Sonja Hutson

Good morning from the Financial Times.

Today is Friday, May 29th, and this is your FT News Briefing.

The U.S.

and Iran are getting close to a ceasefire extension.

And hype over SpaceX's IPO is stratospheric.

Plus, Robinhood is letting investors use AI to make trades.

I'm Sonia Hudson, and here's the news you need to start your day.

Negotiators from Iran and the U.S.

have reached a memorandum of understanding, but President Donald Trump still needs to sign off on it.

That's according to a White House official.

The news comes after the countries have exchanged fire in recent days.

The deal would extend the ceasefire by 60 days and reopen the Strait of Hormuz.

Now, Iran did not confirm the White House's version of events, which were first reported by Axios.

An Iranian news agency close to the Revolutionary Guards warned on Wednesday that Trump could unilaterally announce the agreement, even though Tehran thought some issues were unresolved.

Investors are clamoring for exposure to SpaceX ahead of its initial public offering next month.

There's so much appetite that one analyst called it a, quote, speculative frenzy.

Can't blame anyone for wanting to get in on the largest IPO in history.

But some investors say this much speculative trading is a red flag for the market.

Here to tell us more is the FT's Emily Herbert.

Hi, Emily.