SpaceX (SPCX) promised to take investors to the moon. Instead, the average post-IPO buyer is back on the launchpad.

The stock soared from its $135 IPO price to above $225 Tuesday, then gave it all back, landing today at $185, just above its five-day average of $179.

What goes up must come down.

— Brooks & Cas

Trump signed a 14-point deal with Iran, called his critics “jealous, bad people or stupid.” The deal has Iran agreeing to down-blend its enriched uranium under IAEA watch, just without a quantity, a level, or a deadline attached.

But traders aren't sold that the nuclear question is settled. The memorandum keeps Iran's program at the status quo and kicks the hard part down a 60-day road. Bettors are now pricing whether a real deal lands before the calendar runs out.

📉 | Accenture (ACN) tumbled after agreeing to buy runZero, NetRise, and a majority stake in Dragos for about $4.175B.

📈 | Smith & Wesson (SWBI) jumped after beating on earnings and revenue, with handgun sales to sporting goods retailers up 23% annually.

📉 | Steel Dynamics (STLD) dropped after current-quarter guidance disappointed Wall Street.

📈 | Enphase Energy (ENPH) rose after starting production shipments of its IQ9S microinverters and an upgrade from Barclays.

📉 | Kroger (KR) fell after first-quarter earnings missed estimates.

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KBW thinks CME Group is too cheap to ignore. Analyst Chris Allen upgraded the exchange operator to Outperform, arguing that a steep recent selloff has opened up an attractive risk/reward setup.

The stock's slide stems from worries around perpetual futures, derivatives that let traders place leveraged bets without owning the underlying asset.

Allen says those fears are overblown, both for exchanges broadly and for CME specifically, pointing to its low retail exposure and its equity index licenses.

CME isn't going quietly either. The company plans to sue the CFTC over its approval of perpetual futures, with CEO Terry Duffy saying he is always up for a good battle.

Shares have slipped into the red over the past month, but Allen isn't fazed. Of the 17 analysts covering the stock, eight rate it a Buy or Strong Buy.

KBW is betting the bench clears in CME's favor.

🎓 The Trump administration will give federal student loan borrowers on autopay a 1-percentage-point interest rate cut starting July 1, lasting for two years.

🛢️ Ukrainian drones struck a Moscow oil refinery for the second time in three days, igniting a blaze just 10 miles from the Kremlin.

⛽ US gas prices fell below $4 a gallon for the first time since March, though they remain 25% higher than a year ago.

📊 US jobless claims fell to 226,000 last week, keeping layoffs near historic lows.

🍫 Mars will debut M&M's made without artificial dyes in August, but the bags will be missing brown and blue after the algae-based blue substitute proved too costly to scale.

Do you own any shares of Micron Technology (MU)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested

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