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June 11, 2026 - 18:49
4 minutes
(Bloomberg) — Wall Street traders gearing up for SpaceX’s historic debut sent stocks higher ahead of what’s expected to be a major test of investor appetite for artificial intelligence-related companies.The 3.5% rally in a closely watched gauge of chipmakers rekindled optimism after a recent selloff that roiled trading. Following a brief pause in the surge from war-driven lows, the S&P 500 halted a two-day slide. The bounce defied lingering worries about an escalation of the Middle East conflict that’s whipsawed the energy market, sending US oil near $91 a barrel.Stock investors are discounting the types of events that usually rattle Wall Street as fear of missing out on future gains grips the market on the eve of SpaceX’s trading debut, Evercore ISI’s Julian Emanuel said.“I would say that the true FOMO — the wild-eyed, buy at any cost, whatever it is I’ll take it — is still potentially ahead of us,” he told Bloomberg Television’s Surveillance. Despite the negative news, “the stock market is incredibly resilient in front of really a landmark moment,” he said.Retail investors bidding for shares in SpaceX’s IPO have submitted more than $100 billion in orders, according to people familiar with the matter. The company is expected to allocate at least 20% of the available shares to the cohort, the people said.Few companies have generated as much buzz ahead of their market debuts as SpaceX, which is set to raise about $75 billion in what could become the largest initial public offering in history.Part of that is by design. Elon Musk’s courtship of his die-hard followers since Tesla Inc.’s early days has given him rock-star status and lent a gravity-defying quality to the car company’s stock.Short seller James Chanos said SpaceX’s blockbuster public debut is being driven more by investor enthusiasm for Musk and AI than by financial fundamentals, arguing the company’s valuation is difficult to justify on any reasonable business assumptions.Speaking ahead of the company’s highly anticipated IPO, Chanos described the deal as a key test of market sentiment as investors pour money into speculative growth stories.“The massive SpaceX IPO is coming this week and appears to be heavily oversubscribed,” said veteran strategist Louis Navellier. “The success of the offering may have a meaningful impact on the tech market’s plans for further IPOs later in the year. Betting against Elon Musk has not worked well in the past.”Corporate Highlights:Oracle Corp. sank after the company reported quarterly capital expenses that were higher than estimates, raising investor concerns about the profitability of the AI infrastructure business. Intel Corp. jumped as Bank of America Corp. turned bullish on the chipmaker and upgraded it a buy, citing the increased certainty about the company’s ability to succeed in the artificial intelligence era. OpenAI has agreed to acquire Ona, a startup that offers cloud services to support artificial-intelligence agents, part of a bid by the AI developer to make its technology more useful for businesses. Eaton Corp. agreed to merge its mobility business with Dana Inc. in a deal valuing the combined company at roughly $10 billion including debt. Some of the main moves in markets:StocksThe S&P 500 rose 0.4% as of 12:48 p.m. New York time The Nasdaq 100 rose 1.2% The Dow Jones Industrial Average rose 0.7% The MSCI World Index rose 0.4% CurrenciesThe Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.2% to $1.1510 The British pound fell 0.2% to $1.3335 The Japanese yen was little changed at 160.52 per dollar CryptocurrenciesBitcoin rose 1.4% to $62,610.5 Ether rose 0.7% to $1,640.96 BondsThe yield on 10-year Treasuries declined two basis points to 4.53% Germany’s 10-year yield declined four basis points to 3.03% Britain’s 10-year yield declined three basis points to 4.90% CommoditiesWest Texas Intermediate crude rose 0.9% to $90.85 a barrel Spot gold rose 0.3% to $4,083.23 an ounce ©2026 Bloomberg L.P.
