The US stock market trades higher on Friday as SpaceX (SPCX) shares jump around 22% in the largest IPO on record. Improved consumer sentiment and hopes for Middle East peace add support.
However, technology lags the rally because the $75 billion SPCX listing siphons capital from space peers and mega-cap leaders.
How Are SpaceX Shares Trading After Record Debut?
SpaceX raised $75 billion by selling 556 million shares at $135 each, the biggest IPO in history. The stock opened at $150, well below the $175 level that trading desks initially indicated. Demand was strong, but cooler than the pre-debut hype implied.
Buyers then stepped in. SPCX touched a session high of $168.73 at press time before settling near $166, up around 22% and worth above $2 trillion.
The five-minute chart shows the rally thinning out. Price holds above the volume-weighted average price (VWAP) at $162.62, the volume-adjusted average institutions use as an execution benchmark.
However, cumulative volume delta (CVD), which tracks the running gap between buying and selling pressure, keeps trending down. Net volume sits near 384,000 shares and needs to reclaim the 1.1 million mark to confirm genuine demand.
Perpetual futures positioning tracked by Nansen signals caution. Shorting the listed stock is barely possible on the debut day, since shares have not settled and borrowing is scarce. That makes perps the only venue for bearish bets.
Whales hold a net short of $18.6 million and smart traders a net short of $7.2 million. This divergence could fuel a squeeze-like move on perps, or it may show experienced traders fading the rally.
The opening range breakout (ORB) indicator marks the high and low of a stock’s first minutes of trading. These levels act as breakout triggers.
A five-minute close above the $168.73 range high could open $173.95. On the downside, SPCX should not lose $155. Below that, the $149.77 range low sets up a move lower.
Why Is the US Stock Market Up Today?
Three forces explain the move.
1. SpaceX’s Record IPO Lifts Risk Appetite
A successful mega-listing signals investors will still fund growth at scale, and that confidence spills into the broader tape. The flip side is rotation.
Rocket Lab (RKLB) fell 9.36% and Tesla (TSLA) dropped 2.32% because holders sold existing space and Musk-linked exposure to fund SPCX positions.
2. Consumer Sentiment Beats Expectations
The University of Michigan’s preliminary June consumer sentiment index, which measures household confidence in finances and the economy, rose to 48.9 from 44.8.
