US stocks drift as Wall Street awaits SpaceX debut
US stock indices showed modest gains as investors awaited SpaceX’s highly anticipated debut on the Nasdaq, marking the first major AI-linked company IPO in a volatile week for AI stocks. The S&P 500 rose 0.1%, while AI-related shares like Micron Technology and Broadcom declined amid shifting investor focus toward SpaceX, which could reach a $1.77 trillion valuation if its offering price holds.
US stock markets opened with slight movements Friday as traders prepared for SpaceX’s long-awaited Nasdaq debut, the first of three major AI-related companies set to launch IPOs this week. The S&P 500 climbed 0.1%, the Dow Jones Industrial Average rose 0.5% (270 points), and the Nasdaq composite dipped 0.1%. Oil prices also influenced markets, with Brent crude falling 2.2% to $88.36 per barrel after US President Donald Trump canceled threats of strikes on Iran, signaling potential deal progress. Investor attention remained fixated on AI stocks, which had swung wildly over the past week. After Thursday’s rebound, shares like Micron Technology dropped 2% and Broadcom fell 0.8% Friday, reflecting uncertainty ahead of SpaceX’s IPO. Some analysts suggest investors are rotating funds into SpaceX and other upcoming AI-related offerings, such as those from Nvidia and Anthropic, which could further impact volatility. SpaceX’s stock debut on the Nasdaq marked a pivotal moment for Elon Musk’s company, which has ties to AI development and carries $29.1 billion in debt as of March 31. Though the exact trading time was unspecified, the company’s projected $1.77 trillion valuation—if its offering price holds—would place it among the top seven most valuable firms on Wall Street, rivaling Broadcom and Meta Platforms. The broader market’s reaction to SpaceX’s IPO will depend on investor appetite for AI-linked ventures amid recent fluctuations. While some tech giants have faced pullbacks, SpaceX’s debut could signal renewed confidence in high-growth sectors, particularly as it bridges aerospace and AI innovation. Traders will watch closely to see whether the company’s valuation sustains momentum or triggers further market adjustments.
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