market focus amid growing AI infrastructure demand.

Intel rose 8% in trading, outperforming other chip stocks like AMD and NVIDIA, as markets reacted to shifting technology sector dynamics and geopolitical developments affecting semiconductor valuations.

India's palm oil imports edged higher in May, rebounding from a four-month low but remaining below average levels, reflecting broader commodity market trends and global supply chain adjustments.

Brazil launched a subsidized motorcycle credit program targeting app-based delivery drivers, demonstrating emerging market focus on gig economy financial inclusion and supporting informal sector workers.

Millennials and Gen Z face challenging financial conditions with 42% of adults still relying on parental support, highlighting generational wealth gaps and affordability pressures in retirement planning and investment landscapes.