S&P Global has confirmed that it will not alter the entry requirements for its major indices, which delays SpaceX's inclusion in the S&P 500, a significant setback for the company as it prepares for its IPO. In contrast, the Nasdaq has expedited SpaceX's entry into its index, raising concerns about retail investors potentially becoming exit liquidity for existing shareholders.
The tech sector is experiencing a downturn, driven by disappointing earnings from Broadcom, leading to a shift away from AI-related stocks. South Korea's Kospi index is particularly affected, with major companies like Samsung Electronics and SK Hynix seeing substantial losses. Meanwhile, Bitcoin is facing its worst week since February, marked by significant ETF outflows.
On a more positive note, the upcoming FIFA World Cup is expected to provide a boost to various hospitality stocks, as analysts from Deutsche Bank and Goldman Sachs identify sectors likely to benefit from increased tourism and spending during the event