Stock Market Today, June 15: SpaceX Surges at Midday After Blockbuster IPO
As of midday, the S&P 500 (SNPINDEX:^GSPC) rose 1.91% to 7,573.19, the Nasdaq Composite (NASDAQINDEX:^IXIC) jumped 3.00% to 26,666.03, and the Dow Jones Industrial Average (DJINDICES:^DJI) gained 1.41% to 51,922.03 as tumbling oil and a U.S.–Iran peace framework fueled a broad risk‑on rally.
Market movers
SpaceX extended its blockbuster IPO gains this morning. Semiconductor names, including Micron Technology and Western Digital, advanced on AI optimism and risk appetite. In contrast, Fox tumbled on Roku acquisition plans despite the strong tape.
What this means for investors
News that the U.S. and Iran have agreed on a framework for peace lifted major U.S. indexes this morning. The deal, set to be signed on Friday, includes plans to reopen the Strait of Hormuz and allow oil tanker transit to resume. Oil fell to its lowest level in three months, with WTI crude oil trading around $80 per barrel at midday.
Energy stocks lagged while artificial intelligence (AI), semiconductor, and travel stocks gained, as investors shifted to growth stocks. The record-breaking SpaceX IPO reinforced bullish sentiment after the stock reached a valuation of over $2 trillion on its first day of trading.
After faltering last week, stocks seem to be rallying toward record highs once again. However, sky-high valuations and other warning signs mean some analysts remain cautious. For example, the tone of this week’s Federal Reserve meeting will be key after the 30-year Treasury yield hit a 19-year high last month. Rising bond yields have historically preceded interest rate increases and steep stock market losses.
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Emma Newbery has positions in Roku. The Motley Fool has positions in and recommends Micron Technology, Roku, and Western Digital. The Motley Fool has a disclosure policy.
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