U.S. stocks are mixed early Friday as investors focus on the long-awaited SpaceX IPO while monitoring developments in the Iran conflict and a sharp pullback in oil prices. The Dow Jones Industrial Average rose 280.19 points, or 0.55%, to 51,128.9, while the S&P 500 gained 11.17 points, or 0.15%, to 7,405.47. The Nasdaq Composite sliped 24.69 points, or 0.10%, to 25,785 in the early minutes of trading after the opening bell.
The dominant story on Wall Street is SpaceX, which will begin trading today, under the ticker SPCX, in what many investors view as the most significant technology IPO in decades. According to a Wedbush research note published Friday, SpaceX priced its offering at $135 per share, seeking to raise approximately $75 billion at a valuation of roughly $1.75 trillion, potentially making it the largest IPO in history. Wedbush analyst Dan Ives said investor demand has reached extraordinary levels, citing reports that the deal is roughly 3.5x to 4x oversubscribed and may have attracted more than $250 billion in demand.
Wedbush also argues that anticipation surrounding the IPO has already begun influencing broader market trading, with investors reportedly rotating capital from existing technology positions into SpaceX allocations. The firm said the IPO is creating additional volatility across technology stocks as traders position for what it calls a historic moment for the AI and data infrastructure ecosystem.
The market's enthusiasm for SpaceX is helping offset concerns surrounding the ongoing Iran conflict. Energy markets are signaling a less severe supply disruption scenario after reports of potential diplomatic progress between the United States and Iran. Crude prices are falling sharply Friday morning, with WTI crude down 2.91% to $85.16 per barrel and Brent crude down 2.54% to $88.08.
The decline in oil prices is also helping calm inflation concerns. Meanwhile, the CBOE Volatility Index, or VIX, remains relatively contained at 19.40, down 0.21%, suggesting investors are not aggressively seeking downside protection despite continued uncertainty in the Middle East.
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As trading continues, the market's direction is likely to be determined by two competing forces: enthusiasm surrounding SpaceX's debut and evolving developments in the Iran War. For now, the excitement surrounding the largest IPO ever appears to be winning that battle.