SpaceX Soars 19% on Nasdaq Debut as Oil Plunges and Gold Surges Past $4,200

WTI crude oil cratered -3.87% to $84.32/bbl on Friday, its sharpest single-session drop in weeks, as investors retreated from the commodity at a record pace. The oil selloff coincided with a broad risk-on mood in the stock market today, which was already supercharged by the biggest IPO in history.

The real headline walked through the Nasdaq's front door this morning. SpaceX (SPCX) opened at $150, climbed as high as $176.52, and settled at $161.11, a +19.3% gain over its $135 IPO price.

That first-day pop pushed the company's market cap above $2.1 trillion and officially made Elon Musk the world's first trillionaire. Citadel Securities called it the highest IPO auction order activity ever among retail investors, with net buying running at more than 3.5 times the level of Nvidia on the day.

What Is Happening in the Stock Market Today?

All four major indexes closed green. The Dow Jones led with a +0.70% gain, adding 353.54 points. The Russell 2000 wasn't far behind at +0.81%, signaling broad participation beyond mega-caps.

The VIX collapsed -6.64% to 18.15, confirming the risk-on tone. Gold had a day of its own, surging +3.40% to $4,229.50, a striking divergence from the usual playbook where falling fear gauges and rising equities keep the metal quiet.

Market Scorecard

Treasury yields drifted slightly higher across the curve, with the 10-Year settling at 4.487% (+2.4 basis points). The bond market didn't flinch much, content to let equities and commodities fight over the spotlight.

Crypto was a non-event: Bitcoin barely moved at $63,602, while Ethereum slipped -0.35%.

Why Did SpaceX Stock Soar 19% on Its Nasdaq Debut?

The SpaceX listing was the largest IPO in market history. CEO Gwynne Shotwell rang the Nasdaq opening bell, and the stock never looked back from its $150 open.

Retail demand was staggering. SpaceX was the most-bought stock by individual investors on Friday, with net buying running at more than 3.5 times the level of Nvidia, the second-most-popular name. Retail turnover in SPCX hit $453 million, roughly 4% of all single-stock retail turnover for the day.

CFRA Research analyst Keith Snyder wasn't buying the euphoria. He slapped a sell rating on SpaceX with a $115 price target, calling the valuation "borderline comical" relative to the growth required to justify it. Trading desks had initially expected the stock to reach $200, but it settled well below that level.

Why Did Rocket Lab and Redwire Tumble on SpaceX's First Trading Day?

The arrival of the real thing crushed the proxy trades. Redwire dropped more than 10%, Rocket Lab fell over 8%, and Virgin Galactic reversed Thursday's surge with a brutal -34% loss. The Procure Space ETF (UFO) shed more than 6%.

Investors who had been piling into these names as a way to get long SpaceX simply rotated out once the actual stock became available.

Options traders, however, kept buying calls in the proxy names even as shares fell. Calls outnumbered puts in EchoStar, AST SpaceMobile, and Virgin Galactic, suggesting some traders see the dip as a buying opportunity rather than a permanent rerating.

Goldman Sachs and Bank Stocks Rally on SpaceX Deal

Goldman Sachs climbed around 3% on Friday, with traders rewarding its role as lead-left bookrunner on the SpaceX transaction. Goldman was on track to be the biggest gainer in the Invesco KBW Bank ETF.

The broader Financials sector (XLF) rose +1.38%, good for second place on the sector leaderboard.

Sector Performance

Materials (XLB) topped the board at +1.90%, likely benefiting from the gold surge that lifted miners and metals producers. At the bottom, Communication Services (XLC) was the session's worst performer at -0.41%, one of only two sectors to close in the red alongside Health Care.

Financials benefited from Goldman Sachs' role as lead-left bookrunner on the SpaceX deal, helping push XLF to second place on the sector leaderboard.

What Should Traders Watch After the SpaceX IPO?

Monday will be SpaceX's first full trading week, and the stock market today set the stage for what could be a volatile stretch. Freedom Capital Markets' Jay Woods noted that traders need to give SPCX a full trading day beyond the debut euphoria, and that won't happen until next week.

The S&P 500 index committee has already confirmed SpaceX won't be added to the index for at least 12 months, so passive fund flows won't provide a tailwind anytime soon.

Oil's sharp decline and the record-pace investor retreat from crude markets are worth watching. If that selling pressure continues, it could keep providing a floor for equities while squeezing Energy sector margins.

Gold's +3.40% move also deserves attention. A simultaneous rally in stocks and gold isn't the most common pairing, and it suggests some traders are hedging even as they chase risk.