Closing Bell: Historic SpaceX IPO and Easing Crude Lift Markets

The record-breaking public market debut from Elon Musk’s SpaceX (SPCX) capped a tumultuous but positive week for markets.

The S&P 500 edged higher by 0.50% to close at 7431.46, the Nasdaq Composite rose 0.31% to 25,888.84, and the blue-chip Dow Jones Industrial Average added 0.70% to finish at 51,202.26.

Risk appetite across broader equity markets was further supported by a sharp drop in oil prices, with headlines indicating a potential U.S.-Iran agreement to reopen the Strait of Hormuz. West Texas Intermediate (WTI) crude oil futures traded back below $85 per barrel. All S&P sectors besides healthcare traded higher into the close, while technology and growth-sensitive communication segments absorbed localized profit-taking.

Three things to watch from today’s market:

• SpaceX Dominates Capital Flows in Record-Setting Nasdaq Debut: Space Exploration Technologies made financial history on Friday, launching its long-awaited initial public offering. The stock opened at $150—surpassing its $135 pricing floor—before surging on massive institutional volume to close at $160.95, driving the company's valuation past the $2 trillion mark.
• Diplomatic Breakthrough Deflates Crude Risk Premium: Oil and its derivatives experienced a swift unwind on reports that Washington and Tehran are advancing a peace framework. Institutional traders quickly priced in a reopening of the Strait of Hormuz. While the underlying physical commodity dropped, oil-related equities managed to post modest daily gains.
• Consumer Sentiment Rebounds as Near-Term Inflation Expectations Ease: Domestic economic data provided an unexpected psychological lift to the closing session. The University of Michigan preliminary June Consumer Sentiment Index rose to 48.9, a bounce from the May historic low of 44.8, and a comfortable jump above the consensus estimate of 46.0. The improvement was most pronounced among lower-income demographics, tracking with an early-month cooling in retail fuel prices. Critically, year-ahead inflation expectations moderated to 4.6% (down from 4.8% in May), while five-year inflation expectations retreated to 3.4% from last month's 3.9% peak.

Economic Events/Data Monday, June 15th (ET)

• 08:30 AM: NY Empire State Manufacturing Index (June)
• 09:15 AM: Industrial Production (YoY) (May)

Earnings Calendar: Monday, June 15th (ET)

Premarket

• Powerfleet Inc (AIOT)
• Canopy Growth Corp. (CGC)

Postmarket

• Dave & Buster's Entertainment (PLAY)
• Domo Inc. (DOMO)

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

Schwab Network is brought to you by Charles Schwab Media Productions Company (“CSMPC”). CSMPC is a subsidiary of The Charles Schwab Corporation and is not a financial advisor, registered investment advisor, broker-dealer, or futures commission merchant.

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.