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Good morning. Markets exhale after the US and Iran agree to a ceasefire, but core issues remain unresolved. And we look at Elon Musk’s push toward a SpaceX IPO as he races AI rivals to market. Listen to the day’s top stories. — Hellmuth Tromm
The US and Iran agreed to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz. Trump said the US will help ease traffic through the waterway, with more than 800 vessels still trapped in the Persian Gulf. Pakistan’s pivotal role as mediator was hailed as a diplomatic coup, but the conflict risks leaving the US looking weakened in the eyes of its adversaries and more attacks in the region were reported. Markets greeted the truce with jubilation: Oil posted its biggest drop in almost six years and gas prices plunged, while global equities surged as big funds piled into Treasuries and AI stocks, and gold rallied. 
Back home, Republicans got some relief in Georgia—with a warning sign. Clay Fuller is projected to win a US House race in a deeply conservative district, keeping the seat vacated by conservative firebrand Marjorie Taylor Greene in GOP hands. With 83% of votes counted, Fuller led Democrat Shawn Harris 57% to 43%—a narrower margin than in recent elections. Trump seems in no rush to name a permanent attorney general to replace Pam Bondi, allowing acting chief Todd Blanche time to settle in. The White House has yet to decide whether Blanche, a trusted ally, is a viable long-term pick or could survive a Senate confirmation.  
Ecuador’s President Daniel Noboa said he would welcome US troops to help confront the “security crisis” in his nation.
The Big TakeTrump’s ceasefire with Iran has brought relief to global markets, but it leaves core disputes unresolved. Questions over shipping through the Hormuz waterway and Iran’s nuclear and missile programs continue to cloud the path to a lasting deal. 
Deep Dive: Musk’s SpaceX IPO
A mural outside of the SpaceX complex in Starbase, Texas.
Photographer: Mark Felix/Bloomberg
Elon Musk is racing toward a SpaceX IPO and may beat AI rivals Anthropic and OpenAI to the public markets as early as this summer. Leaning on the AI boom, it could be his most audacious product launch yet.
OpinionThe oil market is pricing the Iran ceasefire as a truly historic development, John Authers writes. But a protracted recovery for risk assets is still in the uncomfortable position of relying on the leaders in Tehran. 
More Opinions Play Alphadots!Our daily word puzzle with a plot twist. 
Before You Go
The Crash, with its deliberately distorted case, is one of horology’s most infamous designs.
Source: Sotheby’s.
Sotheby’s is putting a trove of rare Cartier timepieces under the hammer, with the series expected to fetch more than $15 million. Leading the sale is a yellow-gold Cartier London Crash from 1987, a coveted collector’s piece estimated at $400,000 to $800,000. One More Bloomberg Tech returns to San Francisco June 3-4, convening leading CEOs, investors and innovators shaping the future. Drawing on Bloomberg’s global newsroom and Terminal data, we’ll explore the capital, connectivity and ideas driving the industry forward. Register here. More From BloombergEnjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:
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