<p>Shares of <strong>Space Exploration Technologies Corp. (NASDAQ:SPCX)</strong> rallied to $175 by midday trading Friday, as the stock debuted on the Nasdaq as the world’s biggest IPO ever.</p>



<p>The roughly $75 billion offering at a $1.75 trillion valuation priced at $135 per share, and the <strong>Elon Musk</strong>-led company wasted no time leaving that mark behind, swinging between roughly $150 and $168 before pushing higher to $175 by midday a gain of about 30% from its listing price.</p>



<p><strong>Chart: SPCX Price Action After IPO</strong></p>



<figure class="wp-block-image size-large"><img width="1024" height="570" src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/06/12131038/image-18-1-1024x570.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" class="wp-image-1506072" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/06/12131038/image-18-1-1024x570.png"/></figure>



<p>The record listing rocked the rest of the space complex, as investors rotated capital toward the sector’s new heavyweight and reassessed the competitive landscape. <strong>AST SpaceMobile Inc. (NASDAQ:ASTS)</strong> plunged 14.6% – the worst showing in the Russell 1000 – while <strong>Rocket Lab Corporation (NASDAQ:RKLB)</strong> tumbled 10.1% as traders booked profits on a name that had run up sharply ahead of the listing.</p>



<p>The pain ran deeper among the smaller players. <strong>Firefly Aerospace Inc. (NASDAQ:FLY)</strong> sank 17%, <strong>Velo3D Inc. (NYSE:VELO)</strong> – a SpaceX parts supplier often traded as a proxy – fell 16%, <strong>EchoStar Corporation (NASDAQ:SATS)</strong> dropped 15%, and <strong>Voyager Technologies Inc. (NYSE:VOYG)</strong> slid 13%. </p>



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<p>Away from the space frenzy, the broader market traded on geopolitics. President <strong>Donald Trump </strong>cast fresh doubt on a U.S.-Iran agreement Friday morning, writing on Truth Social that “the terms that Iran leaked out have nothing to do with the terms that were agreed to, in writing.”</p>



<p>Despite this, markets continue to believe a deal will be soon reached. WTI crude fell 3.4% to around $84.71 a barrel, extending a brutal stretch that has knocked roughly 16% off the contract this month as the war premium drains out of oil. </p>



<p>The S&amp;P 500 added 0.2% to 7,408, while the Dow Jones Industrial Average outperformed with a 0.5% gain, advancing 249 points to 51,097.</p>



<p>The Nasdaq 100 was the laggard, slipping a fraction to 29,432. The small-cap Russell 2000 was the day’s standout, rising 0.8% to 2,942.</p>



<h2>Friday’s Performance In Major US Indices</h2>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Index</th><th>Last</th><th>% Change</th></tr></thead><tbody><tr><td>S&amp;P 500</td><td>7,408.22</td><td>+0.2%</td></tr><tr><td>Dow Jones</td><td>51,097</td><td>+0.5%</td></tr><tr><td>Nasdaq 100</td><td>29,432</td><td>-0.1%</td></tr><tr><td>Russell 2000</td><td>2,942.12</td><td>+0.8%</td></tr></tbody></table><figcaption><em>Updated by 1:15 PM ET</em></figcaption></figure>



<p>According to the Benzinga Pro platform:</p>



<ul>
<li>The <strong>Vanguard S&amp;P 500 ETF (NYSE:VOO)</strong> gained 0.5%.</li>



<li>The <strong>SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA)</strong> rose 0.5%.</li>



<li>The <strong>Invesco QQQ Trust (NASDAQ:QQQ)</strong> edged down 0.1%.</li>



<li>The <strong>iShares Russell 2000 ETF (NYSE:IWM)</strong> rallied 0.8%.</li>
</ul>



<h2>Chips And Materials Lead As Earnings Losers Pile Up</h2>



<p>The <strong>Materials Select Sector SPDR Fund</strong> (NYSE:XLB) led all sectors with a 1.8% gain, followed by the <strong>Energy Select Sector SPDR Fund</strong> (NYSE:XLE) and the <strong>Financial Select Sector SPDR Fund</strong> (NYSE:XLF), each up more than 1.3%. </p>



<p>The <strong>Consumer Discretionary Select Sector SPDR Fund</strong> (NYSE:XLY) was the weakest, down 1.0% as megacap retail and autos lagged.</p>



<p>Lower crude lifted travel, sending the <strong>U.S. Global Jets ETF</strong> (NYSE:JETS) up 1.7%, while the <strong>VanEck Gold Miners ETF</strong> (NYSE:GDX) rose 2.8%.</p>



<p>Materials names rounded out the gainers. <strong>Albemarle Corporation (NYSE:ALB)</strong> surged 7.3% as lithium prices rebounded and Citi reiterated a bullish view on the sector, arguing the worst of the lithium-price selloff is over. </p>



<p><strong>Intel Corporation (NASDAQ:INTC)</strong> jumped 6.2%, rallying for the second session after Bank of America double-upgraded the stock to Buy from Underperform. </p>



<p>Earnings disappointments dominated the downside. <strong>Adobe Inc. (NASDAQ:ADBE)</strong> fell 6.7% even after posting fiscal Q2 revenue of $6.62 billion and EPS of $5.96 that topped the $5.81 consensus and raising full-year guidance; investors keyed instead on the abrupt exit of CFO Dan Durn, a second top-level vacancy alongside the ongoing CEO search. </p>



<p><strong>RH (NYSE:RH)</strong> dropped 6.9% in the wake of its first-quarter report released after Thursday’s close, with the print and tariff commentary disappointing the Street. Housing stayed heavy, with <strong>Lennar Corporation (NYSE:LEN)</strong> down 4.8%.</p>



<p><strong>Reddit Inc. (NYSE:RDDT)</strong> slid 6.8%, extending a months-long downtrend amid a steady drumbeat of analyst price-target cuts – including a recent Phillip Securities downgrade to Accumulate with a $200 target – and persistent worries over valuation and competition. </p>



<h2>Friday’s Russell 1000 Top Gainers</h2>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Name</th><th>% change</th></tr></thead><tbody><tr><td><strong>Albemarle Corporation</strong></td><td>+7.28%</td></tr><tr><td><strong>Coherent Corp. (NYSE:COHR) </strong></td><td>+7.24%</td></tr><tr><td><strong>The Mosaic Company</strong></td><td>+7.13%</td></tr><tr><td><strong>Amkor Technology Inc. (NASDAQ:AMKR)</strong></td><td>+6.37%</td></tr><tr><td><strong>Intel Corporation</strong></td><td>+6.20%</td></tr></tbody></table></figure>



<h2>Friday’s Russell 1000 Top Losers</h2>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Name</th><th>% change</th></tr></thead><tbody><tr><td><strong>AST SpaceMobile, Inc.</strong></td><td>-14.57%</td></tr><tr><td><strong>Rocket Lab Corporation</strong></td><td>-10.05%</td></tr><tr><td><strong>RH</strong></td><td>-6.91%</td></tr><tr><td><strong>Reddit, Inc.</strong></td><td>-6.77%</td></tr><tr><td><strong>Adobe Inc.</strong></td><td>-6.67%</td></tr></tbody></table></figure>



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<p><em> Image: Shutterstock</em></p>

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ADBE

<p>SpaceX shares surged to $175 upon its record-breaking IPO, triggering a sharp sell-off among space and satellite peers like AST SpaceMobile and Rocket Lab. Meanwhile, oil prices slid on US-Iran deal hopes, boosting the energy sector. The broader market saw mixed results: the Dow and S&P 500 rose slightly, while the Nasdaq dipped. Adobe and RH fell due to earnings disappointments, whereas Intel rallied on an upgrade.</p>

- Space Exploration Technologies Corp. (NASDAQ:SPCX) debuted as the biggest IPO in history, with shares hitting $175, approximately 30% above the listing price of $135.  
- This landmark IPO impacted the broader space sector, causing significant declines in smaller companies like AST SpaceMobile and Rocket Lab, with losses of 14.6% and 10.1% respectively.  
- Meanwhile, the overall market saw mixed performances, with the S&P 500 gaining 0.2% and the Nasdaq 100 slipping slightly, amid geopolitical concerns affecting oil prices and broader economic sentiments.

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Stock Market Today: SpaceX Jumps To $175, Rocks Space Rivals