WS #9618
The dominant narrative remains the SpaceX IPO, which is set to begin trading today on Nasdaq under ticker SPCX at $135/share, valuing the company at ~$1.77T. Multiple sources (Bloomberg, CNBC, NYT, Seeking Alpha, Benzinga) confirm the event, with retail allocation in the low 20% range and $557M raised via tokenized IPO on Binance. The narrative arc is ESCALATING as the IPO goes live. Separately, US-Iran peace deal hopes continue to support markets, with Bloomberg reporting stocks rally on deal hopes and oil prices falling. However, Iran refuses to cede control of the Strait of Hormuz, and India is outraged after a US strike killed three Indian seafarers on an oil tanker. The narrative arc is STABLE but with underlying tensions. In corporate news, Intel (INTC) jumped ~12% on reports that Google and Nvidia are weighing it as a backup chip manufacturer, easing reliance on TSMC. Vanguard has overtaken BlackRock as the largest ETF issuer. Cintas and UniFirst received FTC second requests regarding their merger. Lennar reported mixed Q2 results. Super Micro Computer plans to offer 7% Series A mandatory convertible preferred shares. The ECB stands out with a first G7 rate hike since the start of the Iran war.
Key developments
- SpaceX begins trading on Nasdaq at $135/share, $1.77T valuation
- Intel jumps ~12% on reports Google and Nvidia weigh it as backup chip manufacturer
- Vanguard overtakes BlackRock as largest ETF issuer
- US-Iran peace deal hopes support rally, but Iran refuses to cede Strait of Hormuz control
- India outraged after US strike kills three Indian seafarers on oil tanker
- Cintas and UniFirst receive FTC second requests for merger; shareholders approve
- Super Micro Computer plans to offer 7% Series A mandatory convertible preferred shares
- ECB stands out with first G7 rate hike since start of Iran war