The SpaceX initial public offering didn’t mean all that much to the stock market this past week—but it could mark the start of the countdown to the end of the bull market sometime in the year ahead. SpaceX, which began trading on Friday, was the market’s focus this past week. It is the biggest IPO in history; it’s building a business that seems based on a sci-fi novel; and it’s led by a controversial CEO in Elon Musk, who attracts attention—good and bad—wherever he goes.
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The past week's stock market saw the S&P 500 and the Nasdaq composite test, then bounce off support at their 50-day moving averages. The S&P 500 then rose, on Friday, to briefly test resistance at its 21-day exponential moving average. The Nasdaq did not rise to this level. The Nasdaq 100, however, as tracked by the Invesco QQQ Trust Series...
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FTSE said that SpaceX will be added to the Russell 1000, Russell Top 200 and other Russell US indexes effective after the market close on June 26.

<body><p>STORY: Wall Street's main indexes ended higher on Friday, as SpaceX shares surged in their debut, making it Wall Street's biggest public listing in history.</p><p>The Dow jumped seven-tenths of a percent, the S&P 500 added half a percent and the Nasdaq gained just under a third of a percent.</p><p>:: SpaceX</p><p>Investors were glued to the trajectory of SpaceX shares, which began trading on the Nasdaq on Friday. The stock soared more than 19%, closing well above the IPO price of $135. That put the rocket maker's market cap at over $2 trillion, and made CEO Elon Musk the world's first trillionaire.</p><p>Alexander Morris is CEO and chief investment officer at F/m Investments.</p><p>"What is a trillion? If you think of a million being a lot, there's another million of those. There's 1000 billions that you should put together when you start to think of just how crazy big this number is. [FLASH] And by the way, it's probably going to keep going up from here. So he's the world's first trillionaire. He might be the first multi-trillionaire at some level, which seems not unfathomable. Maybe somewhat embarrassingly though, and I'm certain this won't be lost on Elon, SpaceX came out and it's worth more than Tesla today."</p><p>Shares of Tesla also gained, nudging up by nearly 2%.</p><p>:: SpaceX</p><p>Meanwhile, shares of other space stocks, which had soared in the lead-up to SpaceX's debut, eased on Friday. Rocket Lab's stock fell nearly 11%, while Intuitive Machines shed more than 13% and Planet Labs declined nearly 9%.</p><p>Elsewhere in the market, shares of Adobe slid almost 7% after the exit of the software maker's CFO.</p></body>
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