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Live Nasdaq Composite: Market Sentiment Buoyed by SpaceX Stock, Sinking Oil Price

By Gerelyn Terzo · Updated Jun 16, 12:46pm ET · Published Jun 16, 9:57am ET

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ChatGTP Loses Market Share

ChatGPT’s grip on the AI chatbot market is loosening, with its global market share dropping below 50% for the first time, according to TechCrunch. Sensor Tower data through the end of May shows ChatGPT still leading the pack at 46.4% with over 1.1 billion monthly users, but Gemini has climbed to 27.7% with 662 million users, while Claude holds 10.3% with 245 million, and the remaining players, including Grok, Perplexity, DeepSeek, and Meta AI, each sit under 5%. ChatGPT was above the 50% mark as recently as January, and the erosion appears tied to a few factors, not least users increasingly bouncing between assistants rather than committing to one.

Bullish on Year-End

Wells Fargo is joining the chorus of bullish year-end calls, lifting its 2026 S&P 500 target to a range of 7,800 to 8,000 from a prior 7,400 to 7,600. The firm also unveiled its initial 2027 target, setting a range of 8,600 to 8,800, signaling continued confidence that the market’s upward trajectory has room to extend beyond this year.

Microsoft Malaise

Microsoft (NASDAQ:MSFT) is the rare mega-cap where five years of waiting has barely moved the stock price, but the business underneath looks nothing like it did in 2021. Shares sit at $399 today versus $341 five years ago, a modest gain that masks a 109% surge in EPS, from $8.05 to $16.80, while the P/E multiple has collapsed 37.5%, from 37.9x down to 23.7x. The stock isn’t expensive because it grew into a higher valuation; it’s gotten cheaper while the fundamentals did all the work.

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The story so far

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

Markets are hovering near fresh all-time high territory again, with the Nasdaq Composite holding around the flatline alongside the S&P 500 as investors assess the prospect of a U.S.-Iran peace agreement that has reshaped sentiment across asset classes. The calm follows a record-setting session for the Dow, which is extending Monday’s gains with another 382-point advance, or 0.7%, led by Goldman Sachs and Caterpillar.

SpaceX (NASDAQ:SPCX | SPCX Price Prediction) remains the story everyone is watching, popping another 9% and now trading around $207, a remarkable run for a stock that priced its IPO at just $135 last week. Oil is providing the clearest signal that geopolitical risk is fading fast, with Brent crude sliding 3% to around $80 a barrel after briefly dipping below that threshold for the first time since March, while WTI crude dropped a similar amount to around $77, both reflecting growing confidence that the Strait of Hormuz disruption risk is receding.

SpaceX (NASDAQ:SPCX) is showing no signs of slowing down, with shares advancing roughly 8% in Tuesday’s premarket session and pushing the company’s valuation past Amazon (NASDAQ:AMZN) for the first time. SpaceX’s market cap stands at approximately $2.74 trillion compared to Amazon’s $2.66 trillion, putting Elon Musk’s rocket company within striking distance of Microsoft’s $2.91 trillion valuation. Tuesday’s gain follows an explosive 20% surge Monday, the stock’s first full session of trading, building on the momentum from a record-breaking IPO debut just days earlier

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

Dow Jones Industrial Average: 51,984 Up 0.61%
Nasdaq Composite: 26,740 Up 0.21%
S&P 500: 7,563.91 Up 0.11%

Market Movers

TSMC (NYSE:TSM) and Amkor Technology (NASDAQ:AMKR) have signed a 10-year partnership under which TSMC will procure advanced packaging and testing services from Amkor’s Arizona campus. The agreement effectively closes the loop on domestic chip production, connecting two companies already building major facilities in the same state and creating a fully integrated American footprint that spans everything from raw silicon to finished, tested devices.

Mobileye (NASDAQ:MBLY) announced plans to launch its own autonomous ride-hailing service in a yet-to-be-named city next year, a move that throws the Intel-backed company directly into competition with Alphabet’s (NASDAQ:GOOGL) Waymo in the increasingly crowded race to commercialize self-driving technology.

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Gerelyn Terzo

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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