SpaceX surged nearly 20% following its record-breaking IPO, while Nvidia rallied 3.5% on a $25 billion bond sale, and Western Digital jumped 16% after a positive outlook from Morgan Stanley. Conversely, Pfizer and Fox Corp shares dropped sharply due to leadership changes and a major acquisition announcement, while energy stocks declined amid falling oil prices linked to a US-Iran agreement.
The recent trading session saw significant movements among major stocks, with SpaceX leading the gains. SpaceX surged nearly 20% in its second day of trading following a blockbuster IPO debut, marking the largest IPO ever. The company exercised its overallotment option, allowing underwriters to sell an additional 83.3 million shares, increasing the total amount raised to approximately $86.2 billion. Despite only two days on the market, SpaceX’s stock is already up over 30% year-to-date, with investors eagerly anticipating its upcoming earnings report in August.
Nvidia also experienced a notable rally, climbing about 3.5% amid news of its $25 billion high-grade bond sale, the first time the chip giant has tapped the debt market in years. The bond offering attracted more than three times the demand, with around $85 billion in orders, reflecting strong investor interest in AI-related companies. The deal, which includes seven maturities ranging from two to thirty years, is among the largest bond sales expected in 2026, underscoring the ongoing trend of companies leveraging low borrowing costs to raise capital despite strong balance sheets.
Western Digital emerged as the top gainer in both the S&P 500 and NASDAQ 100, with shares jumping 16% to close above Morgan Stanley’s raised price target of $650. The investment firm maintained an overweight rating on the stock after a recent management roadshow, expressing increased confidence in the strengthening demand for hard disk drives. This optimism is driven by customers seeking greater visibility into supply and demand dynamics through 2023, positioning Western Digital well for future growth.
On the downside, Pfizer shares dropped nearly 11% following the unexpected resignation of CEO Michael Lions, who left to become CEO of Truist Financial. Pfizer promptly appointed George Copoul as the new CEO and reaffirmed its financial outlook for 2026, but the leadership change surprised investors and weighed on the stock. Fox Corp also suffered a sharp decline, with shares falling about 17% after announcing its $22 billion acquisition of Roku, a deal involving cash and Fox Class A shares. This marked the largest intraday drop for Fox since its 2019 trading debut.
Energy stocks faced pressure as oil prices fell roughly 4% amid news of an interim agreement between the US and Iran to reopen the Strait of Hormuz, a critical oil shipping route. Major oil companies like ExxonMobil saw their shares decline in response. Meanwhile, bond yields showed little movement, with minor fluctuations across the curve as investors awaited Federal Reserve Chair Kevin Walsh’s upcoming first public appearance. Overall, the market displayed a mix of strong gains in tech and hardware sectors alongside notable declines in healthcare, media, and energy stocks.