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Space Exploration Technologies (SpaceX)

Space Exploration Technologies (SpaceX)

$SPCX
Aerospace

142 stories mentioning Space Exploration Technologies (SpaceX)Updated 1d ago

SpaceX completed a record IPO, allocating about $600 million in shares to European retail investors, while KeyBanc called the related space-sector sell-off unwarranted.

Update: Equities Fall Intraday Amid Netflix Sell-Off; Oil Jumps on Middle East Tensions
US Markets

Update: Equities Fall Intraday Amid Netflix Sell-Off; Oil Jumps on Middle East Tensions

(Updates with latest market prices and developments.)US benchmark equity indexes were lower intraday amid a post-earnings sell-off in Netflix (NFLX) shares, while oil prices jumped as hostilities in the Middle East escalated.The Nasdaq Composite was down 1.1% at 25,593.7 after midday Friday, while the S&P 500 fell 0.8% to 7,471.1. The Dow Jones Industrial Average dropped 0.6% to 52,258.2. Barring energy, all sectors were in the red, led by communication services.Netflix was 7.8% lower intraday, among the worst performers on the S&P 500. The steaming giant's move to annual engagement reporting and its soft US and Canada revenue in the second quarter are apparently weighing on the stock, BofA Securities said in a note. Netflix's June quarter revenue fell short of Wall Street's estimate late Thursday.West Texas Intermediate crude oil was up 4.5% at $82.48 a barrel intraday Friday, while Brent rose 4.4% to $87.89.Kuwait, Jordan and Qatar have come under attack by Iran, while Tehran also claimed it targeted US military assets in Oman and Bahrain, CNN reported Friday."Crude oil extended its rally, with Brent climbing back above $85 a barrel, as energy and refined fuel flows through the Strait of Hormuz continues to slow amid the escalating conflict between the US and Iran," Saxo Bank said in a report. "The renewed disruption has interrupted the recent recovery in regional supply, reviving concerns about tighter global markets."US Treasury yields were mixed intraday, with the two-year rate up 1.6 basis points at 4.17% and the 10-year rate falling 2.4 basis points to 4.55%.In other corporate news, Intuitive Surgical (ISRG) shares slumped 13%, the steepest decline on the S&P 500. Growth in the company's da Vinci robotic surgery procedures in the US moderated due in part to changes in Affordable Care Act premium subsidies, even as it reported better-than-expected quarterly results late Thursday.SpaceX (SPCX) share were down 4.3% intraday Friday. The company's Starship rocket triggered an "automatic launch abort," with the next launch to be rescheduled possibly in a few days, SpaceX Chief Executive Elon Musk said in a Thursday post on X.Travelers (TRV) shares jumped 8.3% intraday Friday, the top gainer on the S&P 500 and the Dow. The property and casualty insurer's second-quarter earnings unexpectedly increased year over year, while its written premiums came in ahead of market estimates.In economic news, US consumer sentiment this month hit its highest level since February amid easing price pressures at the pump, though renewed tensions in the Middle East could weigh on confidence going forward, according to a survey by the University of Michigan.US housing starts increased more than expected last month amid a sharp jump in multi-family projects, government data showed.Gold was up 0.7% to $4,019.30 per troy ounce, while silver gained 0.3% to $56.33 per ounce.

Dow JonesNasdaq CompositeS&P 500$ISRG$NFLX$SPCX$TRV
Wire

Top Midday Stories: Netflix Q2 Revenue, Q3 Guidance Miss Estimates; SpaceX Aborts Launch, Shares Tumble

All three major US stock indexes were down Friday, as chipmakers led the way down on the final trading day of the week.In company news, Netflix (NFLX) reported fiscal Q2 earnings late Thursday of $0.80 per diluted share, up from $0.72 a year earlier and above the FactSet consensus analyst estimate of $0.79. Fiscal Q2 revenue was $12.56 billion, up from $11.08 billion but below the FactSet consensus of $12.58 billion. For Q3, the company expects EPS of $0.82 on revenue of $12.86 billion. Analysts polled by FactSet expect $0.84 and $13 billion, respectively. For full-year 2026, Netflix expects revenue of $51 billion to $51.4 billion, up from its previous guidance of $50.7 billion to $51.7 billion. Analysts expect $51.38 billion. Netflix shares were down 8.5% around midday.SpaceX's (SPCX) Starship rocket triggered an "automatic launch abort" Thursday, with the launch possibly rescheduled "in a few days," Chief Executive Elon Musk said Thursday on X. SpaceX shares were down 5.3%.Travelers (TRV) reported Q2 core income Friday of $10.04 per diluted share, up from $6.51 a year earlier and above the FactSet consensus of $5.41. Second-quarter revenue was $12.15 billion, up from $12.12 billion a year ago and above the FactSet consensus of $11.26 billion. Travelers shares were up 8.6%.Intuitive Surgical (ISRG) reported fiscal Q2 adjusted earnings late Thursday of $2.80 per diluted share, up from $21.9 a year earlier and above the FactSet consensus of $2.51. Fiscal Q2 revenue was $2.89 billion, up from $2.44 billion a year earlier and above the FactSet consensus of $2.83 billion. Intuitive shares were down 12.5%.Cadence Design Systems (CDNS) and Rapidus will jointly work to advance agentic AI for advanced-node system-on-chip design under a new collaboration, Cadence said late Thursday. The companies will combine Rapidus AI-native design and manufacturing ecosystem for advanced-node semiconductors with Cadence's agentic AI design orchestration technology. Cadence shares were down 10.7%.Price: $68.15, Change: $-6.21, Percent Change: -8.35%

$CDNS$ISRG$NFLX$SPCX$TRV
Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Friday as Investors Retreat From Chipmaker Stocks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively traded Invesco QQQ Trust (QQQ) fell 1.8% in Friday's premarket activity, as investors continued to pull back from chipmakers.US stock futures were also lower, with S&P 500 Index futures down 0.8%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures declining 1.6% before the start of regular trading.June housing starts jumped by 19% from the previous month to a 1.427 million annual rate, above expectations compiled by Bloomberg as of 7:30 am ET for a 1.310 million rate after a decrease to a 1.199 million pace in May.US import prices rose by 0.3% in June, compared to the 0.7% decrease expected in a survey compiled by Bloomberg and following a 1.7% increase in May.Industrial production data for June will be released at 9:15 am ET, followed by the preliminary University of Michigan consumer sentiment reading for July at 10:00 am ET.In premarket action, bitcoin was down by 1.5%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.7% lower, Ether ETF (EETH) retreated 2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.3%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.6%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.7%, and the iShares US Consumer Staples ETF (IYK) advanced 0.9%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) gained 1%, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% lower.XPeng (XPEV) shares were down more than 5% pre-bell after closing the prior session with a 1% rise. The Wall Street Journal reported Thursday that the company is launching its L03 SUV in Munich, marking its first global vehicle launch outside China as it expands in Europe and other overseas markets.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.2%, and the iShares US Technology ETF (IYW) was 2.1% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined 3.4%, while the iShares Semiconductor ETF (SOXX) fell by 3.9%.Cadence Design Systems (CDNS) shares were down more than 5% in premarket activity following a 1.8% fall at the prior close. The company said it will work with logic semiconductor manufacturer Rapidus to advance "agentic AI" for advanced-node system-on-chip design under a new collaboration.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.6%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were flat.SpaceX's (SPCX) stock was down more than 4% before the opening bell after CEO Elon Musk said in a Thursday post on X that the company's Starship rocket triggered an "automatic launch abort," with the next launch to be rescheduled possibly "in a few days".Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) slipped 0.5%. The iShares Biotechnology ETF (IBB) was down 0.4%.GSK (GSK) stock was down more than 2% premarket after the company said it would discontinue development of camlipixant for refractory chronic cough after the drug produced mixed results in the phase 3 CALM-1 and CALM-2 trials.EnergyThe iShares US Energy ETF (IYE) was up 0.6%, while the State Street Energy Select Sector SPDR ETF (XLE) was 1.5% higher.BP (BP) stock was up more than 1%, and ConocoPhillips (COP) was 2% higher before market open. CNBC reported Friday that the companies plan to reveal billions of dollars in new investments in Iraq to help build its energy sector and increase resilience against Iranian disruptions.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% lower.Truist Financial (TFC) shares traded down 1% in early hours activity, even after the company reported higher Q2 earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 2.7% to $81.04 per barrel on the New York Mercantile Exchange. Natural gas was up by 0.5% to $2.87 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 2.4%, while the United States Natural Gas Fund (UNG) was 1% lower.Gold futures for July retreated 0.1% to $3,988.00 an ounce on the Comex. Silver futures were down 1.1% to $55.59 an ounce. SPDR Gold Shares (GLD) decreased 0.2%, and the iShares Silver Trust (SLV) was 0.9% lower.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BP$CDNS$COP$EEM$EETH$EXI$FAS$FAZ$GLD$GSK$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RTH$SLV$SOXX$SPCX$SPY$TFC$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XPEV$XRT$XSD
Asia Markets

Update: US Equity Futures Drop as AI Concerns Weigh on Tech Stocks, Middle East Conflict Continues

US equity futures were edging lower pre-bell Friday as concerns over artificial intelligence spending weighed on chip stocks and the wider technology sector, while the conflict in the Middle East showed no signs of de-escalating.Dow Jones Industrial Average futures were 0.5% lower, S&P 500 futures were down 0.9%, and Nasdaq futures were 1.9% lower.Global tech stocks continued their drop from the previous session, including Nvidia (NVDA), which was down 2.6% in premarket activity.US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz.Iran said it had targeted US military forces in Syria and Bahrain in a broadening of the scope of its attacks in the Middle East.Traders assessed the latest round of earnings, with Netflix (NFLX) reporting an increase in fiscal Q2 earnings and revenue on late Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.4% at $86.20 per barrel and US West Texas Intermediate crude 2.5% higher at $80.95 per barrel.June housing starts rose to a 1.427 million annual rate from 1.199 million in the previous month, compared with expectations for a 1.31 million rate in a survey compiled by Bloomberg. US import prices rose 0.3% in June, above the 0.7% increase expected and below the 1.7% gain in May. US export prices fell 0.6% in June, compared with the 0.7% decrease expected and the 1.2% increase in the prior month.The June industrial production report, due at 9:15 am ET, is forecast to show a 0.2% gain following a 0.1% increase in the prior month. The University of Michigan consumer sentiment index for July, slated for 10 am ET, is expected at 51.0, up from 49.5 previously.In other world markets, Japan's Nikkei closed 4% lower, Hong Kong's Hang Seng ended 1.8% lower, and China's Shanghai Composite finished 3.1% lower. Meanwhile, the UK's FTSE 100 was flat, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, included in the tech stock sell-off were Applied Materials (AMAT), Lam Research (LRCX), and Intel (INTC), which were down 5.3%, 4.7%, and 4.5%, respectively. SpaceX (SPCX) shares fell 4.4% after CEO Elon Musk said in a post on X that the company's Starship rocket triggered an "automatic launch abort" Thursday, with the next launch to be rescheduled possibly "in a few days." Netflix stock was down 11% after it posted Q2 revenue that fell short of analysts' consensus estimates.On the winning side, energy-related stocks rose along with the increase in oil prices. Exxon Mobil (XOM) shares were 2% higher, Shell (SHEL) stock was up 2.1%, and TotalEnergies (TTE) shares were up 2.3%.

Dow JonesNasdaq CompositeS&P 500$AMAT$INTC$LRCX$NFLX$NVDA$SHEL$SPCX$TTE$XOM
Stocks Fall Pre-Bell as Chip Sell-Off Continues
US Markets

Stocks Fall Pre-Bell as Chip Sell-Off Continues

The benchmark US stock measures were pointing lower before the open Friday as a sell-off in semiconductor shares continued to weigh on market sentiment.The S&P 500 declined 0.9%, the Dow Jones Industrial Average was off 0.7% and the Nasdaq fell 1.8% in premarket activity. The indexes finished the previous trading session in the red.Shares of tech bellwether and chipmaking giant Nvidia (NVDA) decreased 2.5% pre-bell, while Micron Technology (MU) edged down 0.4% following a 5.7% drop at the close of Thursday. Advanced Micro Devices (AMD) fell 2.7%, while Intel (INTC) moved down 3.3%. SanDisk (SNDK) fell 1.3% before the bell after closing the previous session down 12.6%. Taiwan Semiconductor (TSM) slipped 3.3%.Streaming giant Netflix (NFLX) tanked 9.5% as it reported second-quarter revenue below Wall Street's estimates. Intuitive Surgical (ISRG) slumped 12% as growth of the company's da Vinci robotic surgery system in the US moderated amid changes in Affordable Care Act subsidies.SpaceX (SPCX) declined 2.7% after Chief Executive Elon Musk said in a social media post that a planned Starship test flight was aborted after some engines failed to start.The US Central Command said Thursday its forces completed the latest major wave of strikes against Iran. Tehran reportedly said Friday it expanded its attacks in the Middle East by targeting US military forces in Syria and Bahrain.West Texas Intermediate crude oil rose 2.2% to $80.68 a barrel before the opening bell, while Brent gained 1.9% to $85.84.Treasury yields were trending downwards in premarket action, with the two-year rate retreating 3.4 basis points to 4.12% and the 10-year rate falling 4.4 basis points to 4.53%.Friday's economic calendar has the housing starts and permits data for June at 8:30 am ET, along with the import and export prices report for the same month. The industrial production report for June is out at 9:15 am, followed by the preliminary University of Michigan's consumer sentiment report for July at 10 am.The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.US retail sales edged higher in June despite lower gasoline prices that drove a sharp decline in gas station receipts, official data showed Thursday.Travelers (TRV), Truist Financial (TFC), Fifth Third Bancorp (FITB), Regions Financial (RF) and Autoliv (ALV) are scheduled to release their latest financial results before the bell.Gold ticked up 0.2% to $4,001 per troy ounce, while bitcoin declined 1.8% to $63,024.

Dow JonesNasdaq CompositeS&P 500$ALV$AMD$FITB$INTC$ISRG$MU$NFLX$NVDA$RF$SPCX$TFC$TRV
Research

Piper Sandler Initiates SpaceX at Neutral With $156 Price Target

SpaceX (SPCX) has an average rating of overweight and mean price target of $240.65, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$SPCX
Wire

SpaceX Shares Fall Below IPO Price

SpaceX (SPCX) shares fell about 2% in the recent Wednesday session, hitting a new all-time low.The stock stood at $133.20, compared with its IPO price of $135. Space Exploration Technologies, widely known as SpaceX, opened trading at $150 on June 12.Price: $133.29, Change: $-2.79, Percent Change: -2.05%

$SPCX
Update: Morgan Stanley Tops Second-Quarter Revenue Views on Investment Banking, Trading Gains
US Markets

Update: Morgan Stanley Tops Second-Quarter Revenue Views on Investment Banking, Trading Gains

(Updates to specify revenue beat in the headline.)Morgan Stanley's (MS) second-quarter revenue surpassed Wall Street's projections, with robust investment banking and trading gains driving the top-line higher year on year.Revenue surged 27% annually to $21.35 billion, while the FactSet-polled consensus was for $19.67 billion. Morgan Stanley reported earnings per share of $3.46 for the June quarter, compared with $2.13 a year earlier.Revenue in the institutional securities division, which accounted for more than half of the overall top line, rose to $11.04 billion from $7.64 billion in the prior-year period. Within that segment, investment banking revenue jumped 58% to $2.44 billion amid sharp gains in advisory and equity and fixed-income underwriting.Morgan Stanley was a book-running manager for the record initial public offering of Elon Musk's SpaceX (SPCX) in June.Equities trading revenue soared 69% to a record $6.3 billion."Excellent results in institutional securities were driven by our leading equities franchise with continued momentum in investment banking and fixed income," Chief Executive Ted Pick said in a statement.On Tuesday, JPMorgan Chase (JPM), Goldman Sachs (GS), Wells Fargo (WFC), Bank of America (BAC) and Citigroup (C) all posted strong second-quarter results amid gains in markets revenue and investment banking fees. BofA Securities had expected major US banks to top second-quarter earnings expectations on the back of capital markets activity.Morgan Stanley's wealth management revenue climbed 14% to $8.86 billion."Wealth management added a record $148 billion in net new assets, with total client assets across wealth and investment management reaching the $10 trillion milestone," Pick said in a statement.Shares of Morgan Stanley rose 1.2% in Wednesday trade. The stock has rallied 30% since the start of the year.Morgan Stanley declared a quarterly dividend of $1.15 per share, up $0.15 from the previous quarter, payable on Aug. 14.Price: $229.77, Change: $+2.10, Percent Change: +0.92%

$BAC$C$GS$JPM$MS$SPCX$WFC
Morgan Stanley Tops Second-Quarter Views on Investment Banking, Trading Gains
US Markets

Morgan Stanley Tops Second-Quarter Views on Investment Banking, Trading Gains

Morgan Stanley's (MS) second-quarter revenue surpassed Wall Street's projections, with robust investment banking and trading gains driving the top-line higher year on year.Revenue surged 27% annually to $21.35 billion, while the FactSet-polled consensus was for $19.67 billion. Morgan Stanley reported earnings per share of $3.46 for the June quarter, compared with $2.13 a year earlier.Revenue in the institutional securities division, which accounted for more than half of the overall top line, rose to $11.04 billion from $7.64 billion in the prior-year period. Within that segment, investment banking revenue jumped 58% to $2.44 billion amid sharp gains in advisory and equity and fixed-income underwriting.Morgan Stanley was a book-running manager for the record initial public offering of Elon Musk's SpaceX (SPCX) in June.Equities trading revenue soared 69% to a record $6.3 billion."Excellent results in institutional securities were driven by our leading equities franchise with continued momentum in investment banking and fixed income," Chief Executive Ted Pick said in a statement.On Tuesday, JPMorgan Chase (JPM), Goldman Sachs (GS), Wells Fargo (WFC), Bank of America (BAC) and Citigroup (C) all posted strong second-quarter results amid gains in markets revenue and investment banking fees. BofA Securities had expected major US banks to top second-quarter earnings expectations on the back of capital markets activity.Morgan Stanley's wealth management revenue climbed 14% to $8.86 billion."Wealth management added a record $148 billion in net new assets, with total client assets across wealth and investment management reaching the $10 trillion milestone," Pick said in a statement.Shares of Morgan Stanley rose 1.2% in Wednesday trade. The stock has rallied 30% since the start of the year.Morgan Stanley declared a quarterly dividend of $1.15 per share, up $0.15 from the previous quarter, payable on Aug. 14.Price: $229.98, Change: $+2.31, Percent Change: +1.01%

$BAC$C$GS$JPM$MS$SPCX$WFC
Equity Futures Mixed Ahead of Key Inflation Data, Big Bank Earnings
US Markets

Equity Futures Mixed Ahead of Key Inflation Data, Big Bank Earnings

US equity futures were mixed before the open Tuesday as traders await a key inflation report and quarterly earnings of some of Wall Street's largest banks.The S&P 500 edged down 0.1% and the Nasdaq added 0.4% in premarket activity, while the Dow Jones Industrial Average fell 0.4%. The three main indexes finished the previous trading session lower.The official US consumer price index report for June is scheduled for an 8:30 am ET release. Data are expected to show that consumer inflation dropped 0.1% last month sequentially and rose 3.8% annually, according to a Bloomberg-compiled consensus. The Street is projecting core CPI, which excludes volatile items such as food and energy, to rise 0.2% month over month and 2.9% annually.Tuesday's main corporate earnings include those from JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC) and Citigroup (C).West Texas Intermediate crude oil was up 3.1% at $80.57 a barrel before the opening bell, while Brent gained 4.2% to $86.82.On Monday, President Donald Trump said the US was reinstating a blockade of Iranian shipping through the Strait of Hormuz amid growing tensions in the Middle East.Hostilities between the US and Iran resumed recently, weeks after they signed a memorandum of understanding to end their war that began at the end of February."Clearly, the risk is that this escalates to levels seen early in the war, where neighboring countries and their energy infrastructure are also targeted," ING Bank said in a report. "Escalation has slowed vessels transiting the strait to a trickle, renewing concerns over oil supply tightness through the third quarter."US Treasury yields were up in premarket action, with the two- and 10-year rates increasing one basis point each to 4.27% and 4.62%, respectively.Federal Reserve Chair Kevin Warsh is set to testify before the House Financial Services Committee at 10 am Tuesday, as part of his legal requirement to appear before Congress twice a year. He will speak before the Senate Banking Committee Wednesday.Fed Vice Chair for Supervision Michelle Bowman is also slated to speak Tuesday, along with other central bank officials, including Michael Barr, Lisa Cook and Austan Goolsbee.On Monday, Fed Governor Christopher Waller the central bank may have to consider raising interest rates if inflation remains high.There's a 61% likelihood that the Fed will keep its monetary policy unchanged later this month, up from 58% on Monday, according to the CME FedWatch tool. The odds of a 25-basis-point rate increase moved to 39% from 42%.SK Hynix's (SKHY, SKHYV) US-listed stock climbed 6.9% pre-bell after the South Korean chipmaker closed Monday with a 9.3% drop. SpaceX (SPCX) edged down 0.3% following a 4.2% decline at the end of the previous session. Oracle (ORCL) was down 1.9% early Tuesday, following a 6.5% fall at Monday close.Gold inclined 0.5% to $4,026 per troy ounce, while bitcoin rose 0.9% to $62,624.

Dow JonesNasdaq CompositeS&P 500$BAC$C$GS$JPM$ORCL$SKHY$SKHYV$SPCX$WFC
Research

Evercore ISI Initiates SpaceX at Outperform With $230 Price Target

SpaceX (SPCX) has an average rating of overweight and mean price target of $241.80, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$SPCX
Bank Stocks 'An Island of Stability' as Financial Institutions Set to Release Earnings
US Markets

Bank Stocks 'An Island of Stability' as Financial Institutions Set to Release Earnings

Wall Street banks and smaller competitors remain attractive investment opportunities as financial institutions are set to report earnings this week, according to analysts at BofA Securities and KBW."Our conversations indicate a long bias toward bank stocks that have emerged as an island of stability in a financials sector where stocks have been rocked by fears due to (artificial intelligence) disruption risks, and the adoption of digital assets," Ebrahim Poonawala, head of North American banks research at BofA, said in a note to clients.Long-only investors and portfolio managers are looking for proof that earnings momentum will continue into 2027, he said. That would make the group a "reliable play" as investors move away from chip stocks, Poonawala said.Bank stocks so far this year have performed better than the broader market. The KBW Nasdaq Bank Index is up about 14% so far this year, compared with a 10% gain in the S&P 500 Index."While this has pushed relative multiples higher, relative valuations remain well-below long-term averages," KBW banking analyst Christopher McGratty said in a July 8 note to clients.Banking giants JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC) and Citigroup (C) are expected to release quarterly results before markets open in the US on Tuesday. Morgan Stanley (MS) reports Wednesday, followed by US Bancorp (USB) on Thursday.BofA's Poonawala said a key question for bank profitability is how firms are performing on net interest income -- the difference between the money a bank generates from interest-bearing assets such as loans and securities and the interest it pays out to depositors and lenders."Investors appear increasingly willing to tolerate modest margin pressure if banks can deliver improving NII," he said. "The key debate is whether management teams can offset deposit competition with asset repricing, loan growth, fee growth and operating leverage."Poonawala's favorite names in the banking sector are Citi, Morgan Stanley, State Street (STT), PNC Financial Services (PNC), Huntington Bancshares (HBAN) and US Bancorp. He categorized M&T Bank (MTB), Regions Financial (RF) and Fifth Third Bancorp (FITB) as "crowded relative shorts," according to the note.Investors are looking for JPMorgan, the largest US bank by assets, to guide on net interest income and trends in capital markets, he said.If JPMorgan raises its NII guidance excluding markets and says there's no incremental increase in its expense outlook, it "could trigger sustained stock outperformance," Poonawala said.KBW said it is sticking with its view that so-called universal banks -- Wells Fargo, Citi, Morgan Stanley, Bank of America, JPMorgan and Goldman Sachs -- will continue to benefit from "multi-year structural tailwinds for capital markets and capital return."Stocks that KBW recommends investors hold overweight positions in include Morgan Stanley, PNC, Popular (BPOP), Flagstar Bank (FLG) and Hancock Whitney (HWC).KBW no longer expects the Federal Reserve to cut interest rates this year and believes the year will end with a Fed funds rate of 3.75%. The yield on the 10-year Treasury bond is expected to be 4.4% through the end of 2027, up from a previous estimate of 4.2%, KBW said. Gross-domestic product growth should come in at 2.1% this year and 2% next year, with unemployment between 4.3% and 4.5%, KBW predicted."A higher-for-longer interest rate outlook is firmly entrenched in market expectations," McGratty said in his research note.Another buoyant factor for banks was IPO volumes and mergers and acquisitions, he said."Investment banking results for (the second quarter) are expected to be strong with pockets of M&A advisory fees expected to aid top-line results, though equity underwriting is expected to be the story of (the quarter), with the bulge brackets set to benefit the most following elevated issuance from mega-deals pricing during the quarter," McGratty said.Deals in the quarter included SpaceX's (SPCX) record IPO in June.Matthew Leising

$BAC$BPOP$C$FITB$GS$HBAN$HWC$JPM$MS$MTB$PNC$RF$SPCX$STT$USB$WFC
SK Hynix Shares Jump 14% in Nasdaq Debut
US Markets

SK Hynix Shares Jump 14% in Nasdaq Debut

SK Hynix (SKHY, SKHYV) was rallying 14% on Friday as the South Korean chipmaker listed its American depositary shares on the Nasdaq in what will likely be the second-largest share sale in the US.SK Hynix opened trade at $170 and moved as high as $177, having priced its initial public offering of 177.9 million ADS at $149 apiece.Its US-listed shares were last trading at $169.68 under the symbol SKHYV, up 14% from the IPO price. The shares will switch to the SKHY ticker beginning Monday. Each ADS represents one-tenth of a common share of SK Hynix.The IPO, which would raise $26.51 billion, is expected to close on Tuesday, the company said. Last month, Space Exploration Technologies (SPCX) raised a record $85.7 billion in its IPO.SK Hynix's customers include some of the major technology names, such as Nvidia (NVDA) and Apple (AAPL), CNBC reported. The IPO was more than seven times oversubscribed, according to Bloomberg News.Baillie Gifford, Coatue Management and Situational Awareness Partners received approximately $5 billion in SK Hynix's ADRs, $2 billion short of their indicated maximum demand, Bloomberg News reported.The company's revenue for the quarter ended March 31 surged 198% annually to 52.576 trillion South Korean won ($34.51 billion) while earnings per share increased to 56,670 won from 11,411 won a year earlier.Price: $168.90, Change: $+19.90, Percent Change: +13.36%

$AAPL$NVDA$SKHY$SKHYV$SPCX
Equities

Social Buzz: Wallstreetbets Stocks Mostly Lower Pre-Bell Friday; Meta Platforms to Open Higher, Sandisk to Decline

The most-talked-about stocks in the Reddit subforum Wallstreetbets were mostly lower hours before Friday's opening bell.Meta Platforms (META) rose by 2% in premarket hours, following a 4.7% increase at Thursday's close.Microsoft (MSFT) was up 1.1% pre-bell, after a 0.3% increase from the previous session.Sandisk (SNDK) fell by 2.7% hours before market open, following a 7.6% rise from Thursday's session.Micron Technology (MU) was 1.8% lower in premarket activity, swinging from a 4.5% rise at Thursday's close.SpaceX (SPCX) declined by 1.2% premarket, after a 2.6% increase from Thursday's session.DTE Energy (DTE) fell by 0.5% in pre-bell hours, following a 1.4% fall at Thursday's close.Nvidia (NVDA) was down 0.5% pre-bell, after a 0.7% decline from the previous session.Advanced Micro Devices (AMD) declined by 0.3% in premarket hours, swinging from a 5.7% increase at Thursday's close.

$AMD$DTE$META$MSFT$MU$NVDA$SNDK$SPCX
Equities

Social Buzz: Wallstreetbets Stocks Mostly Higher Pre-Bell Thursday; Micron Technology, Sandisk to Advance

The most-talked-about stocks in the Reddit subforum Wallstreetbets were mostly higher hours before Thursday's opening bell.Micron Technology (MU) advanced by 3.8% premarket, after a 1.1% increase from the previous session.Sandisk (SNDK) rose by 2.7% in pre-bell activity, after closing Wednesday with a 6.8% increase.Nebius Group (NBIS) was up 2.6% pre-bell, following a 10.9% rise from the previous session.SpaceX (SPCX) was 1.5% higher in premarket hours, swinging from a 0.8% decline at Wednesday's close.Nvidia (NVDA) was up 0.2% hours before market open, following a 3.7% rise at Wednesday's close.Wendy's (WEN) advanced by 0.1% premarket, swinging from a 4.2% decline from the previous session.Microsoft (MSFT) declined by 0.7% pre-bell, following a 1.4% fall from Wednesday's session.DTE Energy (DTE) was 0.3% lower premarket, after a 1.6% decline from the previous session.

$DTE$MSFT$MU$NBIS$NVDA$SNDK$SPCX$WEN
Wire

SpaceX's 'Unparalleled' Assets Enable Multiple Drivers of Long-Term Upside, UBS Says

SpaceX (SPCX) has an "unparalleled" set of assets with multiple drivers of upside for long-term investors willing to tolerate risk, UBS said in a Tuesday note initiating coverage of the company's stock.The company's advanced heavy-lift, reusable rocket Starship is the foundational technology that creates opportunities in launch, communications and AI computing power, with a total addressable market of almost $30 trillion, UBS said.Starship would enable SpaceX to become the dominant launch system and give it commercial control over space access over the next decade, with revenue and earnings before interest, taxes, depreciation, and amortization reaching about $660 billion and $512 billion, respectively, by 2031, according to the note.For Starlink, Starship will allow the deployment of next-generation satellites and provide 10 times the capacity at a tenth of the cost. Meanwhile, SpaceX's AI compute deals with Anthropic and Alphabet's (GOOG, GOOGL) Google establishes the company in the AI infrastructure space, and inexpensive access to space paves the way for orbital compute, the note said.Other potential business opportunities for the company include space travel, cargo, orbital manufacturing, and access to the lunar surface, the brokerage said.UBS initiated coverage of the company's stock with a rating of buy and a price target of $210.Price: $149.32, Change: $-0.16, Percent Change: -0.10%

$GOOG$GOOGL$SPCX
US Stocks Fall Pre-Bell After Trump Reportedly Says Ceasefire Deal With Iran 'Over'
US Markets

US Stocks Fall Pre-Bell After Trump Reportedly Says Ceasefire Deal With Iran 'Over'

US stock prices were falling in Wednesday's premarket session as oil prices jumped after President Trump reportedly said the US ceasefire agreement with Iran was "over."S&P 500 futures declined 0.7%, Dow Jones Industrial Average futures fell 0.9% and Nasdaq futures were off 1% before the opening bell. The indexes finished the previous trading session lower.During a North Atlantic Treaty Organization summit in Turkey on Wednesday, Trump said the memorandum of understanding signed with Iran last month to end the war in the Middle East was "over," according to several media outlets."To me, I think it's over," Trump said, according to CNBC. "I don't want to deal with them anymore."Trump's comments came after the US Central Command said Tuesday its forces completed a "new round of offensive strikes" against Tehran, following its attacks on commercial vessels transiting through the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps launched strikes on US military targets across Bahrain and Kuwait in response to Washington's attacks, CNN reported, citing the IRGC.The US Treasury Department also revoked a general license that authorized the sale of Iranian oil, petrochemicals and petroleum products, according to a Tuesday statement from the Office of Foreign Assets Control.West Texas Intermediate crude oil jumped 5% to $73.99 a barrel before the open, while Brent spiked 5.2% to $78.02.The Federal Reserve is scheduled to post minutes of its last policy meeting in June at 2 pm ET, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers kept their benchmark lending rate steady for a fourth consecutive time.US Treasury yields were moving higher in premarket action, with the two-year rate increasing 4.8 basis points to 4.21% and the 10-year rate adding 4.2 basis points to 4.57%.Wednesday's economic calendar also includes the weekly mortgage applications bulletin at 7 am, followed by the weekly EIA domestic petroleum inventories report at 10:30 am.Shares of SpaceX (SPCX) rebounded 1.2% pre-bell after falling 6.8% at the close of Tuesday's session. Alibaba Group's (BABA) US-listed stock climbed 9.1%.MasTec (MTZ) edged up 0.5% as the infrastructure engineering and construction company agreed to acquire electrical contractor Superior Group in a cash and stock deal worth roughly $1.65 billion.Levi Strauss (LEVI) is scheduled to release its latest financial results before the bell, while PriceSmart (PSMT) and AZZ (AZZ) post their earnings after the markets close.Gold dropped 2.3% to $4,062 per troy ounce, while bitcoin slipped 2.6% to $62,068.

Dow JonesNasdaq CompositeS&P 500$AZZ$BABA$LEVI$MTZ$PSMT$SPCX
Equities

Social Buzz: Wallstreetbets Stocks Mostly Declining Premarket Wednesday; Sandisk, Nebius Group to Open Lower

The most-talked-about stocks in the Reddit subforum Wallstreetbets were mostly lower hours before Wednesday's opening bell.DTE Energy (DTE) was up 0.1% pre-bell, following a 1.6% increase at Tuesday's close.SpaceX (SPCX) was up 0.1% premarket, after a 6.8% fall from the previous session.Sandisk (SNDK) was nearly 4% lower in pre-bell activity, following a 7.3% decline from Tuesday's session.Nebius Group (NBIS) fell more than 4% premarket, after closing Tuesday with an 8.4% decline.Micron Technology (MU) declined by 3.6% hours before market open, after a 4.7% fall from the previous session.Meta Platforms (META) was 1.7% lower in premarket activity, following a 2.6% rise from Tuesday's session.Microsoft (MSFT) was down 1.5% premarket, reversing a 0.5% increase at Tuesday's close.Nvidia (NVDA) fell by 1.5% pre-bell, swinging from a 0.7% increase at Tuesday's close.

$DTE$META$MSFT$MU$NBIS$NVDA$SNDK$SPCX
Update: Dow Snaps Record Run Amid Tech Sell-Off, Oil Price Jump
US Markets

Update: Dow Snaps Record Run Amid Tech Sell-Off, Oil Price Jump

(Updates with market moves at the end of the day.)The Dow Jones Industrial Average retreated from record high on Tuesday as technology stocks sold off, while oil prices jumped amid renewed concerns over the Middle East situation.The Dow fell 0.3% to settle at 52,925.15 after logging back-to-back closing highs in the past two sessions. The technology-heavy Nasdaq Composite fell 1.2% to 25,818.7, while the S&P 500 shed 0.5% to 7,503.9.Among sectors, industrials saw the steepest decline followed by tech, while energy led gainers.Chipmaker Intel's (INTC) shares slumped 9.7%, the worst performer on the S&P 500. Western Digital (WDC), Marvell Technology (MRVL), Sandisk (SNDK), Advanced Micro Devices (AMD), Applied Materials (AMAT), Micron Technology (MU) also saw declines."Equities are rotating out of technology after Monday's rebound, as an Asian chip selloff revived (artificial intelligence)-valuation worries and pushed (South Korea's) KOSPI down 7.5%," Saxo Bank said in a report.A global tech sell-off on Tuesday followed the release of preliminary quarterly results by Samsung Electronics, as well as a Reuters report on Chinese firm DeepSeek developing its own AI chip that could allow it to rely less on US chipmaking giant Nvidia (NVDA) and Huawei.West Texas Intermediate crude oil was up 4.9% at $71.91 per barrel in Tuesday late-afternoon trade, while Brent advanced 5.1% to $75.67.Iran attacked a Qatari LNG ship transiting near the Strait of Hormuz, the world's most important chokepoint for crude flows, according to Qatar's foreign ministry spokesperson Majed Al Ansari.The US Treasury Department revoked the waiver allowing Iran to sell its oil, CNBC reported."Iran will only reap benefits if they exhibit good behavior," CNBC quoted a US official as saying. "Iran's actions in the Strait were wholly unacceptable to the United States and will be met with consequences."US Treasury yields were higher, with the 10-year rate up 6.6 basis points at 4.55% and the two-year rate rising 5.6 basis points to 4.18%.In economic news, the US trade deficit grew in May to its widest since March 2025, as imports increased and exports fell, government data showed."Surging imports and a rare decline in exports spiked the US trade deficit to its highest level in more than a year," BMO Capital Markets said in a note. "Despite tariffs, the trade deficit has returned to levels of late 2024, before importers began front-loading purchases, suggesting little overall progress in shrinking the trade gap."In company news, SpaceX (SPCX) drew bullish views from Wall Street as the rocket and satellite company joined the Nasdaq 100 index, with analysts pointing to AI, satellite connectivity and space-enabled solutions as key growth drivers.Deutsche Bank, RBC Capital Markets and Morgan Stanley initiated coverage of SpaceX with their highest ratings.SpaceX shares slumped 6.8%.Gold fell 1.1% to $4,122.80 per troy ounce, while silver lost 2.9% to $60.52 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMAT$AMD$INTC$MRVL$MU$NVDA$SPCX$WDC
Update: Chip Stocks Weigh on Equities Intraday; Oil Rises on Hormuz Tensions
US Markets

Update: Chip Stocks Weigh on Equities Intraday; Oil Rises on Hormuz Tensions

(Updates with latest market prices and developments.)US benchmark equity indexes were lower intraday, with chip stocks among notable laggards, while oil prices jumped following reports that Iran hit a Qatari liquefied natural gas tanker near the Strait of Hormuz.The Nasdaq Composite was down 0.7% at 25,946.1 after midday Tuesday, while the S&P 500 shed 0.3% to 7,516.6. The Dow Jones Industrial Average dropped 0.3% to 52,913.7 after having hit a new high in the previous session.Among sectors, industrials saw the steepest decline intraday Tuesday, while energy and real estate paced the gainers.Chipmaker Intel's (INTC) shares were down 9.3%, the second-worst performer on the S&P 500. Western Digital (WDC), Applied Materials (AMAT), Marvell Technology (MRVL), Micron Technology (MU), and Advanced Micro Devices (AMD) also saw sharp declines."Equities are rotating out of technology after Monday's rebound, as an Asian chip selloff revived (artificial intelligence)-valuation worries and pushed (South Korea's) KOSPI down 7.5%," Saxo Bank said in a report.A global tech sell-off on Tuesday followed the release of preliminary quarterly results by Samsung Electronics, as well as a Reuters report on Chinese firm DeepSeek developing its own AI chip that could allow it to rely less on US chipmaking giant Nvidia (NVDA) and Huawei.West Texas Intermediate crude oil was up 2.9% at $70.50 per barrel intraday, while Brent advanced 3.1% to $74.22.Iran attacked a Qatari LNG ship transiting near the Strait of Hormuz, the world's most important chokepoint for crude flows, according to Qatar's foreign ministry spokesperson Majed Al Ansari."We demand that the Islamic Republic of Iran immediately cease all practices that undermine regional security or threaten the safety of international maritime navigation, (and) refrain from endangering global energy supplies (and) the resources of the countries of the region in pursuit of narrow interests," Al Ansari said in a social media post Tuesday.US Treasury yields were higher intraday, with the 10-year rate up 4.2 basis points at 4.52% and the two-year rate rising 2.7 basis points to 4.15%.In economic news, the US trade deficit grew in May to its widest since March 2025, as imports increased and exports fell, government data showed."Surging imports and a rare decline in exports spiked the US trade deficit to its highest level in more than a year," BMO Capital Markets said in a note. "Despite tariffs, the trade deficit has returned to levels of late 2024, before importers began front-loading purchases, suggesting little overall progress in shrinking the trade gap."In company news, SpaceX (SPCX) drew bullish views from Wall Street as the rocket and satellite company joined the Nasdaq 100 index, with analysts pointing to AI, satellite connectivity and space-enabled solutions as key growth drivers.Deutsche Bank, RBC Capital Markets and Morgan Stanley initiated coverage of SpaceX with their highest ratings.The stock was down 5.2% intraday.Gold fell 0.2% to $4,157.30 per troy ounce, while silver lost 1.4% to $61.46 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMAT$AMD$INTC$MRVL$MU$NVDA$SPCX$WDC

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