Global markets soared Tuesday as investors hurried to buy the latest slump in tech stocks, while oil prices plummeted after Israel and Iran agreed to suspend strikes on each other for now. The STOXX 600 in Europe advanced 0.7% led by tech giants ASML and Infineon. U.S. stock futures were up 0.5% to 0.8%. A wide array of equities surged in pre-market trading including Meta, Eli Lilly and Goldman Sachs, all up around 1%.
There’s a lot of buzz about artificial intelligence, with ChatGPT maker OpenAI confidentially filing for a U.S. initial public offering on Monday, just days before SpaceX’s highly anticipated market debut this week. Wall Street bankers and CEOs are over the moon about these mega-cap offerings. But there is some caution creeping in on the streets,” said Kathleen Brooks, research director at XTB.
While we fully expect the SpaceX IPO to be successful, the IPO itself is arguably the least exciting event. SpaceX’s future earnings reports are going to be considerably more interesting, and they’re going to have to be enormous to justify a 56-times forward earnings valuation.
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