Stock Market Today, June 16: SpaceX Overtakes Amazon as Valuation Tops $2.8 Trillion

At midday, the S&P 500 (SNPINDEX:^GSPC) had slipped 0.14% to 7,543.64, and the Nasdaq Composite (NASDAQINDEX:^IXIC) had fallen 0.46% to 26,560.20 amid profit‑taking in high‑growth tech. The Dow Jones Industrial Average (DJINDICES:^DJI) rose 0.89% to 52,132.01 as cyclicals extended Monday’s rally.SpaceX jumped more than 10% as its post‑IPO surge and artificial intelligence (AI) deal vaulted its valuation. The firm, which is proposing to build AI infrastructure in space, reached a valuation of $2.8 trillion — overtaking Amazon. Robinhood Markets slipped after announcing a 10% cut to its workforce. Stocks faltered this morning as the Federal Reserve began its first meeting under Chair Kevin Warsh. Investors will watch tomorrow’s press conference for clues on his plans to shake up the organization and, crucially, any future rate changes. Inflation is running hot, but falling energy prices reduce the pressure for immediate steps from the Fed.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool