Shares of Space Exploration Technologies Corp. SpaceX (SPCX) rallied to $175 by midday trading Friday, as the stock debuted on the Nasdaq as the world's biggest IPO ever.
The roughly $75 billion offering at a $1.75 trillion valuation priced at $135 per share, and the Elon Musk-led company wasted no time leaving that mark behind, swinging between roughly $150 and $168 before pushing higher to $175 by midday — a gain of about 30% from its listing price.
The record listing rocked the rest of the space complex, as investors rotated capital toward the sector's new heavyweight and reassessed the competitive landscape. AST SpaceMobile Inc. AST SpaceMobile (ASTS) plunged 14.6% – the worst showing in the Russell 1000 – while Rocket Lab Corporation Rocket Lab (RKLB) tumbled 10.1% as traders booked profits on a name that had run up sharply ahead of the listing.
The pain ran deeper among the smaller players. Firefly Aerospace Inc. Firefly Aerospace (FLY) sank 17%, Velo3D Inc. Velo3D (VELO) – a SpaceX parts supplier often traded as a proxy – fell 16%, EchoStar Corporation EchoStar (SATS) dropped 15%, and Voyager Technologies Inc. Voyager Technologies (VOYG) slid 13%.
Away from the space frenzy, the broader market traded on geopolitics. President Donald Trump cast fresh doubt on a U.S.-Iran agreement Friday morning, writing on Truth Social that "the terms that Iran leaked out have nothing to do with the terms that were agreed to, in writing."
Despite this, markets continue to believe a deal will be soon reached. WTI crude fell 3.4% to around $84.71 a barrel, extending a brutal stretch that has knocked roughly 16% off the contract this month as the war premium drains out of oil.
The S&P 500 added 0.2% to 7,408, while the Dow Jones Industrial Average outperformed with a 0.5% gain, advancing 249 points to 51,097.
The Nasdaq 100 was the laggard, slipping a fraction to 29,432. The small-cap Russell 2000 was the day's standout, rising 0.8% to 2,942.
Friday's Performance In Major US Indices
| Index | Last | % Change |
|---|
| S&P 500 | 7,408.22 | +0.2% |
| Dow Jones | 51,097 | +0.5% |
| Nasdaq 100 | 29,432 | -0.1% |
| Russell 2000 | 2,942.12 | +0.8% |
Updated by 1:15 PM ET
According to market data:
- The Vanguard S&P 500 ETF VOO gained 0.5%.
- The SPDR Dow Jones Industrial Average ETF Trust DIA rose 0.5%.
- The Invesco QQQ Trust QQQ edged down 0.1%.
- The iShares Russell 2000 ETF IWM rallied 0.8%.
Chips And Materials Lead As Earnings Losers Pile Up
The Materials Select Sector SPDR Fund XLB led all sectors with a 1.8% gain, followed by the Energy Select Sector SPDR Fund XLE and the Financial Select Sector SPDR Fund XLF, each up more than 1.3%.
The Consumer Discretionary Select Sector SPDR Fund XLY was the weakest, down 1.0% as megacap retail and autos lagged.
Lower crude lifted travel, sending the U.S. Global Jets ETF JETS up 1.7%, while the VanEck Gold Miners ETF GDX rose 2.8%.
Materials names rounded out the gainers. Albemarle Corporation Albemarle (ALB) surged 7.3% as lithium prices rebounded and Citi reiterated a bullish view on the sector, arguing the worst of the lithium-price selloff is over.
Intel Corporation Intel (INTC) jumped 6.2%, rallying for the second session after Bank of America double-upgraded the stock to Buy from Underperform.
Earnings disappointments dominated the downside. Adobe Inc. Adobe (ADBE) fell 6.7% even after posting fiscal Q2 revenue of $6.62 billion and EPS of $5.96 that topped the $5.81 consensus and raising full-year guidance; investors keyed instead on the abrupt exit of CFO Dan Durn, a second top-level vacancy alongside the ongoing CEO search.
RH RH dropped 6.9% in the wake of its first-quarter report released after Thursday's close, with the print and tariff commentary disappointing the Street. Housing stayed heavy, with Lennar Corporation Lennar (LEN) down 4.8%.
Reddit Inc. Reddit (RDDT) slid 6.8%, extending a months-long downtrend amid a steady drumbeat of analyst price-target cuts – including a recent Phillip Securities downgrade to Accumulate with a $200 target – and persistent worries over valuation and competition.
