{"id":2671,"date":"2026-06-12T07:02:00","date_gmt":"2026-06-12T14:02:00","guid":{"rendered":"https:\/\/losangelesmovinginsider.com\/index.php\/2026\/06\/12\/us-stocks-drift-as-oil-falls-and-wall-street-waits-for-spacexs-debut\/"},"modified":"2026-06-12T07:02:00","modified_gmt":"2026-06-12T14:02:00","slug":"us-stocks-drift-as-oil-falls-and-wall-street-waits-for-spacexs-debut","status":"publish","type":"post","link":"https:\/\/losangelesmovinginsider.com\/index.php\/2026\/06\/12\/us-stocks-drift-as-oil-falls-and-wall-street-waits-for-spacexs-debut\/","title":{"rendered":"US stocks drift as oil falls and Wall Street waits for SpaceX\u2019s debut"},"content":{"rendered":"
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NEW YORK (AP) \u2014 U.S. stocks are drifting Friday after oil prices\u00a0fell again\u00a0and as Wall Street waits for the highly anticipated debut of\u00a0SpaceX\u00a0coming later in the day. It\u2019s the first of three\u00a0gargantuan companies\u00a0in the\u00a0artificial-intelligence\u00a0industry expected to\u00a0start selling\u00a0their shares on the U.S. market, and it could show how hungry investors still are for AI stocks following\u00a0vicious swings and big doubts\u00a0for them over the last week.<\/p>\n

Read more Kennedy Center board seeks pause of ruling ordering removal of Trump\u2019s name by Friday deadline<\/a><\/p>\n

The S&P 500 rose 0.1%. The Dow Jones Industrial Average was up 270 points, or 0.5%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.1% lower.<\/p>\n

Stocks got a lift from a 2.2% drop for the price of Brent crude oil to $88.36 per barrel, deepening its loss for the week. Oil prices have come down since President Donald\u00a0Trump on Thursday called off his threat\u00a0to launch strikes on Iran and said a\u00a0potential deal with Iran may be imminent.<\/p>\n

A deal to end the war could reopen the Strait of Hormuz and allow oil tankers to once again deliver crude from the Persian Gulf to customers worldwide. Its near closure since the war began has sent the price of Brent up from roughly $70 per barrel and caused a wave of\u00a0painful inflation\u00a0for the world.<\/p>\n

Of course, financial markets have rallied in the past on hopes that an end to the war with Iran was near, only to get disappointed each time.<\/p>\n

The bigger factor for Wall Street over the last week has actually been AI stocks, and how they have gone from\u00a0roaring to records\u00a0to\u00a0suddenly turning lower. The concern is whether such stocks shot too high, too fast because of AI mania, and their careening moves have sometimes reversed direction by the hour.<\/p>\n

Several headed back down the roller coaster Friday following Thursday\u2019s climb. Micron Technology fell 2%, and Broadcom slipped 0.8%.<\/p>\n

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Some of the pressure on AI stocks may be coming from investors pulling their money out in hopes of moving it to SpaceX and other big AI-related initial public offerings.<\/p>\n

Read more Trump is raising expectations that this time he really will close deal with Iran to wind down war<\/a><\/p>\n

SpaceX\u2019s stock is set to begin trading on the Nasdaq later in the day for the first time. Elon Musk\u2019s rocket company also has big investments in AI, part of the reason it has built up\u00a0$29.1 billion in debt, as of the end of March. It\u2019s unknown exactly what time SpaceX\u2019s stock will begin trading.<\/p>\n

If SpaceX shares hold at their offering price, the company\u2019s market value would be $1.77 trillion. That would put it close to Broadcom and Meta Platforms, the sixth and seventh most valuable companies on Wall Street.<\/p>\n

In the bond market, Treasury yields rose to regain some of their sharp slides the day before, when oil prices dropped following Trump\u2019s announcement. The yield on the 10-year Treasury climbed to 4.48% from 4.45% late Thursday.<\/p>\n

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High yields can\u00a0slow entire economies\u00a0and undercut prices for all kinds of investments, including stocks and cryptocurrencies. They hit investments seen as the most expensive in particular, and some critics are calling the AI industry a bubble where investment inflated too far.<\/p>\n

In stock markets abroad, indexes rallied as they caught up to Thursday\u2019s big gains on Wall Street.<\/p>\n

South Korea\u2019s Kospi jumped 4.6% and trimmed its losses from earlier this month taken because of sell-offs for AI-related stocks. The Kospi has nearly doubled since the start of the year.<\/p>\n

Tokyo\u2019s Nikkei 225 rose 2.8%, and France\u2019s CAC 40 climbed 1.8% for two of the world\u2019s bigger moves.<\/p>\n

Read more Where Trump has lost support with independents, according to polling<\/a><\/p>\n

AP Business Writers Chan Ho-him and Matt Ott contributed to this report.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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