US-Iran Deal Boosts Risk Assets; S&P 500 Futures Hit Record Highs as Oil Falls

According to QCP Capital, on June 17, the United States and Iran reached a memorandum of understanding over the weekend, boosting risk assets and sending S&P 500 futures to record levels. Oil prices declined as markets reduced expectations of prolonged disruptions to global energy supplies.

Despite broad market strength, Bitcoin has underperformed, with QCP attributing weakness partly to concerns surrounding Strategy's financing activities, including convertible debt repurchases and equity sales. The firm said Bitcoin may continue facing pressure until Strategy-related funding concerns ease.