Why TD Securities anticipates even bigger days ahead for SpaceX
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- SpaceX debuted on the Nasdaq at 11:46 a.m. ET on Friday, surging more than 19% to close at $160.95 and pushing its market cap above $2 trillion.
- Peter Haynes, head of index and market structure at TD Securities, told CNBC's "ETF Edge" that SpaceX's public debut is only a small part of the larger timeline, urging investors to watch upcoming index events.
- Nasdaq will rebalance the Nasdaq 100 on July 6 — Day 15 after SpaceX's IPO — to reflect the newly public shares, a date Haynes flagged as critical.
- The S&P 500 Index Committee announced it will not fast-track SpaceX into the benchmark, meaning the company must trade for at least one year before becoming eligible; Haynes called the decision "controversial."
- S&P Total Market Index, MSCI Global Index, and Russell Indexes rebalancing schedules will carry greater significance in the S&P 500's absence, according to Haynes.
- Haynes separately praised the equity trading industry's infrastructure for handling SpaceX's massive IPO without disruption, writing that the industry "passed the test."
Why it matters: The S&P 500's refusal to fast-track SpaceX shifts the immediate rebalancing pressure to the Nasdaq 100, S&P Total Market Index, MSCI Global Index, and Russell Indexes, with the July 6 Nasdaq 100 rebalance now the first major checkpoint for funds tracking those benchmarks and a potential catalyst for further price moves in a stock that just added $2 trillion in market cap on its first trading day.
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