Live Nasdaq Composite: Chip Selloff and Rising Yields Weigh on Nasdaq After Jobs Report Stuns

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SpaceX to the Moon

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Morgan Stanley is making the case that SpaceX’s $1.77 trillion IPO valuation may not be far out. Analysts predicxt the Elon Musk-led space company could generate $3.4 trillion in revenue by 2040, a forecast anchored largely by what they see as explosive growth in its AI business in the years ahead.

SpaceX posted $18.7 billion in revenue in 2025, and with plans to raise roughly $75 billion in what would rank as the largest public offering in history, the roadshow kicking off Thursday is asking investors to bet not just on rockets and satellites, but on a company positioning itself at the intersection of space infrastructure and artificial intelligence for decades to come.

This article will be updated throughout the day, so check back often for more daily updates. 

Friday is shaping up to be a bumpy close to the week for the Nasdaq Composite, with the tech-heavy index slipping 1.6% as rising Treasury yields and renewed chip stock pressure weighed on sentiment following a May jobs report that came in well above expectations. The S&P 500 is down 1% in tandem, while the Dow is holding up comparatively well, off just 151 points, or 0.3%, as the session’s pain concentrates in the names that have led the market’s record-setting run.

On the economic front, the May’s jobs report landed well above expectations, with nonfarm payrolls coming in at 172,000 against an 85,000 estimate, more than doubling the consensus and topping every economist forecast tracked by Bloomberg. The unemployment rate held at 4.3%, while upward revisions to the prior two months pushed the three-month trend to its strongest pace in more than two years.

Rate hike odds are creeping onto the radar, and prediction markets are taking notice. Polymarket now puts the probability of a rate increase in 2026 at 47%, while the chances of the Fed holding rates steady for the entire year have climbed to 69%.

Here’s a look at where things stand as of morning trading:

Dow Jones Industrial Average: 51,496 Down 0.13%
Nasdaq Composite: 26,333 Down 1.85%
S&P 500: 7,501 Down 1.09%

Market Movers

JPMorgan made a notable about-face on Tesla (NASDAQ:TSLA | TSLA Price Prediction), lifting the stock to Neutral from Underweight and more than tripling its price target to $475 from $145. The firm credited Tesla’s positioning at the forefront of physical AI and its expanding reach into what JPMorgan described as uncharted total addressable markets as the core of its revised thinking.

Nvidia (NASDAQ:NVDA) CEO Jensen Huang has given the green light to Samsung, SK Hynix and Micron Technology (NASDAQ:MU), with all three chipmakers clearing qualification to supply HBM4 memory for the next-generation Vera Rubin AI platform, according to Bloomberg. “All three vendors are in production, and they’re all racing to support Vera Rubin,” Huang said, a statement

SanDisk (Nasdaq: SNDK) is sinking 6.7% on the day, while Super Micro Computer (Nasdaq: SMCI) is spiraling by 7.7%.