SpaceX IPO mania grips retail and institutional investors
SpaceX's highly anticipated IPO has drawn more than $70 billion in retail orders, Bloomberg News reported Thursday, signaling extraordinary demand for Elon Musk's space and satellite company. BlackRock is seeking to buy at least $5 billion in shares, according to the Wall Street Journal. Oppenheimer launched Wall Street's first coverage of SpaceX with a bullish outlook, and crypto exchanges began offering pre-IPO derivatives allowing traders to bet on the company's future share price before it goes public.
US wholesale inflation jumps to 6.4% on Iran oil shock
US wholesale prices rose at an annual rate of 6.4%, the highest in three years, as the Iran conflict continues to drive up business costs. The producer price index data showed broad-based price increases across energy, raw materials, and intermediate goods. The inflation reading complicates the Federal Reserve's policy stance, with markets pricing in delayed rate cuts.
Oracle shares slide on AI spending concerns, Volkswagen cuts jobs
Oracle shares fell after the company announced AI capital spending plans that exceeded Wall Street estimates, raising investor concerns about growing debt levels. Separately, Volkswagen announced plans to reduce its workforce by 19,000 by year-end as the automaker navigates the transition to electric vehicles. Wall Street edged up overall as chip stocks bounced back and Middle East peace hopes provided some relief.