SpaceX shares rose 9% on their second day of trading, following a 19% increase from its IPO price of $135, raising a total of $85.7 billion. Ferrari's stock jumped 5% after Morgan Stanley upgraded it to overweight with a price target of $438, citing strong demand for its luxury models despite a year of value compression.
Tripadvisor's stock increased nearly 7% after announcing the sale of its European restaurant reservation platform, The Fork, to American Express, which also saw a 4% rise in its shares. Generac Holdings' shares rose 2% following plans to acquire a facility in Illinois to expand its power generator capacity.
Conversely, energy stocks fell sharply as U.S. oil prices dropped 5% to around $80 per barrel, influenced by a U.S.-Iran deal that could reopen the Strait of Hormuz, leading to declines in companies like APA and Devon Energy. Airlines and cruise stocks benefitted from lower fuel prices, with United Airlines up over 5% and Royal Caribbean rising roughly 6%.
Fox Corporation's shares plummeted 15% after announcing its acquisition of Roku for $160 per share, while Roku's stock dipped slightly. Micron Technology's shares increased more than 9% amid a broader tech rally and a price target hike from TD Cowen, which now forecasts the stock to reach $1,500.
Firefly Aerospace and Rocket Lab saw gains after being upgraded by KeyBanc, recovering from previous declines. Freeport-McMoRan's stock rose over 1% as gold prices increased more than 3%, driven by investor interest in gold amid geopolitical tensions