Midday trading saw sharp moves across sectors, led by SpaceX’s Nasdaq debut, renewed volatility in space-related equities, and broad gains in semiconductors. Investors also focused on a mix of index-related headlines, earnings updates from software and homebuilding companies, and shifting expectations around energy deals that helped lift parts of the travel complex.
Key takeaways
- SpaceX debut lifts sentiment: SpaceX shares started trading on the Nasdaq after pricing at $135, opening around $150 and rising roughly 20% shortly after the debut.
- Space stocks reverse: Several space-related companies sold off after the strong debut reaction, including Rocket Lab, AST SpaceMobile, Redwire and EchoStar.
- Nasdaq 100 rebalance supports select names: CoreWeave jumped and Astera Labs rose ahead of the Nasdaq 100 changes effective June 22.
- Semiconductors extend rebound: The VanEck Semiconductor ETF gained about 2%, with several storage and Arm shares surging amid continued momentum in chip stocks.
- Earnings and guidance drive single-stock swings: Adobe fell after a margin miss and CFO departure, while Lennar dropped on revenue and delivery softness.
What drove the move
SpaceX’s Nasdaq debut sparked a sector split. According to the report, SpaceX opened around $150 per share and was last up about 20% after beginning trading on the Nasdaq. The opening indicated interest higher than $175 at one point, though the first trade remained below that earlier indication and above the IPO price of $135.
Despite the headline, many space-linked equities fell. The space stocks group “reversed earlier gains,” with Rocket Lab down about 10%, AST SpaceMobile down about 14%, and Redwire down about 11%. EchoStar, which holds a stake in SpaceX, declined about 13%, while other space-related names moved lower as traders appeared to rotate away from the broader theme despite SpaceX’s jump.
Index reshuffling boosted select tech names. Nasdaq announced it will add five new companies to the Nasdaq 100 as part of its quarterly rebalance, effective June 22. CoreWeave rose about 9%, and Astera Labs gained nearly 4%. Nebius Group and Teradyne also advanced close to 6%. The report added that Rocket Lab is also slated to join the tech-heavy index, aligning with the earlier reshuffle narrative.
Semiconductors pushed higher as the rebound continued. Data in the report showed the VanEck Semiconductor ETF up roughly 2%. Seagate Technology and Western Digital rose about 6% each, while Arm gained nearly 11%—moves that reinforced a renewed bid in chip-related equities.
Company-specific updates fueled most of the remaining momentum. Woodside Energy Group jumped more than 7% after Bloomberg News, citing people familiar, reported that Exxon Mobil is evaluating possible acquisition targets including Woodside. Charles Schwab rose more than 3% after reporting core net new assets of $49.9 billion for May, up 43% year over year and described as a record for the month; the firm also said daily average trades hit a record 11.8 million. By contrast, Adobe dropped more than 7% following a reported fiscal second-quarter non-GAAP operating margin of 44% versus a 44.5% estimate, and it said CFO Dan Dunn will depart June 15; the stock fell despite an overall top- and bottom-line beat. Lennar slid about 4% after second-quarter revenue of $7.94 billion missed the $8.02 billion forecast, while deliveries also edged slightly below expectations; its earnings were reported in line with estimates. AMD rose about 5% after Citi upgraded the stock to “buy” from “neutral,” arguing AMD can take some market share from Nvidia in graphics processing unit space.
Market reaction
In the broader market picture described in the report, energy-sensitive trading reflected crosscurrents in geopolitics and oil. Energy-related stocks rose as U.S. and Iranian accounts differed regarding a draft agreement. The State Street Energy Select Sector SPDR ETF rose about 1%, and both OneOK and Williams gained around 2%. However, oil prices fell, with West Texas Intermediate crude futures down about 3% on the session. That combination appeared to support a rotation toward travel demand expectations, with United Airlines up nearly 2% and Delta up about 1%. Cruise operators Carnival and Royal Caribbean added roughly 2% and 1%, respectively.
Home furnishings and housing-related names moved on guidance and results. RH fell more than 6% after providing current-quarter revenue growth guidance of between 0.5% and 2.5%, below the 4.3% analysts had modeled, according to LSEG. The report also said RH posted a narrower-than-expected adjusted loss and a revenue beat, but the softer outlook weighed on the shares.
What to watch next
With the Nasdaq 100 rebalance taking effect June 22, investors will likely track follow-through buying or selling around the index changes and any additional announcements tied to new constituents. In parallel, the reaction to earnings metrics and guidance—especially for software and home construction—suggests markets will remain sensitive to margin trends, delivery volumes, and forward outlooks. Energy trading could stay headline-driven given the shifting reporting around potential U.S.-Iran talks, while oil’s direction will remain a key input for the travel complex.
