by Coinstrooper Crypto Articles
Quick Take
  • The US stock market trades higher on Friday as SpaceX (SPCX) shares jump around 22% in the largest IPO on record.
  • Improved consumer sentiment and hopes for Middle East peace add support.
  • However, technology lags the rally because the $75 billion SPCX listing siphons capital from space peers and mega-cap leaders.
  • SpaceX raised $75 billion by selling 556 million shares at $135 each, the biggest IPO in history.

What Happened

A successful mega-listing signals investors will still fund growth at scale, and that confidence spills into the broader tape. The flip side is rotation.

Market Context

The US stock market trades higher on Friday as SpaceX (SPCX) shares jump around 22% in the largest IPO on record. Improved consumer sentiment and hopes for Middle East peace add support.

However, technology lags the rally because the $75 billion SPCX listing siphons capital from space peers and mega-cap leaders.

How Are SpaceX Shares Trading After Record Debut?

SpaceX raised $75 billion by selling 556 million shares at $135 each, the biggest IPO in history. The stock opened at $150, well below the $175 level that trading desks initially indicated. Demand was strong, but cooler than the pre-debut hype implied.

The five-minute chart shows the rally thinning out. Price holds above the volume-weighted average price (VWAP) at $162.62, the volume-adjusted average institutions use as an execution benchmark.

However, cumulative volume delta (CVD), which tracks the running gap between buying and selling pressure, keeps trending down. Net volume sits near 384,000 shares and needs to reclaim the 1.1 million mark to confirm genuine demand.

The opening range breakout (ORB) indicator marks the high and low of a stock’s first minutes of trading. These levels act as breakout triggers.

Why Is the US Stock Market Up Today?

Cheaper energy reduces inflation risk and input costs, which benefits cyclicals and small caps the most.

Why It Matters

Perpetual futures positioning tracked by Nansen signals caution. Shorting the listed stock is barely possible on the debut day, since shares have not settled and borrowing is scarce. That makes perps the only venue for bearish bets.

Whales hold a net short of $18.6 million and smart traders a net short of $7.2 million. This divergence could fuel a squeeze-like move on perps, or it may show experienced traders fading the rally.

A five-minute close above the $168.73 range high could open $173.95. On the downside, SPCX should not lose $155. Below that, the $149.77 range low sets up a move lower.

1. SpaceX’s Record IPO Lifts Risk Appetite

2. Consumer Sentiment Beats Expectations

3. Middle East Peace Hopes Cut the Risk Premium

Details

Buyers then stepped in. SPCX touched a session high of $168.73 at press time before settling near $166, up around 22% and worth above $2 trillion.

Three forces explain the move.

Rocket Lab (RKLB) fell 9.36% and Tesla (TSLA) dropped 2.32% because holders sold existing space and Musk-linked exposure to fund SPCX positions.

The University of Michigan’s preliminary June consumer sentiment index, which measures household confidence in finances and the economy, rose to 48.9 from 44.8.

Consumption accounts for roughly two-thirds of US output, so a stronger reading eases recession fears even though sentiment remains depressed.

Reports that the US and Iran are nearing an interim deal to reopen the Strait of Hormuz pushed oil lower.

What Happened to Major US Indexes?

S&P 500: +0.39%

Dow Jones: +0.58%

Nasdaq: +0.12%

Russell 2000: +1.16%