SpaceX Surges 19% on Debut; Oil Drops on Iran Deal
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- SpaceX debuted on the Nasdaq at $150/share (above its $135 IPO price) and closed up 19% at ~$161, pushing its valuation past $2 trillion.
- The S&P 500 rose 0.5% to 7,431.46, the Nasdaq added 0.31% to 25,888.84, and the Dow climbed 353.51 points (0.7%) to 51,202.26.
- West Texas Intermediate crude fell 3.2% to $84.88/barrel on hopes for a U.S.-Iran deal that could see the U.S. lift oil sanctions and Iran reopen the Strait of Hormuz.
- Goldman Sachs, lead-left bookrunner on the SpaceX IPO, climbed nearly 3% in midday trading — the best performer in the Invesco KBW Bank ETF.
- President Trump warned Iran on Truth Social to "get their act together" even as a deal was on the table; later, Pakistan PM Shehbaz Sharif said a "final, agreed upon text" of a deal "has been reached."
- The U.S.-Iran deal could be signed in Switzerland as soon as Sunday, per Bloomberg, citing people familiar with the plans.
- Analyst caution: Peter Boockvar warned that combined mega-IPOs (OpenAI, Anthropic) plus reduced hyperscaler buybacks could cap the rally, while UBS data shows only 1 in 3 stocks has outperformed in three months — the narrowest market in 30 years.
Why it matters: SpaceX's $2 trillion+ debut lifted the S&P 500, Nasdaq, and Dow, with Goldman Sachs gaining nearly 3% as lead bookrunner. But Boockvar warned that OpenAI and Anthropic IPOs plus reduced hyperscaler buybacks could limit gains, and UBS data shows only 1 in 3 stocks has outperformed in three months — the narrowest in 30 years.
