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Space Exploration Technologies (SpaceX)

Space Exploration Technologies (SpaceX)

$SPCX
Aerospace

238 stories mentioning Space Exploration Technologies (SpaceX)Updated 2d 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.

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Equities

Correction: S&P 500 Posts Weekly Gain Amid AI Monetization Optimism

(Corrects to remove detailed Microsoft information as story published July 31 included Q3 data.)The Standard & Poor's 500 index rose 1.1% this week as hyperscalers showed the mega spend on the artificial intelligence buildout is being monetized.The market benchmark ended the week at 7,489.72. The index is now down 0.1% quarter-to-date but up 9.4% year-to-date.Microsoft (MSFT) and Amazon.com (AMZN) rose this week as quarterly results from the tech giants showed revenue growth in areas related to AI products and services, helping calm worries surrounding hundreds of billions of dollars of investments earmarked for the AI buildout.The consumer discretionary sector in the S&P 500 had the largest percentage gain of the week, up 8.3%, followed by a 5.4% advance in communication services and a 1.2% rise in consumer staples.Sales at Amazon's cloud computing unit delivered the fastest growth in 18 quarters, helping the e-commerce giant exceed market expectations for Q2 earnings and revenue. Shares jumped 17% this week even as the e-commerce behemoth expanded its capital expenditure by about $20 billion to $220 billion.A consortium of banks led by Morgan Stanley (MS) is in talks to lend $15 billion to a data-center developer to build a campus and power plant for Anthropic in Texas, The Wall Street Journal reported Thursday, citing people familiar with the matter. Alphabet's (GOOG, GOOGL) Google would provide financial guarantees and chips for the project. Shares of Alphabet are up 12% this week.The three worst-performing S&P 500 sectors this week were utilities, real estate and materials, down 4.2%, 2.2%, and 1.7%, respectively.C.H. Robinson Worldwide (CHRW) said a jury in Texas issued a $604 million advisory verdict against the firm and two other defendants in a lawsuit stemming from a trucking accident involving an independent motor carrier. Shares declined 21% this week.Edison International (EIX) said Thursday that Southern California Edison believes it is likely its equipment was associated with the ignition of the 2025 Eaton Fire, according to a Thursday quarterly filing. Southern California Edison recorded $1.6 billion in settlement-related losses and said it expects to incur additional material losses related to the fire, per the filing. Shares of Edison slumped 8% this week.Palantir Technologies (PLTR), Space Exploration Technologies (SPCX), Advanced Micro Devices (AMD), Caterpillar (CAT), Walt Disney (DIS), SanDisk (SNDK), Uber Technologies (UBER) and Take-Two Interactive Software (TTWO) are among the companies reporting their quarterly results next week.Economic data due next week includes non-farm payrolls, job openings and labor turnover survey, and ISM manufacturing and services purchasing managers' indexes.

S&P 500$AMD$AMZN$CAT$CHRW$DIS$EIX$GOOG$GOOGL$MS$MSFT$PLTR$SNDK$SPCX$TTWO$UBER
Asia Markets

Update: US Equity Indexes Mixed as Mega-Cap Communication Services, Tech Names Weigh, Strait of Hormuz Safe Route Emerges

(Updates with index/price moves and macroeconomic data from the first paragraph.)US equity indexes traded mixed amid declines in heavyweight communication services and technology names, while reports emerged that Iran and Oman have agreed on a proposed route through the Strait of Hormuz in bilateral talks.The Nasdaq Composite slid 0.8% to 26,363.44, and the S&P 500 fell 0.2% to 7,723.55 at close Wednesday. The Dow Jones Industrial Average rose 0.5% to 54,349.12. Communication services, energy and utilities led decliners. Materials and healthcare topped gainers.SpaceX (SPCX) reported Q2 capital expenditures of $18.37 billion, up from $2.83 billion a year ago, taking the shine off a narrower-than-expected loss and above-consensus revenue growth. Shares slumped more than 13%, the worst performer on the Nasdaq.Alphabet's (GOOG, GOOGL) Google announced new roles for DeepMind Chief Executive Demis Hassabis as part of a reshuffle amid the departure of Chief Scientist Jeff Dean. Hassabis will become chairman of Google DeepMind and assume the role of chief scientist at Alphabet, per memos Wednesday from Alphabet CEO Sundar Pichai and Hassabis. Shares of the search giant dropped 4.2%, among the worst performers on the Dow, the S&P 500, and the Nasdaq.Shares of Advanced Micro Devices (AMD) dropped 7%, one of the steepest decliners on the Nasdaq, after analysts, in a post-earnings conference call late Tuesday, raised questions about the chipmaker's gross margin trajectory. The company reported fiscal Q2 adjusted earnings and revenue above market expectations, and Q3 sales guidance beat consensus.The pace of data center AI ramp is "very important because, from [a] revenue opportunity perspective, we see [a] large incremental revenue opportunity from data center AI," AMD Chief Financial Officer Jean Hu said on the call, according to a FactSet transcript. "Once it ramps, not only [will] it add tremendous revenue for the company, but also gross profit, even though the gross margin is slightly below corporate average."Among stocks with a market capitalization of more than $200 billion, seven out of the bottom 10 names were from either communication services or technology sectors, according to data compiled by Finviz. The three worst performers in this category of mega-caps were SpaceX, Advanced Micro Devices and Alphabet.Meanwhile, Iran said it has reached a deal with Oman on a proposed shipping route through the Strait of Hormuz, a potential step toward a reopening of the waterway for energy supplies, Bloomberg reported Wednesday.A joint statement from the two countries is in the final drafting stage, Iran's foreign ministry spokesman Esmail Baghaei was cited as saying Wednesday, Bloomberg reported. Talks between Iran and Oman are "forward-moving," and an agreement would be struck "if certain third parties do not obstruct this process," Baghaei was cited as saying, according to the report.A proposed deal between Iran and Oman to help end five months of war between Iran and the United States would give Tehran control over ships entering the Gulf through the Strait, a senior Iranian source and two regional officials told Reuters, one of the biggest concessions yet to Iran.The front-month US West Texas Intermediate crude oil fell 1% to $75.03 a barrel, and global benchmark North Sea Brent was little changed at $79.34 a barrel.US Treasury yields slipped, with the 10-year yield down 1.6 basis points to 4.61%.Gold futures surged 3.6% to $4,308.1, and silver futures advanced 3.4% to $62.28.In economic news, the Institute for Supply Management's US services index rose to 54.1 in July from 54.0 in June, compared with expectations for 54.5 in a Bloomberg-compiled survey.The S&P Global US services index was revised upwards to 54.6 in July from the 53.6 flash reading, compared with expectations for no revision in a survey compiled by Bloomberg. The July index is above the 51.2 reading in June and is the highest for nine months.ADP's monthly measure of private payrolls showed a 44,000 increase in July, below expectations in a Bloomberg-compiled poll for a gain of 65,000. The July increase followed a downwardly revised 95,000 jobs increase in June.

Dow JonesNasdaq CompositeS&P 500$AMD$GOOG$GOOGL$SPCX
Update: Dow Hits New High, S&P 500 Retreats as Traders Await Hormuz Deal
US Markets

Update: Dow Hits New High, S&P 500 Retreats as Traders Await Hormuz Deal

(Updates with market moves at the end of the day, and other changes, if any.)The Dow Jones Industrial Average reached a new peak on Wednesday amid hopes for a deal to reopen the Strait of Hormuz, while the S&P 500 pulled back from a record high.The Dow rose 0.5% to 54,349.12, notching a closing high for a third straight day. The S&P 500 edged down 0.2% to 7,723.55. The Nasdaq Composite fell 0.8% to 26,363.44, snapping a four-day winning streak.Among sectors, materials paced the gainers, while communication services saw the steepest decline.The US, Iran and Oman are moving toward an interim deal to reopen the Strait of Hormuz, with Washington looking at a Wednesday announcement, Axios reported, citing two regional sources and a US official.US President Donald Trump reportedly said late Tuesday that an agreement to reopen the strait, the world's most important chokepoint for crude flows, was imminent."There are suggestions that a deal could be announced as soon as today, although reports that any agreement would be temporary suggest that the market would be wise not to get too carried away," ING Bank said Wednesday in report.Meanwhile, Yemen's Iran-aligned Houthis claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a CNBC report.West Texas Intermediate crude oil dropped 0.8% to $75.15 a barrel in Wednesday late-afternoon trade, while Brent edged down 0.1% to $79.32.Treasury yields were lower, with the two-year rate down 1.1 basis points at 4.18% at the 10-year rate falling 1.2 basis points to 4.62%.Walt Disney's (DIS) fiscal third-quarter earnings rose above Wall Street's estimates even as revenue fell short of expectations despite a boost from "Toy Story 5." The stock rose 3.7%, the second-best performer on the Dow.Uber Technologies (UBER) declined 5.3% after the ride-hailing company's second-quarter revenue missed market estimates and it provided a soft third-quarter bookings guidance.Shares of SpaceX (SPCX) slumped nearly 14% after the rocket and satellite company late Tuesday reported quarterly results for the first time since going public. The company's capital expenditures surged to $18.37 billion in the second quarter from $2.83 billion a year ago.Advanced Micro Devices (AMD) slumped 7% even though it recorded fiscal second-quarter results above market estimates.In economic news, US private-sector employment increased less than expected in July as gains were concentrated in just services, ADP (ADP) data showed Wednesday, ahead of the official nonfarm payrolls report for the month due later in the week.Bureau of Labor Statistics data scheduled for Friday release are likely to show that the US economy added 88,000 nonfarm jobs last month, compared with a 57,000 increase reported for June, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.2%.The US services sector's expansion continued in July amid strong demand despite continued inflationary pressures, surveys by the Institute for Supply Management and S&P Global (SPGI) showed.Spot gold jumped 4.2% to $4,247.65 per troy ounce, while silver advanced 3.4% to $62.31 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMD$DIS$SPCX$SPGI$UBER
Japan

US Equity Markets Mixed as SpaceX, AMD Shares Drop; Iran Announces Hormuz Plan

US equity indexes were mixed Wednesday as SpaceX (SPCX) and Advanced Micro Devices (AMD) stocks declined, while Iran and Oman agreed on a proposed route through the Strait of Hormuz.* Iran said it has reached an agreement with Oman on shipping through Hormuz, Bloomberg reported.* The Institute for Supply Management's US services index rose to 54.1 in July from 54.0 in June, compared with expectations for 54.5 in a Bloomberg survey.* The S&P Global US services index was revised upward to 54.6 in July from the 53.6 flash reading, compared with expectations for no revision in a survey compiled by Bloomberg.* September West Texas Intermediate crude oil fell $0.60 to settle at $75.18 per barrel, while September Brent crude, the global benchmark, was last seen up $0.10 at $79.46.* Nvidia (NVDA) shares rose 3.4%, one of the top gainers on the Dow and Nasdaq, after Space Exploration Technologies CEO Elon Musk said the company will build AI services exclusively on Nvidia's products.* SpaceX shares fell 14%, the biggest drop on the Nasdaq, after the company reported Q2 capital expenditures of $18.37 billion, up from $2.83 billion a year earlier.* AMD shares fell 7% even after fiscal Q2 results topped the market consensus.

Dow JonesNasdaq CompositeS&P 500$AMD$NVDA$SPCX
Japan

Update: US Equity Indexes Mixed as Communication Services Sector Hits Nasdaq, Proposed Hormuz Route Reportedly Agreed

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes traded mixed as declines in heavyweight communication services names restrained the Nasdaq Composite, and amid reports that Iran and Oman have agreed on a proposed route through the Strait of Hormuz, the chokepoint for about a fifth of global oil and natural gas flows.The Nasdaq Composite fell 0.6% to 26,415.2, and the S&P 500 was little changed at 7,736.9 ahead of Wednesday's close. The Dow Jones Industrial Average rose 0.7% to 54,451.1.SpaceX (SPCX) reported Q2 capital expenditures of $18.37 billion, up from $2.83 billion a year ago, taking the shine off a narrower-than-expected loss and above-consensus revenue growth. Shares slumped 13%, the worst performer on the Nasdaq.Alphabet's (GOOG, GOOGL) Google announced new roles for DeepMind Chief Executive Demis Hassabis as part of a reshuffle amid the departure of Chief Scientist Jeff Dean. Hassabis will become chairman of Google DeepMind and assume the role of chief scientist at Alphabet, per Wednesday memos from Alphabet CEO Sundar Pichai and Hassabis. Shares of the search giant dropped 4.2%, among the worst performers on the Dow, the S&P 500, and the Nasdaq.Shares of Advanced Micro Devices (AMD) dropped 6.9%, one of the steepest decliners on the Nasdaq, after analysts, in a post-earnings conference call late Tuesday, raised questions about the chipmaker's gross margin trajectory. The company reported fiscal Q2 adjusted earnings and revenue above market expectations, and Q3 sales guidance beat consensus.The pace of data center AI ramp is "very important because, from [a] revenue opportunity perspective, we see [a] large incremental revenue opportunity from data center AI," AMD Chief Financial Officer Jean Hu said on the call, according to a FactSet transcript. "Once it ramps, not only [will] it add tremendous revenue for the company, but also gross profit, even though the gross margin is slightly below corporate average."Meanwhile, Iran said it has reached a deal with Oman on a proposed shipping route through the Strait of Hormuz, a potential step toward a reopening of the waterway for energy supplies, Bloomberg reported Wednesday.A joint statement from the two countries is in the final drafting stage, Iran's foreign ministry spokesman Esmail Baghaei was cited as saying Wednesday, Bloomberg reported. Talks between Iran and Oman are "forward-moving," and an agreement would be struck "if certain third parties do not obstruct this process," Baghaei was cited as saying, according to the report.A proposed deal between Iran and Oman to help end five months of war between Iran and the United States would give Tehran control over ships entering the Gulf through the Strait, a senior Iranian source and two regional officials told Reuters, one of the biggest concessions yet to Iran.The front-month US West Texas Intermediate crude oil slipped 0.7% to $75.26 a barrel, and global benchmark North Sea Brent rose 0.2% to $79.55 a barrel.

Dow JonesNasdaq CompositeS&P 500$AMD$GOOG$GOOGL$SPCX
Sectors

Sector Update: Tech Stocks Mixed Late Afternoon

Tech stocks were mixed late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) slightly rising and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.4%.The Philadelphia Semiconductor index was down 0.5%.In corporate news, SpaceX (SPCX) reported Q2 capital expenditures of $18.37 billion, up from $2.83 billion a year ago, taking the shine off a narrower-than-expected loss and above-consensus revenue growth. The shares fell past 12%.Nvidia (NVDA) shares rose 4.1% after SpaceX CEO Elon Musk said the company will build its AI services exclusively on Nvidia's systems.OpenAI accounted for over half and likely about 70% of Microsoft's (MSFT) AI sales in its most recent fiscal year, Bloomberg reported Wednesday, citing company disclosures and its own analysis. Microsoft shares were down 0.5%.Shopify (SHOP) reported Q2 earnings above Wall Street's expectations on Wednesday, while it recorded annual growth of more than 30% each in its revenue, gross merchandise volume and gross profit metrics. Its shares jumped past 17%.

$MSFT$NVDA$SHOP$SPCX
Wire

Top Midday Decliners

Tigo Energy (TYGO) shares sank 38% after the company reported late Tuesday a plunge in Q2 adjusted earnings before interest, tax, depreciation, and amortization, and revenue growth that lagged its expectations.More than 8.7 million shares of the company traded intraday on Wednesday compared with a daily average of about 1.16 million.USANA Health Sciences (USNA) reported a year-over-year decline in net sales and swung to an adjusted diluted loss per share in Q2.Shares slumped 35% as intraday trading volume climbed to over 504,000 from the stock's daily average of about 113,000.SpaceX (SPCX) reported Q2 capital expenditures of $18.37 billion, up from $2.83 billion a year ago, taking the shine off a narrower-than-expected loss and above-consensus revenue growth.Shares declined 13%, with intraday trading volume rising to over 145.6 million from a daily average of about 110.3 million.Price: $1.27, Change: $-0.78, Percent Change: -37.99%

$SPCX$TYGO$USNA
Asia Markets

Update: US Equity Indexes Mixed as SpaceX Hits Nasdaq, Deal Reportedly Reached on Proposed Hormuz Route

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes traded mixed as declines in SpaceX (SPCX) and Advanced Micro Devices (AMD) restrained the Nasdaq Composite amid reports that Iran and Oman have agreed on a proposed route through the Strait of Hormuz, the chokepoint for about a fifth of global oil and natural gas flows.The Nasdaq Composite fell 0.5% to 26,454.2, and the S&P 500 was little changed at 7,737.4 after midday Wednesday. The Dow Jones Industrial Average rose 0.8% to 54,523.5. Communication services, energy and utilities led decliners. Materials and healthcare topped gainers.SpaceX (SPCX) reported Q2 capital expenditures of $18.37 billion, up from $2.83 billion a year ago, taking the shine off a narrower-than-expected loss and above-consensus revenue growth. Shares slumped 11%, the worst performer on the Nasdaq.SpaceX Chief Executive Elon Musk said on the company's first-ever earnings call that it will build AI services exclusively on Nvidia's (NVDA) systems. Shares of Nvidia jumped 4.3%, one of the top gainers on the Nasdaq and the Dow.Shares of Advanced Micro Devices dropped 6%, one of the steepest decliners on the Nasdaq, after analysts, in a post-earnings conference call late Tuesday, raised questions about the chipmaker's gross margin trajectory. The company reported fiscal Q2 adjusted earnings and revenue above market expectations, and Q3 sales guidance beat consensus.The pace of data center AI ramp is "very important because, from [a] revenue opportunity perspective, we see [a] large incremental revenue opportunity from data center AI," AMD Chief Financial Officer Jean Hu said on the call, according to a FactSet transcript. "Once it ramps, not only [will] it add tremendous revenue for the company, but also gross profit, even though the gross margin is slightly below corporate average."Meanwhile, Iran said it has reached a deal with Oman on a proposed shipping route through the Strait of Hormuz, a potential step toward a reopening of the waterway for energy supplies, Bloomberg reported Wednesday.A joint statement from the two countries is in the final drafting stage, Iran's foreign ministry spokesman Esmail Baghaei was cited as saying Wednesday, Bloomberg reported. Talks between Iran and Oman are "forward-moving," and an agreement would be struck "if certain third parties do not obstruct this process," Baghaei was cited as saying, according to the report.The front-month US West Texas Intermediate crude oil dropped 1.5% to $74.65 a barrel, and global benchmark North Sea Brent declined 0.7% to $78.79 a barrel.Gold futures surged 3.6% to $4,302.3, and silver futures advanced 3.3% to $62.23.In economic news, the Institute for Supply Management's US services index rose to 54.1 in July from 54.0 in June, compared with expectations for 54.5 in a Bloomberg-compiled survey. The reading suggests faster expansion, in line with other measures but in contrast with the Richmond Fed print signaling contraction.The S&P Global US services index was revised upwards to 54.6 in July from the 53.6 flash reading, compared with expectations for no revision in a survey compiled by Bloomberg. The July index is above the 51.2 reading in June and is the highest for nine months.ADP's monthly measure of private payrolls showed a 44,000 increase in July, below expectations in a Bloomberg-compiled poll for a gain of 65,000. The July increase followed a downwardly revised 95,000 jobs increase in June.US Treasury yields were little changed to mixed after midday Wednesday. The 10-year yield leaned less than one basis point lower to 4.62%, while the two-year was steady at 4.19%.

Dow JonesNasdaq CompositeS&P 500$AMD$NVDA$SPCX
Wire

SpaceX Posts Strong Inaugural Results as AI Cloud Business Surges, UBS Says

Space Exploration Technologies' (SPCX) inaugural quarterly results showed broad outperformance, led by AI cloud service deals, UBS Securities said Wednesday in a report.SpaceX's combination of launch, connectivity and compute businesses is increasingly differentiated and positioned to create long-term value, UBS said.The company is making rapid progress across its Starship, Starlink and its AI initiatives, and management believes it has addressed Starship's heat-shield issue and plans a ship-catch attempt on the next test flight, the report said.UBS expects an inflection in Starlink revenue growth once 1,000 next-generation V3 satellites are deployed, which it estimates will occur sometime next year. AI compute capacity may reach 5 to 10 gigawatts by the end of 2027, above its prior estimate of 4 gigawatts.UBS maintained its buy rating on SpaceX stock with a $210 price target.Price: $110.59, Change: $-14.74, Percent Change: -11.76%

$SPCX
Update: Equity Markets Mixed Intraday as US Seen Nearing Hormuz Deal
US Markets

Update: Equity Markets Mixed Intraday as US Seen Nearing Hormuz Deal

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday amid reports suggesting a deal to reopen the Strait of Hormuz was imminent.The Dow Jones Industrial Average was up 0.8% at 54,528.1 after midday Wednesday, while the Nasdaq Composite fell 0.4% to 26,470.4. The S&P 500 was little changed at 7,737.7. On Tuesday, the S&P 500 and the Dow recorded fresh all-time highs, while the Nasdaq advanced for a fourth consecutive session.Among sectors, materials paced the gainers intraday Wednesday, while communication services saw the steepest decline.The US, Iran and Oman are moving toward an interim deal to reopen the Strait of Hormuz, with Washington looking at a Wednesday announcement, Axios reported, citing two regional sources and a US official.US President Donald Trump reportedly said late Tuesday that an agreement to reopen the strait, the world's most important chokepoint for crude flows, was imminent."There are suggestions that a deal could be announced as soon as today, although reports that any agreement would be temporary suggest that the market would be wise not to get too carried away," ING Bank said Wednesday in report.Meanwhile, Yemen's Iran-aligned Houthis claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a CNBC report.West Texas Intermediate crude oil was down 1.1% at $74.93 a barrel intraday, while Brent edged down 0.3% to $79.02.Treasury yields were little changed, with the two-year rate at 4.2% at the 10-year rate at 4.62%.Walt Disney's (DIS) fiscal third-quarter earnings rose above Wall Street's estimates even as revenue fell short of expectations despite a boost from "Toy Story 5." The stock was up 2.4%, among the best performers on the Dow.Uber Technologies (UBER) was among the notable laggards on the S&P 500, down 6.5%, after the ride-hailing company's second-quarter revenue missed market estimates and it provided a soft third-quarter bookings guidance.Shares of SpaceX (SPCX) slumped 10% intraday after the rocket and satellite company late Tuesday reported quarterly results for the first time since going public. The company's capital expenditures rallied to $18.37 billion in the second quarter from $2.83 billion a year ago.Advanced Micro Devices (AMD) was down 6.3% even though it recorded fiscal second-quarter results above market estimates.In economic news, US private-sector employment increased less than expected in July as gains were concentrated in just services, ADP (ADP) data showed Wednesday, ahead of the official nonfarm payrolls report for the month due later in the week.Bureau of Labor Statistics data scheduled for Friday release are likely to show that the US economy added 88,000 nonfarm jobs last month, compared with a 57,000 increase reported for June, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.2%.Spot gold jumped 4% to $4,241.96 per troy ounce, while silver advanced 3.5% to $62.37 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMD$DIS$SPCX$SPGI$UBER
Sectors

Sector Update: Tech Stocks Mixed Wednesday Afternoon

Tech stocks were mixed Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.5%.The Philadelphia Semiconductor index was down 0.5%.In corporate news, SpaceX (SPCX) reported Q2 capital expenditures of $18.37 billion, up from $2.83 billion a year ago, taking the shine off a narrower-than-expected loss and above-consensus revenue growth. Shares fell past 10%.Nvidia (NVDA) shares rose 4.3% after SpaceX CEO Elon Musk said the company will build its AI services exclusively on Nvidia's systems.Advanced Micro Devices (AMD) shares fell 6%. Late Tuesday, the firm reported fiscal Q2 adjusted EPS and revenue above market expectations, and Q3 sales guidance also beat consensus.

$AMD$NVDA$SPCX
Sectors

Sector Update: Tech

Tech stocks were mixed Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2%.The Philadelphia Semiconductor index was fractionally lower.In corporate news, SpaceX (SPCX) reported a Q2 loss late Tuesday of $0.09 per diluted share, narrowing from the loss of $0.34 a year earlier. Analysts surveyed by FactSet expected a loss of $0.23. CEO Elon Musk said SpaceX will build its AI services exclusively on Nvidia's (NVDA) systems. SpaceX shares were falling 8.1%, and Nvidia rose 4.4%.

$NVDA$SPCX
Japan

Update: US Equity Indexes Mixed Amid Reports Iran, Oman Reach Hormuz Route Agreement

(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes traded mixed amid a sharp sell-off in communication services and reports that Iran and Oman have agreed on a proposed shipping route through the Strait of Hormuz, the chokepoint for about a fifth of global oil and natural gas flows.The Nasdaq Composite fell 0.6% to 26,444.8, and the S&P 500 slipped 0.1% to 7,727.6 after midday Wednesday. The Dow Jones Industrial Average rose 0.8% to 54,511.2. Both the S&P 500 and the Dow scaled new peaks for a second straight day earlier in the session.Communication services, energy and utilities led decliners. Materials and healthcare topped gainers.Iran said it has reached a deal with Oman on a proposed shipping route through the Strait of Hormuz, a potential step toward a reopening of the waterway for energy supplies, Bloomberg reported Wednesday.A joint statement from the two countries is in the final drafting stage, Iran's foreign ministry spokesman Esmail Baghaei was cited as saying Wednesday, Bloomberg reported. Talks between Iran and Oman are "forward-moving," and an agreement would be struck "if certain third parties do not obstruct this process," Baghaei was cited as saying, according to the report.The front-month US West Texas Intermediate crude oil slipped 0.4% to $75.48 a barrel, and global benchmark North Sea Brent edged up 0.1% to $79.44 a barrel.SpaceX (SPCX) reported Q2 capital expenditures of $18.37 billion, up from $2.83 billion a year ago, taking the shine off a narrower-than-expected loss and above-consensus revenue growth. Shares slumped 8%, among the worst performers on the Nasdaq.Shares of Advanced Micro Devices (AMD) dropped 5.5%, one of the steepest decliners on the Nasdaq, after analysts, in a post-earnings conference call late Tuesday, raised questions about the chipmaker's gross margin trajectory. The company reported fiscal Q2 adjusted earnings and revenue above market expectations, and Q3 sales guidance beat consensus.

Dow JonesNasdaq CompositeS&P 500$AMD$SPCX
Wire

SpaceX AI, Starlink Growth Seen Driving Further Gains, Oppenheimer Says

SpaceX (SPCX) delivered an across-the-board Q2 beat as accelerating artificial intelligence and Starlink revenue should support further growth, Oppenheimer said in a Wednesday note.The company reported a Q2 loss late Tuesday of $0.09 per diluted share, narrowing from a loss of $0.34 a year earlier, as revenue rose to $7.81 billion from $4.07 billion. AI drove the period's upside, with a 247% revenue growth to $2.60 billion, while new data center lease deals boosted adjusted EBITDA, the brokerage said.SpaceX did not provide formal guidance but Oppenheimer said its $47.5 billion backlog and contracted cloud sales provide revenue visibility. The brokerage added that Starlink V3 entering service and new data center leasing deals should drive strong revenue growth.The firm now expects SpaceX to reach $1 trillion in revenue by 2032, earlier than its previous forecast of 2035. CEO Elon Musk has said the company aims to reach that milestone by 2030.Oppenheimer has an outperform rating and a $250 price target on the company's stock.Shares of SpaceX were down 8.4% in Wednesday trading.Price: $114.81, Change: $-10.52, Percent Change: -8.39%

$SPCX
Wire

Top Midday Stories: SpaceX Shares Fall After Inaugural Results; AMD Drops Despite Strong Q2 EPS, Revenue

US equities were mixed and crude oil eased in late-morning trading Wednesday as investors remained hopeful that a deal to reopen the Strait of Hormuz may be reached soon by the US and Iran.In company news, Space Exploration Technologies (SPCX) reported a Q2 loss late Tuesday of $0.09 per diluted share, narrowing from the loss of $0.34 a year earlier. Analysts surveyed by FactSet expected a loss of $0.23. Revenue rose to $7.81 billion from $4.07 billion, topping the $6.83 billion consensus. CEO Elon Musk said SpaceX will build its AI services exclusively on Nvidia's (NVDA) systems. SpaceX shares fell 8.6% around midday, and Nvidia rose 3.4%.Advanced Micro Devices (AMD) reported fiscal Q2 adjusted diluted EPS late Tuesday of $1.66, up from $0.48 a year earlier, above the $1.62 consensus. Revenue rose to $11.64 billion from $7.69 billion, exceeding the $11.31 billion market estimate. The company expects Q3 revenue of $13 billion, plus or minus $300 million, compared with the $12.54 billion consensus. AMD shares fell 6.8%.Shopify (SHOP) reported Q2 EPS of $1.16, up from $0.69 a year earlier and above the $0.30 consensus. Revenue rose to $3.58 billion from $2.68 billion, exceeding the $3.43 billion estimate. The company expects Q3 revenue to gain more than 30%. Shopify shares jumped 17%.Walt Disney (DIS) reported fiscal Q3 adjusted diluted EPS of $2.06, up from $1.61 a year earlier and above the $1.86 consensus. Revenue rose to $25.25 billion from $23.65 billion, trailing the $25.39 billion estimate. Disney shares rose 1.9%.Eli Lilly (LLY) reported Q2 non-GAAP EPS of $8.38, up from $6.31 a year earlier and above the $6.01 consensus. Revenue rose to $22.97 billion from $15.56 billion, topping the $20.69 billion consensus. The company expects full-year non-GAAP EPS of $35.50 to $36.50, compared to previous guidance of $35.50 to $37. Revenue is expected to be $85 billion to $87 billion, up from the prior forecast of $82 billion to $85 billion. Analysts expect EPS of $35.04 on revenue of $85.28 billion. Separately, CVS Health (CVS) is revamping its direct-to-consumer weight management program, lowering the cost of virtual visits and expanding access to GLP-1 medications through a collaboration with Lilly. Shares of Lilly rose 2.8%, and CVS dropped 5.8%.Uber Technologies (UBER) reported Q2 non-GAAP EPS of $0.81, up from $0.60 a year earlier and matching the consensus. Revenue rose to $14.19 billion from $12.65 billion, trailing the $14.24 billion consensus. The company expects Q3 non-GAAP EPS of $0.84 to $0.88, compared with the $0.87 market estimate. Uber shares fell 6.6%.Price: $114.57, Change: $-10.77, Percent Change: -8.59%

$AMD$CVS$DIS$LLY$NVDA$SHOP$SPCX$UBER
Commodities

Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Amid Corporate Earnings, Hormuz Reopening Hopes

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.1% higher in Wednesday's premarket activity amid continued corporate earnings and optimism around a possible opening of the Strait of Hormuz.US stock futures were mixed, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures slipping 0.02% before the start of regular trading.Mortgage applications fell by 2.9% in the week ended July 31 as 30-year fixed mortgage rates rose to their highest level in more than a year after the Federal Open Market Committee's meeting last week, according to Mortgage Bankers Association data released Wednesday.S&P Global's services PMI report for July will be released at 9:45 am ET, followed by ISM's services reading for July at 10 am ET.The weekly petroleum stocks data will be released at 10:30 am ET.Federal Reserve Governor Lisa Cook is due to speak on Wednesday.In premarket activity, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% lower, Ether ETF (EETH) retreated 0.2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) decreased 0.01%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, the Vanguard Industrials Index Fund (VIS) was up 1.1%, and the iShares US Industrials ETF (IYJ) was inactive.SpaceX (SPCX) shares were 11% lower pre-bell after the rocket and satellite company reported quarterly results for the first time since going public.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.3%, the iShares US Technology ETF (IYW) was 0.2% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 1.1% lower, while the iShares Semiconductor ETF (SOXX) fell by 1.9%.GlobalFoundries (GFS) shares were down more than 5% in premarket activity even after the company reported higher Q2 adjusted earnings and revenue.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 1%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, and the iShares US Healthcare ETF (IYH) gained 0.7%. The iShares Biotechnology ETF (IBB) was also 0.7% higher.Eli Lilly (LLY) stock was up more than 4% premarket after the company reported higher Q2 non-GAAP earnings and revenue.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.6% lower.HSBC (HSBC) shares traded down 4% in early-hours activity after the company said late Tuesday it launched cash tender offers for four series of senior unsecured notes with an aggregate purchase price of up to $5 billion.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.1%, and the iShares US Consumer Staples ETF (IYK) was down 0.8%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Honda Motor (HMC) shares were up more than 4% pre-bell after the company reported higher fiscal Q1 earnings and revenue.EnergyThe iShares US Energy ETF (IYE) was down 0.035, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.2%.Phillips 66 (PSX) stock was up more than 1% before market open after the company reported higher Q2 adjusted earnings.CommoditiesFront-month US West Texas Intermediate crude oil gained by 0.5% to reach $76.12 per barrel on the New York Mercantile Exchange. Natural gas was up 0.4% at $2.69 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.5%, while the United States Natural Gas Fund (UNG) was 0.2% higher.Gold futures for November advanced by 2.4% to $4,250.40 an ounce on the Comex. Silver futures rose by 3.4% to $62.27 an ounce. SPDR Gold Shares (GLD) was up by 3%, and the iShares Silver Trust (SLV) was 4.4% higher.

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

Update: Potential Strait of Hormuz Deal Buoys US Equity Futures Pre-Bell

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging higher pre-bell Wednesday on optimism for a potential deal to reopen the Strait of Hormuz.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.2% higher.President Donald Trump said that the US had "very good discussions" with Iran, with the agreement to reopen the Strait of Hormuz potentially happening soon. An Axios report citing two regional sources said that the US, Iran, and Oman were nearing an interim agreement regarding the waterway.Meanwhile, US Central Command said in a post on X that the strait "remains free and open for all commercial vessels seeking to transit."Traders digested the latest round of earnings, with SpaceX (SPCX) reporting a narrower loss and higher revenue for Q2.Sandisk (SNDK) is expected to report its fiscal Q4 earnings after the market closes. Analysts polled by FactSet expect earnings of $34.96 per share on revenue of $8.48 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.2% at $80.31 per barrel and US West Texas Intermediate crude 0.7% higher at $76.26 per barrel.ADP's national employment report showed that private sector employment increased by 44,000 in July, below expectations for a 65,000 gain in a survey compiled by Bloomberg.The S&P Global purchasing managers' index composite final report for July is due at 9:45 am ET, followed by ISM's services data at 10:00 am ET.Federal Reserve Governor Lisa Cook and San Francisco Fed President Mary Daly are slated to speak on Wednesday.In other world markets, Japan's Nikkei closed 3.7% higher, Hong Kong's Hang Seng ended 0.2% higher, and China's Shanghai Composite finished 1.5% higher. Meanwhile, the UK's FTSE 100 was up 0.5%, and Germany's DAX index was 0.2% higher in Europe's early afternoon session.In equities, SpaceX shares fell 11% after the company reported Q2 total capital expenditures of $18.37 billion, up from $2.83 billion in the year-ago quarter. Advanced Micro Devices (AMD) stock was 8.5% lower despite posting better-than-expected fiscal Q2 results and issuing Q3 revenue guidance above consensus estimates. Uber Technologies (UBER) shares dropped 3.1% after the company reported lower-than-expected Q2 revenue.On the winning side, Eli Lilly (LLY) stock was up 4.9% after the company reported better-than-expected Q2 non-GAAP earnings and revenue, as well as increased its 2026 EPS outlook. Walt Disney (DIS) shares rose 3.1% after the company posted fiscal Q3 adjusted earnings that surpassed analysts' consensus. Shopify (SHOP) stock soared 21% after the company reported a Q2 earnings and revenue beat.

Dow JonesNasdaq CompositeS&P 500$AMD$DIS$LLY$SHOP$SNDK$SPCX$UBER
Stocks Rise Pre-Bell Amid Growing Hopes for Hormuz Deal; Traders Await More Corporate Earnings
US Markets

Stocks Rise Pre-Bell Amid Growing Hopes for Hormuz Deal; Traders Await More Corporate Earnings

The benchmark US stock measures were trending higher in Wednesday's premarket activity amid growing optimism over a potential deal to reopen the Strait of Hormuz, while investors await the latest batch of corporate earnings.The S&P 500 and the Dow Jones Industrial Average rose 0.3% each before the opening bell, while the Nasdaq edged up 0.1%. The S&P 500 and the Dow recorded fresh all-time highs on Tuesday, while the Nasdaq advanced for a fourth consecutive session.President Donald Trump reportedly said late Tuesday that an agreement to reopen the Strait of Hormuz, the world's most important chokepoint for crude flows, is imminent, following "very good discussions" with Iran, according to CNBC.Treasury Secretary Scott Bessent told CNBC on Tuesday that a potential deal to open the crucial waterway could be reached this week. Qatar's Foreign Ministry spokesperson Majed al-Ansari reportedly said that efforts to resolve the US-Iran conflict are "in very progressive stages."West Texas Intermediate crude oil increased 1.1% to $76.58 a barrel in premarket action, while Brent gained 1.7% to $80.73.Yemen's Iran-aligned Houthis reportedly claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a separate CNBC report.Treasury yields were mixed before the open, with the two-year rate rising 1.2 basis points to 4.21% while the 10-year rate retreated 1 basis point to 4.62%.Eli Lilly (LLY), Walt Disney (DIS), Shopify (SHOP), Uber Technologies (UBER), CVS Health (CVS), Phillips 66 (PSX), Kraft Heinz (KHC) and Global Payments (GPN) are scheduled to report their latest financial results before the bell, among others.Sandisk (SNDK), AppLovin (APP), McKesson (MCK), DoorDash (DASH), eBay (EBAY) and Expedia (EXPE) post their earnings after the markets close.Shares of SpaceX (SPCX) dropped 12% pre-bell after the rocket and satellite company reported quarterly results for the first time since going public. Advanced Micro Devices (AMD) fell 8.6% even though it recorded fiscal second-quarter results above market estimates. Arista Networks (ANET) jumped 16%.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the ADP Employment report for July at 8:15 am. The purchasing managers' index composite final report from S&P Global (SPGI) for July is out at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.The domestic EIA petroleum inventories report is due at 10:30 am.Federal Reserve Governor Lisa Cook is scheduled to speak at 4:05 pm, while San Francisco Fed President Mary Daly speaks at 8:35 pm.Gold gained 1.5% to $4,215 per troy ounce, while bitcoin slipped 0.2% to $64,146.

Dow JonesNasdaq CompositeS&P 500$AMD$ANET$APP$CVS$DASH$DIS$EBAY$EXPE$GPN$KHC$LLY$MCK$PSX$SHOP$SNDK$SPCX$SPGI$UBER
Japan

Potential Strait of Hormuz Deal Buoys US Equity Futures Pre-Bell

US equity futures were edging higher pre-bell Wednesday on optimism for a potential deal to reopen the Strait of Hormuz.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.2% higher.President Donald Trump said that the US had "very good discussions" with Iran, with the agreement to reopen the Strait of Hormuz potentially happening soon. An Axios report citing two regional sources said that the US, Iran, and Oman were nearing an interim agreement regarding the waterway.Meanwhile, US Central Command said in a post on X that the strait "remains free and open for all commercial vessels seeking to transit."Traders digested the latest round of earnings, with SpaceX (SPCX) reporting a narrower loss and higher revenue for Q2.Sandisk (SNDK) is expected to report its fiscal Q4 earnings after the market closes. Analysts polled by FactSet expect earnings of $34.96 per share on revenue of $8.48 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up nearly 1% at $80.10 per barrel and US West Texas Intermediate crude 0.3% higher at $76.03 per barrel.The ADP employment report for July, expected at 8:15 am ET, is seen showing an increase of 65,000 from 98,000 in the prior month, according to estimates compiled by Bloomberg.The S&P Global purchasing managers' index composite final report for July is due at 9:45 am ET, followed by ISM's services data at 10:00 am ET.Federal Reserve Governor Lisa Cook and San Francisco Fed President Mary Daly are slated to speak on Wednesday.

Dow JonesNasdaq CompositeS&P 500$SNDK$SPCX
Wire

Update: SpaceX Q2 Loss Narrows, Revenue Rises; Musk Targets $1 Trillion Revenue by 2030 - Shares Down Pre-Bell

(Updates to include Elon Musk's statement, details on capex, and recent stock movement in the headline and the last three paragraphs)SpaceX (SPCX) reported a Q2 loss late Tuesday of $0.09 per diluted share, narrowing from a loss of $0.34 a year earlier.Analysts polled by FactSet expected a loss of $0.23.Revenue for the three months ended June 30 was $7.81 billion, up from $4.07 billion a year earlier.Analysts expected $6.83 billion.The space exploration company also reported Q2 total capital expenditures of $18.37 billion, up from $2.83 billion in the year-ago quarter.In a statement on earnings call transcript, Chief Executive Elon Musk said the company expects to surpass $100 billion in annual recurring revenue by December and has accelerated its internal timeline to reach $1 trillion in annual revenue to 2030 from 2031. Musk added there is a "nonzero chance" the company could achieve the $1 trillion revenue milestone as early as 2029.SpaceX shares were down 10% in premarket activity.Price: $112.95, Change: $-12.38, Percent Change: -9.88%

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