U.S. stock indices gained on Friday, with the S&P 500 rising 0.5%, the Nasdaq 100 jumping 0.6%, and the Dow Jones advancing 0.7%. The rally was fueled by renewed hopes of diplomacy between the U.S. and Iran and SpaceX's strong trading debut on the Nasdaq. SpaceX opened at $150 per share and closed 19% higher at around $161 under the ticker SPCX. Pakistan's Prime Minister Shehbaz Sharif stated that the final, agreed upon text of a U.S.-Iran deal has been reached, while Bloomberg reported the deal could be signed in Switzerland as soon as Sunday. Retail sentiment on Stocktwits for major index ETFs remained bearish, with investors expressing skepticism about the longevity of the ceasefire.
SpaceX Debuts on Nasdaq at $150, Closes 19% Higher
Elon Musk's SpaceX debuted on the Nasdaq at $150 per share, above its $135 IPO price, trading under the symbol SPCX. The stock closed up 19% at around $161. Elon Musk holds around 40% of the total equity in SpaceX, but due to different share classes with enhanced voting rights, his actual control over the firm reaches around 85%. Senator Elizabeth Warren called for a wealth tax after SpaceX's Nasdaq debut made Elon Musk the world's first trillionaire.
Mark Klein, CEO and president at SuRo Capital, told CNBC, "The IPO parade, which now looks like it's turning into a stampede, has been coming for a while. SpaceX is going to be the bellwether." Klein added, "As you look at the IPO market going forward, there are a lot of companies that want to go public, but you may see some of the more important names wait and see what happens because so much capital is flowing to a handful of companies."
U.S.-Iran Peace Deal Developments Support Equities
Positive developments around the U.S.-Iran situation helped support broader equities and led oil prices lower. President Donald Trump warned in a Truth Social post earlier on Friday that Iran "better get their act together" even as a supposed deal between the U.S. and Tehran was on the table. Pakistan's Prime Minister Shehbaz Sharif stated that the "final, agreed upon text" of a deal "has been reached." Islamabad acted as a mediator between the U.S. and Iran. Bloomberg reported that a peace deal could be signed in Switzerland as soon as Sunday, citing people familiar with the plans.
Shell Prepares Offshore Wind Farm Sale Valued Over $1 Billion
Shell is reportedly preparing a potential sale of its offshore wind farms, valued at over $1 billion, as it continues to pivot away from renewable energy investments. The move is part of a broader strategic shift toward higher-return fossil fuel businesses.
Roku in Sale Talks
Roku is in talks to sell itself, according to people with knowledge of the matter, Bloomberg reported.
Exxon Studies Acquisition Targets Including Woodside Energy
Exxon Mobil is studying potential acquisition targets, including Australia's Woodside Energy Group, as per Bloomberg.
Robinhood Experiences Platform Strain from SpaceX Trading Volume
Robinhood Markets said it experienced significant platform strain on Friday as retail investors flooded the app to trade shares of SpaceX following its record-breaking initial public offering.
FAQ
What happened to U.S. stock indices on Friday?
The S&P 500 rose 0.5%, the Nasdaq 100 jumped 0.6%, and the Dow Jones gained 0.7% on Friday.
How did SpaceX perform in its Nasdaq debut?
SpaceX debuted on the Nasdaq at $150 per share under the ticker SPCX and closed 19% higher at around $161.
What developments occurred regarding the U.S.-Iran situation?
Pakistan's Prime Minister Shehbaz Sharif stated that the final, agreed upon text of a U.S.-Iran deal has been reached, and Bloomberg reported the deal could be signed in Switzerland as soon as Sunday.
