Fixes typo in Live Markets

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HOUSTON, WE HAVE A LISTING: SPACEX SOARS IN NASDAQ DEBUT

The S&P 500 is bouncing between gains and losses on Friday, with investors juggling excitement over SpaceX’s market debut and optimism around a potential Middle East deal.

At last check, the S&P 500 .SPX is modestly higher, while the Nasdaq Composite .IXIC is around flat. The Dow .DJI is higher by about 0.5% -- putting it down less than 1% from its June 4 record close.

Elsewhere, mid-cap .MID and small-cap indexes .RUT, .SPCY are on track to notch record closing highs, adding to an underlying positive tone.

Geopolitics are also in focus. Comments from President Donald Trump on Thursday raised hopes that a deal to ease Middle East tensions — including reopening the key Strait of Hormuz -- could come as soon as this weekend. That said, Tehran has signaled a final decision is still pending. Vice President JD Vance added on Friday that no funds would be released upfront, noting any economic benefits for Iran would depend on meeting the deal’s terms.

Sector-wise, most of the S&P 500 is in the green. Materials .SPLRCM, energy .SPNY, financials .SPSY and real estate .SPLRCR are all posting gains around 1% or more. Consumer discretionary .SPLRCD, off more than 1%, is the weakest group. Healthcare .SPXHC is slightly red.

Under the surface, chips .SOX, big banks .SPXBK and gold and silver miners .XAU are among the outperformers.

All eyes, though, are on SpaceX SPCX.O. With traders braced for volatility in its Nasdaq debut, shares opened at $150 per share, or a $1.96 trillion valuation, vs. an IPO price of $135 per share. It last traded around $165.

Interestingly, some space-related names have been having a rough day. For example, the Tema Space ETF NASA.K, which showed exposure to SpaceX through a special-purpose vehicle (SPV), is down more than 8% on the day.

Here is a snapshot of where markets stood around 12:16 p.m. ET.

(Terence Gabriel)

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EARLIER ON LIVE MARKETS:

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