Stock Market Update

[BRIEFING.COM] The stock market ended a bumpy week on a higher note, with falling oil prices contributing to broad market gains that helped the S&P 500 (+0.5%), Nasdaq Composite (+0.3%), and DJIA (+0.7%) finish higher for the week.

Today's session included arguably the most anticipated market event of the week: the SpaceX (SPCX 160.95, +25.95, +19.22%) IPO. The stock got off to a solid start, with the 555.56 million share offering pricing at $135, opening at $150 for an 11% opening premium, and then pushing higher to trade roughly 20% above the IPO price.

There was some volatility across other mega-cap stocks following the debut of SpaceX, with some analysts positing that investors may be taking profits across the group as a source of funds for SpaceX's debut. However, it is also worth noting that the group is coming off a solid gain in yesterday's session.

Amazon (AMZN 238.55, -2.96, -1.23%) was a laggard, though Tesla (TSLA 406.43, +7.28, +1.82%) reversed an earlier loss, which helped the consumer discretionary sector (flat) reclaim its flatline late in the session. The Vanguard Mega Cap Growth ETF (+0.2%) finished little changed.

The information technology sector also faced some volatility across its largest components, but was supported by another solid showing from its semiconductor components today. Advanced Micro Devices (AMD 511.57, +23.12, +4.73%) was a chipmaker standout after Citigroup upgraded the stock to Buy from Neutral with a $575 target.

The PHLX Semiconductor Index added 1.5% to what was already a solid week.

Elsewhere in the sector, Adobe (ADBE 204.02, -14.78, -6.76%) lagged after topping earnings expectations as the strategic pivot toward freemium user acquisition and AI engagement, along with a CFO departure, weighed on the stock.

Meanwhile, stocks benefitted from another strong showing across the broader market as oil prices retreated again today. Crude oil futures settled today's session $2.93 lower (-3.3%) at $84.88 per barrel amid reports that the U.S. and Iran are nearing a peace agreement that could come into effect by next week.

Similar to yesterday's action, the materials sector (+1.8%) finished with the widest gain today, with chemical names Mosaic (MOS 22.69, +1.60, +7.59%) and Albemarle (ALB 170.42, +11.36, +7.14%) finishing as the top-performing S&P 500 names.

The financials (+1.4%), utilities (+1.1%), and real estate (+1.0%) continued this week's broadening out trend with solid gains, and only the health care sector (-0.2%) finished lower.

Outside of the S&P 500, the Russell 2000 (+0.8%) and S&P Mid Cap 400 (+0.7%) also notched solid gains.

Overall, the week ended on an encouraging note, with strength extending well beyond the technology sector as falling oil prices and easing geopolitical concerns supported risk appetite. The combination of a successful SpaceX debut, continued semiconductor leadership, and improving participation across cyclical sectors suggests investors remain willing to look through near-term volatility, particularly if developments on the U.S.-Iran front continue to move in a constructive direction.

U.S. Treasuries ended the week on a modestly lower note with the long bond dipping from its June high, though the complex remained in positive territory for the week. The 2-year note yield settled up two basis points to 4.09% (-7 basis points this week), and the 10-year note yield settled up two basis points to 4.49% (-5 basis points this week).

• Russell 2000: +18.6% YTD
• S&P Mid Cap 400: +14.9% YTD
• Nasdaq Composite: +11.4% YTD
• S&P 500: +8.6% YTD
• DJIA: +6.5% YTD

Reviewing today's data:

• June University of Michigan Consumer Sentiment - Prelim 48.9 (Briefing.com consensus 46.2); Prior 44.8
  
  • The key takeaway from the report is that the improved readings revolved around the early-month easing in gasoline prices, which was a relief factor felt by consumers across age, education, and political party. Still, there were reported concerns about higher inflation remaining stubborn.

[BRIEFING.COM] The major averages remain little changed from previous levels, keeping the indices on track for modest week-to-date gains. Meanwhile, the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.8%) outperform on both a daily and week-to-date basis.

The Wall Street Journal reports that a deal between the U.S. and Iran is close, but upcoming negotiations will kickstart the toughest parts of nuclear negotiations.

Still, stocks were supported by optimism on the geopolitical front, with crude oil futures settling today's session $2.93 lower (-3.3%) at $84.88 per barrel.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.3%), and DJIA (+0.9%) trade in a relatively stable range as the market enters the final hour of the session.

SpaceX's (SPCX 165.55, +30.55, +22.63%) blockbuster IPO is off to a solid start, with the 555.56 mln share offering pricing at $135, opening at $150 for an 11% opening gain, and then pushing higher to trade roughly 20% above the IPO price. That is an impressive debut for what is now a staggering roughly $2.1 trillion company, but the move is perhaps not quite as spectacular as some investors may have anticipated given the intense demand, massive order book, and pre-IPO excitement surrounding the largest IPO in market history.

The focus now shifts to whether SPCX can hang onto these opening gains once the initial scarcity premium, institutional allocation scramble, and retail enthusiasm begin to settle. Fundamentally, the bull case is built around an unmatched combination of reusable launch dominance, Starlink's 10.3 million subscriber base, deep government and defense relationships, direct-to-cell connectivity, Starship optionality, and a much broader AI infrastructure vision following the xAI combination.

The caution is valuation and execution risk, as SPCX is being valued far beyond conventional earnings or revenue metrics despite posting a 2025 net loss of $4.94 bln, a 1Q26 net loss of $4.28 billion and enormous capital spending tied especially to AI infrastructure.

[BRIEFING.COM] The S&P 500 (+0.40%) is in second place on Friday afternoon, up about 30 points.

Briefly, S&P 500 constituents Seagate Tech (STX 940.04, +71.95, +8.29%), Coherent (COHR 389.04, +25.46, +7.00%), and The Trade Desk (TTD 19.38, +0.48, +2.54%) pepper the top of the standings. JP Morgan upped their target to $920 (from $775) on STX today, while TTD rallies after reports that the company had settled its dispute with Publicis (PUBGY 26.17, +0.40, +1.55%) related to ad tech fees.

Meanwhile, EchoStar (SATS 111.78, -16.35, -12.76%) slides as space-related stocks show weakness amid SpaceX's (SPCX) IPO today.

[BRIEFING.COM] The Nasdaq Composite (+0.36%) is up about 93 points this afternoon, the shallowest gains among the major averages.

Gold futures settled $126 higher (+3.1%) at $4,240/oz, down about -2.9% on the week, as easing Middle East tensions pressured the dollar and Treasury yields, boosting demand for the precious metal after its recent pullback. Despite the sharp rebound, gold's weekly losses stacked up as stronger U.S. inflation data and expectations that the Federal Reserve could keep interest rates elevated continued to weigh on sentiment.

Meanwhile, the U.S. Dollar Index is up less than +0.1% to $99.74.