U.S. Stocks Open Flat; SpaceX Rallies over 9%, Overtake Amazon By Market Cap

Tiger Newspress06-16 21:32

Stocks were little changed on Tuesday, while SpaceX built on its monster post-IPO rally, after the Dow Jones Industrial Average climbed to a fresh record during the previous session thanks to a potential deal between the U.S. and Iran.

The S&P 500 hovered around the flatline, as did Nasdaq Composite. The Dow Jones Industrial Average was up 234 points, or 0.5%.

SpaceX shares rose about 9% on Tuesday, as Elon Musk’s rocket-builder continued its meteoric rise following a record-breaking IPO on Friday.

With the skyrocketing share price, SpaceX overtook Amazon in market cap. SpaceX’s market cap stood at roughly $2.77 trillion as of early morning trading, while Amazon is valued at about $2.66 trillion. Microsoft’s market valuation is roughly $2.91 trillion.

Elsewhere, oil prices extended their drop from the prior trading day. Brent crude futures fell 4% to below $80 per barrel — the first time since March. U.S. West Texas Intermediate futures declined 4% to around $77 a barrel.

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