SpaceX IPO afterglow, Kevin Warsh's first Fed meeting, and a potential US-Iran deal: What to watch this week
Investors step into the week after SpaceX's ( SPCX ) debut on Friday marked the largest public offering in history , with Elon Musk's company closing out the trading session valued at $2.1 trillion. Meanwhile, updates from the Middle East signaled hope that the US and Iran could
Investors step into the week after SpaceX's ( SPCX ) debut on Friday marked the largest public offering in history , with Elon Musk's company closing out the trading session valued at $2.1 trillion. Meanwhile, updates from the Middle East signaled hope that the US and Iran could be close to signing a deal that would reopen the Strait of Hormuz.
The S&P 500 ( ^GSPC ) closed Friday up 0.5%, good for a marginally stronger return of 0.6% on the week. The Dow Jones Industrial Average ( ^DJI ) ended the session up 0.7% for an identical gain on the week. In a similar fashion, the Nasdaq Composite ( ^IXIC ) ended Friday up 0.3% for a five-day gain of 0.7%.
With the craze of the SpaceX IPO in the rearview mirror, all eyes turn to the Federal Reserve's meeting on Wednesday, where the FOMC is widely expected to hold rates steady. More interestingly, the meeting will be Kevin Warsh's first as chairman, with his post-decision press conference set to be a key read on the new regime.
Elsewhere, the calendar is relatively quiet for investors. Manufacturing production data on Monday will give investors a look at the physical side of the economy, following last week's monthly release of the Producer Price Index, which showed wholesale prices advanced at the fastest rate since November 2022.
In the corporate world, earnings from Accenture ( ACN ) on Thursday offer investors a vibe check on the state of the information technology sector.
After days of speculation over where SpaceX ( SPCX ) shares would begin trading on Friday, the first sale crossed the wire at 11:46 a.m. ET, priced at $150 per share, or an 11% premium over the IPO price of $135.
The roughly 20% run-up afterward was good for a market cap of about $2.1 trillion, making SpaceX the sixth-biggest company in the market and making Elon Musk the modern era's first trillionaire — all on the promise that the AI market can be bigger, better, and, eventually, orbital.
"SpaceX going public is an important moment for the broader tech sector in our view as this AI Revolution and data takes this next step forward," Wedbush Securities managing director Dan Ives wrote to clients on Friday.
