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Daily Roundup of Key US Economic Data for June 11

The PPI rose by 1.1% in May following a 1.1% gain in April, with energy prices up 10.7% and food prices up 0.6%.Gasoline prices alone surged by 23.4% after a 15.2% gain. Core prices, which exclude food and energy, increased by 0.4% after a 0.7% increase in the previous month.The year-over-year rise in producer prices rose to 6.5% from 5.7% in the prior month, the highest since November 2022, while core prices remained at a 4.9% annual rate.Initial jobless claims increased by 4,000 to 229,000 in the week ended June 6, lifting the four-week moving average by 4,250 to 219,000, a third straight increase.Insured claims rose by 24,000 to 1.795 million in the week ended May 30.Natural gas stocks rose by 108 billion cubic feet to 2.686 trillion cubic feet in the week ended June 5, down 0.2% from a year earlier but 6% higher than the seasonal average for the current week over the previous five years.

Wire46d ago

Arthur J. Gallagher Shares Rise After Jefferies Upgrade

Arthur J. Gallagher (AJG) shares rose more than 1.4% in Thursday trading after Jefferies upgraded the stock to buy from hold and raised the price target to $265 from $235.Trading volume stood at about 1.1 million shares, compared with a daily average of 1.9 million.Price: $223.04, Change: $+2.90, Percent Change: +1.32%

$AJG

US Markets46d ago

Update: Equities Rise Intraday, Oil Drops as Trump Cancels Iran Strikes

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, while oil prices fell as President Donald Trump called off the latest round of strikes against Iran.The Dow Jones Industrial Average was up 1.5% at 50,687.4 after midday Thursday, while the Nasdaq Composite rose 1.6% to 25,563.4. The S&P 500 increased 1.2% to 7,352.8. Barring energy and communication services, all sectors were in the green, led by industrials.West Texas Intermediate crude oil was down 3.5% at $86.91 a barrel, while Brent fell 3.9% to $89.52.Trump said he has cancelled the strikes and bombings against Iran that were scheduled for later in the day."Discussions and final points have been, in both concept and great detail, approved by all parties involved," Trump said in a social media post. "The naval blockade will remain in full force and effect until this transaction is finalized -- time and place of the signing to be announced shortly."US forces launched airstrikes against Iran Tuesday after Tehran shot down an American Apache helicopter. The US fired additional missiles Wednesday.Iran's strait authority said earlier in the day that the Strait of Hormuz will be closed "until further notice" following an exchange of fire with the US, CNN reported Thursday.The Organization of the Petroleum Exporting Countries lowered its global oil demand growth forecast for this year, but raised its expectations for 2027.US Treasury yields were lower intraday, with the 10-year rate down 6.5 basis points at 4.48% and the two-year rate falling five basis points to 4.08%.In economic news, US producer prices rose more than projected in May, matching the previous month's pace, while the annual increase reached the highest since late 2022 amid surging energy costs, government data showed.On Wednesday, consumer price data showed inflation accelerating to the fastest pace in about three years last month, reinforcing expectations that the Federal Reserve will keep interest rates on hold."A fresh multiyear high in consumer and producer prices underscores the pain befallen on consumers resulting from disruptions in the global energy market," Stifel said in a note. "For the Fed, dangerously high levels of inflation suggest additional accommodation is off the table, at least for now."In company news, Eaton (ETN) will combine its mobility business with auto parts supplier Dana (DAN), creating a global powertrain entity valued at more than $10 billion. Eaton shares were up 4.6% intraday, while Dana slumped 15%.Oracle (ORCL) shares were down nearly 12%, the worst performer on the S&P 500. Late Wednesday, the cloud computing company's fiscal fourth-quarter results surpassed Wall Street's estimates, driven by rising demand for cloud infrastructure amid an artificial intelligence boom.UBS Securities said Thursday the sell-off in Oracle's shares could be due in part to its higher-than-expected capital expenditure outlook for the year.Adobe (ADBE), Lennar (LEN) and RH (RH) are expected to report results after the closing bell Thursday, along with others.Gold was up 0.9% at $4,169.10 per troy ounce, while silver rose 1.9% to $66 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADBE$DAN$ETN$LEN$ORCL$RH

Commodities46d ago

Update: Market Chatter: Cheniere's Corpus Christi LNG Gas Intake Rebounds to 2.61 Bcf/d After Midscale Train Shutdown

(Updated with comments from Cheniere's spokesperson in the 8th paragraph.)Cheniere Energy's (LNG) Corpus Christi LNG plant was on track to receive 2.61 billion cubic feet per day of natural gas Thursday after a temporary shutdown affected part of the facility, Reuters reported Thursday, citing LSEG data.High LNG rundown pressure prompted the company to take Midscale Stage 3 Trains 1 to 6 offline on Wednesday morning, Cheniere said in a filing with Texas environmental regulators.LSEG data showed gas flows to the export plant recovering to 2.61 Bcf/d on Thursday from 2.14 Bcf/d on Wednesday, exceeding the recent seven-day average of 1.81 Bcf/d.The projected intake would come close to the facility's record daily volume of 2.64 Bcf/d reached on Jan. 31, according to LSEG data.Spring maintenance activity has weighed on feedgas demand since the beginning of June, leaving volumes below typical operating levels, the report added citing analysts and traders.Corpus Christi can convert roughly 3.5 Bcf/d of natural gas into LNG when all processing units operate at full capacity.The Texas facility includes three large liquefaction trains capable of processing 0.8 Bcf/d each, along with seven midscale trains rated at 0.2 Bcf/d, either operating or under construction.A Cheniere spokesperson said the firm did not comment on day-to-day operations in response to' request.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $241.15, Change: $-0.66, Percent Change: -0.27%

$LNG

Wire46d ago

PROCEPT BioRobotics Shares Drop After Downgrade From Leerink Partners

PROCEPT BioRobotics (PRCT) shares were down 5.8% in afternoon trading on Thursday after Leerink Partners downgraded the company's stock to market perform from outperform and adjusted the price target to $29 from $31.Trading volume stood at more than 1.8 million shares against a daily average of about 1.4 million.Price: $27.42, Change: $-1.68, Percent Change: -5.76%

$PRCT

Wire46d ago

JPMorgan Raises Public Storage Price Target to $338 From $291, Maintains Neutral Rating

Public Storage (PSA) has an average rating of overweight and mean price target of $318.73, 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)Price: $324.87, Change: $+1.00, Percent Change: +0.31%

$PSA

Commodities46d ago

Market Chatter: EU Governments Split Over Proposal to Ease Budget Rules for Energy Aid

Several European Union governments pushed back against plans to ease budget restrictions on energy support as policymakers grapple with the economic fallout from the conflict in Iran, Bloomberg reported Thursday, citing people familiar with the matter.During euro-area finance ministers' talks in Luxembourg, Germany joined France and the Netherlands in questioning whether the bloc should loosen recently overhauled fiscal rules, according to sources.Spain supported the proposal, arguing that member states should be able to redirect unused defense-related budget flexibility toward programs that offset rising energy costs.Before endorsing the initiative, governments want to review the details, with German Finance Minister Lars Klingbeil saying officials remain focused on both financial stability and defense spending.Policymakers are balancing two competing priorities, helping households and businesses absorb higher fuel costs while avoiding policies that could intensify inflation, the report added.The European Commission drafted the proposal after pressure from leaders, including Italian Prime Minister Giorgia Meloni, offering countries additional room for clean-energy spending.The plan would allow governments to commit up to 0.3% of gross domestic product annually through 2028, with total flexibility capped at 0.6% over three years.The European Fiscal Board warned the proposal could weaken the European Union's revamped fiscal framework and add further pressure to consumer prices.Despite those concerns, member states broadly expect the initiative to advance, although several members want the commission to proceed cautiously, according to the sources.European Central Bank President Christine Lagarde urged governments to keep any energy-relief measures "temporary, targeted and tailored" while preserving fiscal discipline."Fiscal sustainability is a crucial anchor for broader economic stability," Lagarde reportedly added, as the European Central Bank raised interest rates to address inflation linked to the Iran conflict.Eurogroup President Kyriakos Pierrakakis backed the proposal, arguing that the added spending flexibility complements existing defense measures and strengthens Europe's overall security.The governments of France, Spain, and the Netherlands did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Mining & Metals46d ago

Horizon Petroleum Begins Civil Works At The Lachowice 7 Wellsite In Poland; Shares up 17%

Horizon Petroleum (HPL.V) on Wednesday said it started the civil works to construct the well pad at the Lachowice 7 gas wellsite.The construction of the lease and access road represents the company's first significant field works to prepare the site for the arrival of the workover rig expected in July, it said."The reactivation of the Lachowice 7 well is a critical first step in our progress toward first production from the cornerstone Lachowice gas development located within the Bielsko-Biala concession in southern Poland," stated the company.Subject to a "successful workover outcome", gas and/or electricity sales from the Lachowice 7 (L7) well are expected to provide the company with its first cash flow, the company said, added it is targeting initial gas and/or electricity sales and first cash flow from the early development phase by late in the first half of 2027.Production from the well will also serve as a long-term production test of the naturally fractured Devonian limestone and dolomite reservoirs encountered at Lachowice, it stated."The production data will provide important reservoir performance data that will help refine the wellbore completion design and optimize the field development plan," added the company."We are pleased to have started work on the construction of the Lachowice 7 well pad," said chief operating officer Roger McMechan. "Discussions are also at an advanced stage for the execution of a drilling rig contract to undertake the Lachowice 7 well workover, with the re-entry and recompletion operations planned to begin in July. We look forward to providing further updates once the commercial terms and availability for the required services for the workover, stimulation and testing operations for the well Lachowice 7 are finalized."The company's shares were last seen up $0.025 to $0.175 on the TSX Venture Exchange.Price: $0.18, Change: $+0.03, Percent Change: +16.67%

$HPL.V

Oil & Energy46d ago

Brent, WTI Fall Over 3% After Trump Calls off Planned Iran Strikes

Sectors46d ago

Update: Gold Rises on a Restart of Iranian Talks; U.S. Wholesale Inflation Rose More Than Expected in May

(Adds detail on restart of talks with Iran and updates prices.)Gold rose off a six-month low midafternoon on Thursday, rising for the first time in five session as U.S. wholesale price inflation rose more than expected last month while the dollar and yields fell after U.S. President Trump canceled planned attacks on Iran and talks between the two are resuming.Gold for July delivery was last seen up US$10.00 to US$4,143.30 per ounce, rising off the lowest since Nov.24 and recovering from session lows of US$4,046.20.The Wall Street Journal reported Trump canceled the strikes after Iran's leadership and other parties in the talks approved "discussions and final points" for talks to end the war. The U.S. blockade of Iran's ports will remain in place until a final deal is reached..The U.S. Bureau of Labor Statistics on Thursday reported the Producer Price Index (PPI) rose by 1.1% in May, down from 1.4% annualized in April but ahead of expectations for a rise of 0.7%, according to MarketWatch. Core PPI, excluding volatile foods, energy, and trade services, rose 0.8% monthly, down form 1% in April but again ahead of expectations for a rise of 0.5%.The report follows the Wednesday release of the U.S. Consumer Price Index that rose at a 4.2% annualized rate in May, up from 3.8% a month earlier. The rise in oil prices that has followed the U.S. war on Iran keeps inflation hot and pushes traders to the dollar as a hedge against the threat central banks will need to hike interest rates to slow rising prices.The dollar fell following Trump's comments, with the ICE dollar index last seen down 0.12 points to 99.83. Treasury yields were sharply lower, with the US. two-year note last seen paying 4.085%, down 7.5% basis points, while the yield on the 10-year note was down 8.0 points to 4.479%.

$GCN6$GLD

Commodities46d ago

US Natural Gas Update: Futures Fall on Larger-Than-Expected Inventory Build

US natural gas futures weakened at midday Thursday after government data showed a larger-than-expected storage build, reinforcing expectations that supply remains ample heading into early summer.The front-month Henry Hub contract and the continuous front-month benchmark both fell by 3.70% to $3.067 per million British thermal units.The Energy Information Administration reported an injection of 108 billion cubic feet for the week ended June 5, above market expectations of roughly 95-101 Bcf. That compares with a 110 Bcf build in the same week last year.Total working gas in storage now stands at 2,686 Bcf, roughly 5 Bcf, or 0.2%, below year-ago levels and 151 Bcf, or about 6%, above the five-year average.The surplus to the five-year norm has rebounded to levels near April highs, with storage increases broadly tracking seasonal norms over the past six weeks, according to a note by Pinebrook Energy Advisors.Gelber & Associates called the inventory figure the clearest bearish driver of the session, noting that it landed despite a firmer short-term demand setup earlier in the week."Power burn is the main source of support, with early-summer heat lifting generation demand and keeping total demand elevated in the front of the forecast," the firm said, adding that weather signals remain mixed.Near-term heat is supporting demand, but forecasts show moderation beyond the front end of the two-week outlook.NatGasWeather.com pointed to a strong high-pressure system dominating much of the US through Saturday, bringing highs in the 80-100 degrees Fahrenheit range, including 90-degree Fahrenheit plus readings across the Midwest and the East Coast.It added that demand is expected to remain strong through the weekend before easing.NRG reported power burn rising to 45.7 Bcf per day on Thursday, pushing total consumption higher. Despite the spike, overall balances remain broadly stable, reflecting what traders describe as a still-balanced supply-demand picture.Dry gas production remains near 110 Bcf/d, while Canadian imports are steady, keeping injections intact even as cooling demand builds, Gelber & Associates said Thursday.Gelber said the combination of steady production and resilient LNG flows around 17.7 Bcf/d continues to counter increased near-term consumption forecasts. NRG echoed that view, noting production has ticked higher and remains at elevated levels, reinforcing a structurally well-supplied market.

Sectors46d ago

Sector Update: Financial Stocks Mixed Thursday Afternoon

Financial stocks were mixed in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.7%.The Philadelphia Housing Index rose 2.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.1%.Bitcoin (BTC-USD) gained 2.5% to $63,498, and the yield for 10-year US Treasuries decreased 6.3 basis points to 4.48%.In economic news, core producer price index, which excludes the more volatile food and energy prices, increased by 0.4% in May, slower than the 0.5% gain expected in a Bloomberg-compiled poll and following a 0.7% gain in April. Core PPI remained at 4.9% year-over-year, but below the 5.4% consensus.US initial jobless claims rose to a level of 229,000 in the week ended June 6 from an unrevised level of 225,000 in the previous week, compared with expectations for an increase to 220,000 in a survey of analysts compiled by Bloomberg.In sector news, the US Supreme Court on Thursday overturned a lower court ruling, blocking activist investors from suing closed-end mutual funds over maneuvers they take to avoid activist-investor takeovers. Saba Capital Master Fund, which led the suing investors, alleged that such moves, like incorporating in favorable jurisdictions, violate the Investment Company Act of 1940.In corporate news, BlackRock (BLK) placed an order to buy at least $5 billion worth of SpaceX shares, the Wall Street Journal reported. Individual investors placed more than $70 billion in orders, and the company also attracted demand from sovereign wealth funds and family offices, including a single family office order of over $1 billion, the report said. BlackRock shares were up 1.1%.Charles Schwab (SCHW) said Thursday that it has lowered expense ratios on four of its equity index ETFs, including funds tracking US mid-cap, small-cap, international small-cap, and emerging markets stocks. Its shares rose 0.1%.KKR (KKR) said Thursday it launched Helix Digital Infrastructure, a platform with over $10 billion in committed capital to finance AI infrastructure, including data centers, power and connectivity expansion. KKR shares were down 0.5%.

$BLK$KKR$SCHW

Oil & Energy46d ago

Trump Cancels Planned Iran Strikes, Says Deal Discussions Reach Final Stage

President Donald Trump said Thursday he has canceled the planned strikes on Iran after negotiations reached senior Iranian leadership and gained broader regional backing."Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump said in a Truth Social post.Trump said negotiators had agreed on both the framework and detailed terms of the arrangement, describing the discussions as largely complete."Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others," Trump said.Trump added that the US will keep its naval blockade in place until the agreement is finalized, adding that the time and location for signing the deal will be announced shortly.Oil prices declined after the announcement, with Brent crude futures falling 3.82% to $89.54 per barrel and West Texas Intermediate crude dropping 3.78% to $86.63/bbl.

Oil & Energy46d ago

Trump Says Scheduled Strikes on Iran Canceled After High-Level Agreement; Naval Blockade to Stay in 'Full Force' Until Deal is Finalized

Wire46d ago

Top Midday Decliners

Oracle (ORCL) plans to raise about $40 billion via debt and equity issuances in fiscal 2027, including its previously announced $20 billion stock sale, the company said late Wednesday.Wedbush cut its price target for Oracle's shares to $240 from $275, citing the debt raise.Shares dropped 12%, with intraday trading volume rising to more than 41.4 million from the stock's daily average of about 26.1 million.Atossa Therapeutics (ATOS) entered into a registered direct offering targeting gross proceeds of up to $16.5 million, the company said Thursday.Shares dropped 42%, with intraday trading volume rising to more than 1.1 million from the stock's daily average of 60,349.Oxford Industries' (OXM) shares slumped 18% after the clothing firm reported late Wednesday a fiscal Q2 sales outlook below analyst estimates, while Q1 adjusted earnings and revenue declined from a year ago.More than 958,000 shares of the company traded intraday compared with a daily average of about 347,000.Price: $178.43, Change: $-22.84, Percent Change: -11.35%

$ATOS$ORCL$OXM

Wire46d ago

Update: Market Chatter: Anthropic Pursues Plan to Lease Data Centers, Seeks Google's Backing

(Updates with Google declines to comment in the last paragraph.)Amazon-backed (AMZN) Anthropic signed over a dozen initial agreements to lease data center facilities from US developers, and the AI company has privately discussed a plan to have Alphabet's (GOOG, GOOGL) Google provide a financial guarantee for its lease payments, The Information reported Thursday, citing several people with direct knowledge of the plans.Anthropic currently rents chip servers from cloud providers, and its plan to become a direct tenant on data center projects reflects a new direction for the company, the report said.Google declined to comment, while Anthropic didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $350.15, Change: $-3.17, Percent Change: -0.90%

$AMZN$GOOG$GOOGL

Oil & Energy46d ago

EMEA Oil Update: Crude Rise as US-Iran Conflict Flares, Stoking Supply Fears

EMEA crude futures advanced in after-hours trading on Thursday as escalating tensions between the US and Iran stoked fears of potential supply disruptions in the Middle East, after President Trump warned that Washington would hit Tehran "very hard tonight".Brent crude futures gained 0.4% to $93.50 per barrel, while Murban crude futures were up 1.6% to $88.59/bbl.ING strategists said that Trump threatened Iran that more strikes would follow if it didn't agree to a deal, as Tehran vowed to close the Strait of Hormuz until further notice.On Thursday, Trump said the US would hit Iran very hard tonight after completing a round of airstrikes on Wednesday against the country's surveillance capabilities, communication systems, and air defense sites.The US President threatened to seize Iran's Kharg Island, the country's crude export terminal, "at some point in the not-too-distant future." The US will seize "total control" of Iran's oil and gas markets like Washington did in Venezuela, Trump said in a Truth Social post.Soojin Kim, a research analyst at MUFG, said crude prices rose after a second round of US strikes on Iranian targets heightened tensions in the Middle East, raising concerns about further disruptions to energy flows through the Strait of Hormuz.Earlier on Wednesday, Trump criticized Iranian authorities for stalling peace deal negotiations, saying Tehran will now have to "pay the price".Iran, in response, struck several US military facilities in Kuwait and Bahrain, including Ali Salem and Ahmad al-Jaber air bases in Kuwait and Sheikh Issa air base in Bahrain. Tehran also carried out missile and drone attacks against US vessels operating in the Hormuz.Iran's Persian Gulf Strait Authority announced the closure of the Strait, including for oil tankers and commercial ships, on Thursday, saying vessels attempting passage will come under fire. The strategic waterway handles about 20% of global oil and gas shipments.Saxo Bank strategists said that the renewed hostilities between the US and Iran threaten to prolong the near-total closure of the Hormuz, which has severely disrupted flows of crude oil, refined fuels, and natural gas since the conflict escalated in late February.Meanwhile, OPEC lowered its forecast for global crude demand growth in 2026 to 970,000 barrels per day, according to producer group's monthly report published on Thursday.The current forecast reduced the expected oil demand growth in 2026 from 1.17 million b/d previously forecasted. For 2027, OPEC projected that demand to rise by 1.73 million b/d, up 190,000 b/d from the previous forecast.

Sectors46d ago

Trump Cancels Iran Strikes, Says Deal Near

President Donald Trump said Thursday on Truth Social he has cancelled previously announced strikes on Iran tonight as "final points" of a deal have been, "in both concept and great detail, approved by all parties involved."He said the time and place of a deal signing between the nations will "be announced shortly."

Sectors46d ago

Sector Update: Energy Stocks Mixed Thursday Afternoon

Energy stocks were mixed Thursday afternoon, with the NYSE Energy Sector Index adding 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.8%.The Philadelphia Oil Service Sector Index was rising 0.4%, and the Dow Jones US Utilities Index was up 0.5%.Front-month West Texas Intermediate crude oil rose 0.4% to $90.36 a barrel, and the global benchmark Brent crude contract was 0.2% lower at $92.96 a barrel. Henry Hub natural gas futures fell 3.1% to $3.09 per 1 million BTU.In sector news, the US will hit Iran with an attack "VERY HARD TONIGHT," and it will take control of the Kharg Island sometime in the "not too distant future," President Donald Trump said Thursday on a Truth Social post. The island is, reportedly, the gateway for a vast majority of Iran's crude oil exports. Iran's Foreign Ministry has condemned the recent US strikes on the country, saying that it has rendered the ceasefire "practically meaningless," the Associated Press reported Thursday.Separately, the Organization of the Petroleum Exporting Countries on Thursday lowered its global oil demand growth forecast for this year but raised its expectations for 2027. The cartel now expects oil consumption to rise by 970,000 barrels a day this year, down from its prior estimate that called for an increase of 1.17 million barrels. For 2027, OPEC now expects world oil demand to rise by 1.73 million barrels a day, compared with its last month's forecast of a 1.54 million-barrel increase.In corporate news, Oklo (OKLO) shares gained 4.4% after it said Thursday that the US Department of Energy has approved the preliminary documented safety analysis for the Aurora powerhouse at Idaho National Laboratory under the department's Reactor Pilot Program.Energy Fuels (UUUU) shares jumped past 6% after the company said it expects finished uranium production at its White Mesa Mill to reach about 1.6 million pounds by June 30, which would already be within its full-year guidance range of 1.5 million to 2.5 million pounds of U3O8.BP (BP) said its Whiting refinery team held a 63rd formal bargaining meeting with the United Steelworkers Local 7-1 committee to discuss a new labor contract. Shares added 0.4%.

$BP$OKLO$UUUU

US Markets46d ago

SpaceX IPO Frenzy Builds as Analysts Warn of Volatility

Retail and institutional enthusiasm is building as SpaceX moves closer to its historic debut on Wall Street, but analysts cautioned that the sheer scale of the listing could fuel volatility.Elon Musk's rocket and satellite company plans to offer about 555.6 million shares at $135 apiece, for a record $75 billion that would eclipse oil giant Saudi Aramco's blockbuster IPO in 2019.SpaceX's IPO has drawn over $70 billion in orders from retail investors, Bloomberg News reported Thursday. Previously, Bloomberg said institutional demand for SpaceX shares was more than four times the amount available.SpaceX may be targeting a market value of under $1.8 trillion, placing it among the 10 most valuable public companies in the US.But just as SpaceX prepares to begin trading on the Nasdaq Friday, some on Wall Street have pointed to increased volatility."The SpaceX anticipation has caused some added volatility in the market especially in the tech sector as traders/investors anticipate the ripple impact of this historical IPO," Wedbush Securities analyst Dan Ives said in a note on Wednesday. "While there will be some worries that the mammoth SpaceX will take away some oxygen from the tech/semi trade as investors rotate into SpaceX, we believe this will be a short-term bump in the road as the market adjusts to this new tech titan as a public company."Oppenheimer also expects high price volatility for SpaceX shares due to an initial demand and supply imbalance amid strong retail demand.But there are other risks too."We note significant regulatory, technology, execution, keyman and investor expectation risks remain and that thermal management of chips for space applications in space within four years appears challenging," Oppenheimer said. "However, its space infrastructure appears structurally advantaged."Markets are also tracking other mega-cap IPOs of OpenAI and Anthropic."While strong investor sentiment is likely to support upcoming mega IPOs, their scale and current unprofitability introduce risks of short-term volatility," Wells Fargo Investment Institute said in a note on Wednesday.

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US Markets46d ago

Update: Equities Rise Intraday, Oil Drops as Trump Cancels Iran Strikes

Dow JonesNasdaq CompositeS&P 500$ADBE$DAN$ETN$LEN$ORCL$RH