US stocks drift as oil falls and Wall Street waits for SpaceX's debut
AP News • • general
Key Points:
- U.S. stocks showed mixed movement Friday as oil prices fell and investors awaited the debut of SpaceX on the Nasdaq, signaling strong interest in AI-related stocks despite recent volatility.
- The S&P 500 edged up 0.1%, the Dow Jones gained 0.5%, while the Nasdaq dipped slightly by 0.1%, influenced by a 2.2% drop in Brent crude oil prices following reduced tensions with Iran.
- SpaceX’s IPO, expected to value the company at $1.77 trillion if shares hold, is highly anticipated due to its significant AI investments and could impact the performance of other AI stocks like Micron Technology and Broadcom.
- Treasury yields rose slightly after a previous drop linked to oil price declines, with concerns that high yields could slow economic growth and pressure expensive investments, including those in the AI sector.
- International markets rallied, with South Korea’s Kospi up 4.6%, Tokyo’s Nikkei 225 rising 2.8%, and France’s CAC 40 increasing 1.8%, recovering from earlier AI-related sell-offs.