SpaceX Soars 19% in Historic $2.1 Trillion IPO Debut

SpaceX stock jumps 19% on debut, Musk becomes first trillionaire Shares of Elon Musk's rocket company closed at $160.95, giving it a $2.1 trillion market cap and making Musk the world's first trillionaire. The $75 billion IPO is the largest in history, and the stock's surge lifted the broader market. 123456

Wall Street rallies as oil drops on Iran peace hopes The S&P 500 rose 0.5%, the Dow gained 353 points, and the Nasdaq added 0.3% as Brent crude fell 3.4% to $87.33 on reports a US-Iran peace deal may be imminent. Markets are betting lower oil will ease inflation and reduce pressure for rate hikes. 13

Inflation hits 3-year high, producer prices spike 6.5% Consumer prices rose 4.2% in May, the highest in three years, while producer prices surged 6.5% year-over-year, driven by energy costs from the Iran war. Core inflation remains contained, but the data complicates the Fed's next move ahead of Kevin Warsh's first policy meeting. 5

SpaceX's $2.1T valuation raises fears of market peak Wall Street is debating whether the flood of mega-IPOs and secondary offerings—including SpaceX's $75B raise and Alphabet's $85B offering—signals a top. History shows high equity issuance preceded bear markets in 1999, 2007, and 2021. 7

SpaceX's index inclusion could reshape 401(k) portfolios If SpaceX maintains its $2.1 trillion valuation, it will likely join major stock indexes like the S&P 500 and Nasdaq 100, forcing index funds to buy shares. That means millions of retirement savers will automatically own SpaceX stock, whether they follow the hype or not. 8

Adobe drops 6.8% as CFO departs amid CEO search Adobe shares fell despite beating earnings estimates, as the company announced its CFO is leaving Monday and continues searching for a new CEO to replace Shantanu Narayen. The stock is down nearly 42% year-to-date. 1