US stocks drift as oil falls and SpaceX debuts on Wall Street
U.S. stocks saw mixed movements Friday as SpaceX made its Wall Street debut, surging 11% to a $1.96 trillion valuation, while oil prices fell following President Donald Trump’s announcement of a potential deal with Iran. The S&P 500 rose slightly, but AI-related stocks faced volatility, with Broadcom dropping 1.9% and Adobe losing 6.9% despite strong quarterly earnings.
U.S. stocks drifted Friday as SpaceX’s highly anticipated IPO sent its shares up 11% to $150, valuing the company at $1.96 trillion and making CEO Elon Musk the first-ever trillionaire. The debut marked the first of three major AI-linked companies expected to go public, drawing investor attention amid recent volatility in the sector. The S&P 500 rose 0.1%, while the Dow Jones Industrial Average climbed 0.5% to 253 points, and the Nasdaq composite fell 0.3%. Oil prices dropped 3.1% to $87.58 per barrel after President Donald Trump canceled plans for strikes on Iran, suggesting a potential deal could ease tensions. A ceasefire might reopen the Strait of Hormuz, stabilizing oil flows and reducing inflation pressures. AI stocks remained turbulent, with Broadcom falling 1.9% and Adobe dropping 6.9% despite beating earnings forecasts. Adobe’s stock has fallen 42% this year, and the company announced its CFO’s departure and a CEO transition. Investors appear to be rotating funds toward SpaceX and upcoming AI IPOs amid concerns over overvaluation in the sector. SpaceX’s $29.1 billion debt reflects its heavy investments in AI and other ventures. Meanwhile, Treasury yields rebounded slightly after a sharp drop the prior day, influenced by oil price fluctuations and Trump’s Iran comments. Markets have historically reacted cautiously to past ceasefire hopes, leaving uncertainty about long-term stability.
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