Stock Market Today, June 12: SpaceX Mega IPO Soars, Testing Tech Stocks at Midday
CAs of midday, the S&P 500 (SNPINDEX:^GSPC) rose 0.12% to 7,403.38, the Nasdaq Composite (NASDAQINDEX:^IXIC) dropped 0.36% to 25,716.64 as SpaceX’s (NASDAQ: SPCX) IPO kept risk appetite elevated in a volatile morning of trading. The IPO kept risk appetite elevated in a volatile morning of trading. The Dow Jones Industrial Average (DJINDICES:^DJI) climbed 0.38% to 51,040.07 as oil slid amid growing Iran peace deal hopes.
Market movers
Artificial intelligence (AI) infrastructure and cloud names had a volatile morning as the SpaceX IPO rocked the Nasdaq. At midday, the stock had surged almost 20% to $161.33 just hours after listing. Tech giants, Nvidia, Apple, Microsoft, and Broadcom all slipped as the mega-IPO pressured the market.
What this means for investors
The SpaceX IPO took center stage as the $75 billion offering entered the history books. Initial trading in the space-AI-communications firm showed strong demand, though some investors are skeptical that a loss-making company warrants such a high valuation.
This morning’s choppy trading could be a sign of things to come, say strategists at 22V Research. There are growing signs that conviction in mega tech stocks is fading, and that may lead to further sharp swings as investors rotate between tech and value stocks.
Oil prices dropped on growing expectations that the U.S. and Iran might reach a deal and reopen the Strait of Hormuz. WTI crude oil fell below $85 a barrel for the first time since mid-April. Improving U.S. consumer sentiment also boosted stocks: June data from the University of Michigan showed that easing gas prices had reduced some of the pressure on people’s wallets.
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Emma Newbery has positions in Apple and Nvidia. The Motley Fool has positions in and recommends Apple, Broadcom, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
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