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Equity Alert: US indices rise Fri, blockbuster SpaceX IPO takes centre stage

 

MUMBAI--0738 IST--Major US indices ended with gains Friday. The NASDAQ Composite ended higher than the other two major indices, backed by the robust debut of SpaceX, which made Elon Musk the world's first trillionaire. Further, US President Donald Trump said a peace deal with Iran was finally agreed upon and that the Strait of Hormuz would soon be reopened. Cheering the announcement, the E-Mini Dow Futures were up 1% Monday. 

 

The Elon Musk-led SpaceX made a stellar debut on Wall Street. In the world's largest-ever IPO, the stock opened 11% higher than its issue price of $135 at $150. It then ended 20% higher on the NASDAQ. The stock closed at around $161, and the company was valued at $2.1 trillion. "In many ways, you can say that this (SpaceX) was the most difficult sell for the market, because Anthropic and OpenAI have a more clear and present business model," Robert Greifeld, former chief of the Nasdaq, was quoted as saying by CNBC. On Friday, buying interest was also seen in Tesla. Shares of the carmaker were up 2%. 

 

Trade in technology stocks was mixed. Shares of Intel Corp. rose nearly 7%, Advanced Micro Devices 5%, and Qualcomm about 4%. On the other hand, Micron Technology fell 1.4%, Broadcom 1%, Marvell Technology 0.4%, and Meta Platforms 0.3%. Chipmaker Nvidia Corp. was up only 0.2% and Alphabet 0.5%. 

 

For the week, a heavy sell-off in technology stocks weighed on indices, though a recovery was seen in the last two trading days. The NASDAQ closed lower for the second straight week, down 0.2%. The S&P 500 and the Dow Jones Industrial Average, however, managed to advance on a weekly basis as well. The S&P 500 and the Dow Jones were both up around 1?ch.

 

However, Musk's wealth drew some ire as it brought to light the drastic wealth inequality existing globally. An analysis by Oxfam, a British-founded confederation of 21 independent non-governmental organisations, shows Musk is richer than 46% of the world's population. "A 10% tax on Musk's $1 trillion fortune could end global extreme poverty for a year, lifting over 800 million people above the extreme poverty line," Oxfam said. 

 

The following were the closing levels of major US indices on Friday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	51202.26	0.70
NASDAQ Composite	25888.844	0.31
S&P 500	7431.46	0.50

 

(Ruchira Kagita)

 

US$1 = INR 95.11

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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