US stocks rise after oil prices ease and SpaceX soars in its debut on Wall Street

U.S. stock markets climbed Friday after oil prices fell and SpaceX made its highly anticipated debut on Wall Street. The S&P 500 rose 0.5% to close its 10th winning week in the past 11, while the Dow Jones Industrial Average gained 353 points (0.7%) and the Nasdaq composite added 0.3%. Oil prices dropped 3.4%, with Brent crude settling at $87.33 per barrel, following President Donald Trump’s cancellation of threatened strikes on Iran and hints of a potential deal. SpaceX led gains with a 19.2% surge on its first trading day, valuing the company at $2.1 trillion—exceeding Exxon Mobil, Bank of America, and Coca-Cola combined. The company’s AI subsidiary, xAI, contributed to investor optimism about artificial intelligence stocks. However, other AI-related stocks showed volatility, with Micron Technology falling 1.4% and CoreWeave rising 5% after being added to the Nasdaq 100 index. Adobe’s stock dropped 6.8% despite stronger-than-expected quarterly profits, marking a 42% decline year-to-date. The company announced its CFO’s departure and a CEO succession plan after Shantanu Narayen’s 18-year tenure. Treasury yields also rose slightly, reaching 4.48% on the 10-year note, reversing part of the previous day’s decline linked to Trump’s Iran announcement. The S&P 500 closed at 7,431.46, the Dow at 51,202.26, and the Nasdaq at 25,888.84. Analysts noted concerns about AI stock valuations, with some warning of a potential bubble. Meanwhile, bond market shifts highlighted economic risks as high yields could dampen investments across stocks and cryptocurrencies.