The S&P 500 had a strong start but quickly stumbled and is now trading close to flat on the day.
The drop is in contrast to the Russell 2000, which is up 1.5%
The market is dialing in on the SpaceX IPO tomorrow and there was an earlier Bloomberg report about $70 billion in retail orders. That’s almost enough alone to take down the entire IPO (just 4.2% of shares are being floated) and that initially boosted the market’s mood. Since then though, it’s turned.
Tesla has trimmed its gain to +0.6% and there obvious concerns about the war in Iran with Trump saying they will bomb the country again today. The big loser is Oracle, which reported earnings late yesterday and is down 12%. For a megacap stock, it has been extraordinarily volatile in the past year.