Live Nasdaq Composite: Markets Hold Breath on Mideast Deal, SpaceX IPO Launch
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SpaceX's $135/share Nasdaq debut raises $75B, eclipsing Alibaba's 2014 record and poised to make Elon Musk the world's first trillionaire.
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Citi upgraded AMD to 'buy' with a $575 price target, while Adobe tumbles 8.5% after earnings and a CFO departure.
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A reported Iran-U.S. peace deal that could reopen the Strait of Hormuz is pulling both WTI and Brent crude below $90/barrel.
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SpaceX Soars
SpaceX (NASDAQ:SPCX) wasted no time making its presence felt on the public markets, surging nearly 20% out of the gate to claim the title of the world’s seventh-largest public company at a $2.114 trillion market cap, already ahead of Broadcom, Saudi Aramco, and Tesla. The trading volume has been just as staggering as the price action. Within the first 15 minutes alone, more than 160 million shares changed hands, representing roughly $26 billion in value, or about $1.7 billion per minute, a pace that places SpaceX’s debut among the most frenzied openings in market history.
SpaceX Pricing
As investors wait with bated breath for the opening trade, SpaceX (NASDAQ:SPCX) shares are now indicated to open at $160, below earlier indications of $170 but well above the original IPO price of $135.
Rocket Man
SpaceX’s (NASDAQ:SPCX) Nasdaq debut is living up to the hype before a single share has changed hands publicly. The IPO reportedly drew more than $250 billion in institutional orders, a staggering figure that underscores the demand surrounding what is set to become the largest public offering in history. Elon Musk rang the opening bell at the Nasdaq this morning, with the stock scheduled to be released for quotation at 9:50 AM ET, a moment investors across the market have been counting down to all week. SpaceX stock is reportedly indicated 25% above its opening bid.
This article will be updated throughout the day, so check back often for more daily updates.
The Nasdaq Composite is hovering just below the flatline as global markets ride a wave of relief following reports that an Iran-U.S. peace agreement could reopen the Strait of Hormuz and lift oil sanctions. Market sentiment is also being buoyed by SpaceX making its Nasdaq debut under the ticker SPCX, pricing at a fixed $135 per share that values Elon Musk’s rocket company at $1.77 trillion. The offering, totaling 555.6 million shares for a $75 billion raise, is set to eclipse Alibaba’s $22 billion 2014 listing as the largest IPO ever recorded, more than tripling the previous record. With a Mideast deal in sight, oil prices are sinking as both WTI Crude and Brent Crude fall below the $90/barrel threshold.
Here’s a look at where things stand as of pre-morning trading:
Dow Jones Industrial Average: 51,063 Up 0.39%
Nasdaq Composite: 29,451 Down 0.05%
S&P 500: 7,408 Up 0.16%
Market Movers
Citi analysts upgraded Advanced Micro Devices (NASDAQ:AMD | AMD Price Prediction) to “buy” from “hold,” lifting its price target to $575 from $460 in a move that signals growing confidence in the chipmaker’s positioning within the AI buildout.
ARM Holdings (Nasdaq; ARM) is gaining 6.5% today amid a recent partnership with AI leader Nvidia (Nasdaq: NVDA).
SK Hynix is reportedly eyeing a Nasdaq listing for its planned offering, with Reuters indicating the South Korean memory chipmaker could move as early as August.
SpaceX’s IPO is set to make history beyond the markets themselves, with Forbes and Reuters calculations indicating Elon Musk will become the world’s first trillionaire when shares begin trading Friday. The bulk of that wealth sits in his SpaceX stake, valued at roughly $866 billion, while his combined holdings across Tesla and his other ventures will push his total net worth above $1.1 trillion.
Adobe (Nasdaq; ADBE) is falling by 8.5% today on the heels of its earnings report and the departure of its finance chief.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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