Stock Market Live June 8, 2026: S&P 500 (SPY) Rebounds with Chip Stocks

Live Updates

Investors May Not Want to Chase SpaceX IPO on Day 1

1 hour ago

Live

SpaceX may be one of the most exciting IPOs to hit the market. Looking to sell 555.6 million shares at $135 apiece for a potentially record-breaking public offering, it won’t be cheap. While exciting, some analysts urge extreme caution. In fact, according to Morningstar, the company is worth less than half of its expected valuation.

“We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO,” Morningstar analysts said, as quoted by CNBC. “Morningstar’s discounted cash flow valuation of SpaceX is $780 billion, which is roughly 48% below its private market valuation of $1.5 trillion.”

In addition, New York University finance professor Aswath Damodaran just told CNBC, the IPO “is too richly priced for my tastes.” He added, “Although SpaceX is a ‘unique, cutting-edge business,’ an investment in the company at this price is a loaded bet on AI and Elon Musk.

Late last week, a sharp rotation out of semiconductor stocks triggered a significant selloff, sending the Nasdaq down more than 1,100 points. The Dow Jones Industrial Average and S&P 500 also declined as investors took profits across the technology sector.

Today, those same chip stocks are showing signs of recovery, helping lift the major indices in pre-market trading.

At the moment, the S&P 500 is up 0.74%, gaining about 55 points. The SPDR S&P 500 ETF (SPY) is up 0.75%, or roughly $5.60 per share, after falling nearly $20 on Friday. The Dow is higher by 0.31%, adding about 160 points, while the Nasdaq has surged 1.35%, gaining 392 points. Crude oil is also moving higher, up $1.56 to $92.10 per barrel.

While the rebound is impressive and may spark fear-of-missing-out (FOMO) buying, investors should remain cautious. Rather than chasing the initial rally, it may be prudent to wait for confirmation of a sustained trend reversal before establishing new positions.

Market Movers: Citi Raises S&P 500 Target to 8,100 

Analysts at Citigroup just raised their year-end target for the S&P 500 to 8,100, citing continued strength in artificial intelligence-driven earnings growth. The firm expects S&P 500 earnings to reach $350 per share in 2026 and increase to $400 per share in 2027. According to Citi analysts:

“AI tailwinds are fueling an episodic fundamental surge across related sectors. We have high confidence in continued earnings beats through year-end.”

The new target represents an increase from Citi’s previous forecast of 7,700.

Analysts also noted that the market appears to be in the “middle innings” of the current earnings cycle, suggesting that future gains will likely depend more heavily on earnings growth than on valuation expansion.

Market Movers: Marvell Surges on S&P 500 Inclusion 

Shares of Marvell Technology (NASDAQ: MRVL | MRVL Price Prediction) jumped 9%, gaining $23.42 after the company announced it will join the S&P 500 on June 22.

The move comes just days after Jensen Huang, CEO of NVIDIA, described Marvell as a potential future trillion-dollar company. He highlighted the company’s networking and connectivity chips, which play a critical role in modern AI data centers where thousands of processors must rapidly exchange data to perform complex computing tasks.

Bank of America Raises Price Target on Sandisk

Analysts at Bank of America increased their price target on Sandisk (NASDAQ: SNDK) to $2,100 while maintaining a Buy rating.

The firm believes the company will continue benefiting from strong pricing power, particularly as memory supply remains constrained. Demand for NAND memory is expected to increase further as artificial intelligence infrastructure expands and large-scale data centers consume a growing share of global memory and flash storage production.

Investors should also consider the long-term impact of AI on data center growth. As AI workloads become increasingly data-intensive, demand for NAND storage is expected to rise significantly. NAND technology is essential to AI infrastructure, providing the high-speed storage capacity needed to support massive datasets, rapid data access, and overall system performance.