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A person wearing a blue coat working at a monitor in a stock exchange environment another person is visible in the background

The three major U.S. stock indexes all closed higher for the week.

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Major stock indexes rose Friday, closing higher for the week, as SpaceX shares jumped in their highly anticipated debut.

The blue-chip Dow Jones Industrial Average, benchmark S&P 500, and tech-focused Nasdaq Composite finished up a respective 0.7%, 0.5%, and 0.3% today, with the Dow adding more than 350 points.

The focus of investors' attention Friday was on the public debut of Elon Musk's SpaceX, which opened on the Nasdaq under the ticker "SPCX" at $150, up from their IPO price of $135. They closed above $160, up 19%. Officially Space Exploration Technologies, the company's $75 billion raised marked the largest IPO in history. (Read our full SpaceX IPO coverage here.)

Oil prices were lower after Iran and the U.S. gave conflicting accounts of the terms of a draft agreement to end their war. President Donald Trump wrote on Truth Social that "terms that Iran leaked out to the Fake News have NOTHING to do with the terms that were agreed to, in writing," but Iranian Foreign Minister Seyed Abbas Araghchi later wrote on X that a memorandum of understanding "has never been closer."

West Texas Intermediate futures, the U.S. crude oil benchmark, were 3.8% lower at $84.35 a barrel at 4 p.m. ET, while front-month contracts of Brent crude, the global benchmark, settled down about 3.5% at $87.33.

Shares of the Magnificent Seven tech giants finished mixed. Tesla ( TSLA), another one of Musk's companies, closed up 1.6% after pacing the septet with a 4.6% advance yesterday.

Adobe ( ADBE) sank nearly 7% after executives said its short-term annualized recurring revenue growth will be pressured as the company prioritizes its "freemium" AI offerings to grow its user base, and its CFO Dan Durn was leaving. Marvell Technology ( MRVL) announced its was hiring Durn to be its finance chief.

The 10-year Treasury yield, which influences interest rates on mortgages and other consumer loans, was near 4.49%, up from Thursday's close around 4.47%.

Bitcoin traded around $63,600, little changed over the past 24 hours. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, was 0.1% lower at 99.78. Gold futures rose almost 3% to $4,230 an ounce.

Stock Indexes Close Higher for Week

June 12, 2026 03:50 PM EDT

The three major U.S. stock indexes bounced back this week.

The Nasdaq Composite, S&P 500, and Dow Jones Industrial Average finished a respective 0.6%, 0.5%, and 0.6% higher over the five sessions after all closed lower last week.

It was the 10th time in 11 weeks that the benchmark S&P 500 had a positive week.

For the year, the Nasdaq, S&P 500, and Dow are up roughly 11%, 8.5%, and 6.5%, respectively.

SPX IXIC DJI

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The Data Says The Job Market Is Basically Fine. Consumers Aren't Buying It

June 12, 2026 03:42 PM EDT

There's a growing disconnect between what the official data says about the job market and how it feels to workers.

That's according to the University of Michigan's Survey of Consumer Sentiment on Friday, which showed ongoing and widespread pessimism about the labor market's trajectory. A net 54% of respondents to the survey said they expected the unemployment rate to rise over the next 12 months, according to an analysis by ING bank, close to a historic high.

"That reading is on a par with the readings experienced during the Global Financial Crisis and the early 1990s recession," James Knightley, chief international economist at ING, noted in a commentary.

People walking on a street carrying shopping bags a cart with packages in the background

Spencer Platt / Getty Images

Forget Billionaire Lists: Elon Musk Is Worth More Than $1 Trillion After the SpaceX IPO

June 12, 2026 03:36 PM EDT

Yesterday's billionaire is today's trillionaire. You can thank SpaceX for that.

SpaceX's IPO, which priced at $135 per share, boosted the value of founder and chief Elon Musk's assets, which according to company filings include 4.76 billion shares of the company.

By Forbes' estimate, his net worth rose by approximately $1.88 billion overnight to $982 billion.

With the stock recently trading well above that price, Musk stands to be the world's first trillionaire—on paper, at least. Forbes' real-time tracker has him at $1.1 trillion.

Elon Musk on a screen remotely ringing the opening bell at the Nasdaq exchange, in front of a large SpaceX sign and a photo of Mars' surface.

SpaceX founder Elon Musk is now worth over $1 trillion after his rocket company's successful debut. Photo by Spencer Platt / Getty Images

Musk also owns about 11% of Tesla, which was also rising today and sports a market cap above $1.2 trillion. And he has stakes in two other businesses he founded: brain interface company Neuralink, and The Boring Company, a tunneling startup.

Gas Prices Are Below $4 in Nearly Half of States—Is Yours One of Them?

June 12, 2026 02:48 PM EDT

Drivers are getting more relief at the pump after gas prices fell for a third straight week, bringing the national average for regular gasoline down 45 cents from its mid-May peak of $4.56 to $4.11 a gallontoday.

The decline has been broad enough to push two dozen states below $4 a gallon, a notable reversal from the peak, when all 50 states were above that mark. Prices remain elevated by recent historical standards, but the latest drop has eased some of the pressure that built earlier this spring.

Gas prices surged this year as the Iran conflict rattled global energy markets and pushed oil prices sharply higher. Before the conflict began, drivers had been enjoying relatively low prices at the pump, with the national average holding in $2 territory for much of December, January, and February—the first sustained stretch in that range in almost five years.

A colorcoded map of the United States showing statelevel data

Oil prices were falling again today amid signs of possible progress toward resolving the conflict and reopening the Strait of Hormuz, a key route for global oil shipments. That could help gas prices keep easing in the near term, though the relief may not last if negotiations stall or supply concerns return.

Read the full article here.

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Why Adobe Stock Just Hit Its Lowest Point in 8 Years

June 12, 2026 02:27 PM EDT

Worries about Adobe's growth plans and turnover inside the company's C-suite have the stock tumbling to its lowest point in eight years.

Adobe ( ADBE) shares were down 7% to around $202 in recent trading, their lowest level since early 2018. Adobe was among the leading decliners in the S&P 500 on day when markets gained broadly, after the company warned its strategy to grow users could hold back revenues, and announced the departure of its CFO.

Executives said during Thursday's earnings call that Adobe is looking to prioritize growing users of its AI features through its "freemium" model, allowing users to try its AI products without facing paywalls, and delaying previously planned price increases—decisions they said could hamper short-term revenue growth.

The Adobe logo is seen on banners above a road.

Adobe's stock has lost roughly half its value in the past 12 months. Clive Rose / Getty Images

Adobe also said Thursday that CFO Dan Durn is departing the company at the start of next week, marking the loss of another top executive after announcing in March that longtime CEO Shantanu Narayen will step down once a successor is found. Durn is taking the CFO job at chipmaker Marvell Technology ( MRVL).

Read the full article here.

EchoStar Leads S&P 500 Decliners Despite SpaceX Stake

June 12, 2026 02:02 PM EDT

EchoStar ( SATS) owns a nice little chunk of SpaceX ( SPCX) shares. Even though the latter is soaring in its public debut today, the former is having a rough day.

Shares of EchoStar sank 12% in afternoon trading, by far the worst performer in the S&P 500, even though the DISH TV and Boost Mobile owner holds a nearly 3% stake in Elon Musk's SpaceX, which jumped more than 25%.

Other space stocks fell Friday, including Virgin Galactic Holdings ( SPCE), Voyager Technologies ( VOYG), Rocket Lab ( RKLB), and Planet Labs ( PL), which sank between 8% and 27%.

Will the Economy Face 'Demand Destruction' Test?

June 12, 2026 12:59 PM EDT

A resilient U.S. consumer has kept the economy afloat the last few years, but momentum could stall if Iran peace talks falter and the war sparks more inflation, analysts say.

It’s a phenomenon economists call "demand destruction"—when prices are so high that people spend less. Downbeat consumers may hold off on buying a new car, skip a vacation, cook at home rather than dine out or cut down on luxuries.

All combined, the hit to consumer demand would weaken economic growth—perhaps so much that the U.S. economy tips into a recession or approaches one, analysts say.

A person walking across a street carrying shopping bags and holding a smartphone

Demand destruction occurs when consumers reduce their demand for a certain good in response to persistent high prices or limited supply. David Paul Morris / Bloomberg via Getty Images

"It could be very serious, especially if the Strait of Hormuz remains closed for quite a while more," said Tuan Nguyen, an economist at the accounting firm RSM US LLP, referring to the critical chokepoint where a fifth of the world’s oil supply travels.

Read the full article here.

Nvidia Is Telling Chinese Customers It Could Be Ready to Sell Them More Advanced AI Chips Soon

June 12, 2026 12:31 PM EDT

Nvidia could be getting closer to selling more of its AI chips in China.

Nvidia ( NVDA) has started telling customers in China that its next-generation AI chip, the Vera CPU, could become available in the country as soon as August, Reuters reported Friday. At least one Chinese company is planning an order of at least 300 servers with the new Vera chip to test the hardware before ordering more, according to the report.1

Such a development would mark a major breakthrough for Nvidia, which has struggled to sell more of its AI chips to the country in the face of restrictions on exports of its most capable chips, and has long been looking to boost its sales to China.

Nvidia did not respond to an Investopedia request for comment on the report in time for publication.

Read the full article here.

What to Expect From Wednesday's Fed Decision: Flat Interest Rates and a New Direction

June 12, 2026 10:27 AM EDT

The Federal Reserve will have its first meeting under the new management next week, and no one is entirely sure exactly what to expect.

One thing is nearly certain: the central bank is overwhelmingly likely to keep its influential fed funds rate flat for the time being. Financial markets are pricing in a 96% chance the Fed will hold rates steady, according to the CME Group's FedWatch tool, which forecasts rate movements based on fed funds futures trading data.

Beyond that, however, there are many open questions about how Warsh will lead the Fed into its next era.

Chairman of the Federal Reserve Kevin Warsh standing in front of American flags

Incoming Federal Reserve Chair Kevin Warsh has some changes he'd like to make at the central bank. Anna Moneymaker / Getty Images

Warsh is taking leadership of the Fed at a time when it faces increasing risks to its dual mandate from Congress to keep inflation in check and employment high. The former Fed governor's approach to monetary policy will be tested immediately: the Iran war is pushing up energy prices, threatening to stoke more persistent and widespread inflation.

Read the full article here.

SpaceX IPO Today: Live Coverage as the Stock Prepares to Start Trading

June 12, 2026 09:40 AM EDT

SpaceX is ready. Will there be liftoff?

Space Exploration Technologies—Elon Musk's space exploration, connectivity and artificial intelligence company— looks likely to get a warm reception from investors. Its trading debut, set for today, comes after the biggest IPO in history, raising about $75 billion after selling about 556 million shares. The shares sold at $135, as expected, and the stock, flying under the symbol "SPCX," will list on the Nasdaq exchange later today. ("Teams are go for launch," the company wrote on X yesterday in a message confirming the pricing.)

The implied market capitalization of the company, around $1.8 trillion based on the aforementioned numbers, puts SpaceX among the most valuable U.S. companies—ahead of some Magnificent Seven firms—even before trading starts.

A Tesla in front of a SpaceX facility in Hawthorne, Calif., in June 2026.

SpaceX is set to make its debut on the public markets today. Photo by Michael Yanow / NurPhoto via Getty Images

The outsize demand for the offering could set up SpaceX to pop, with investors champing at the bit to get a piece of the space-AI crossover, which has ambitions to build orbital data centers and colonize Mars. On prediction markets, bettors generally expect the stock to rise today, and some envision a rise to, or above, a $3 trillion market cap.

Read the live blog here.

FanDuel Parent Flutter Entertainment Delisting From London Exchange

June 12, 2026 09:15 AM EDT

Flutter Entertainment ( FLUT), the parent company of sports betting giant FanDuel, plans to delist from the London Stock Exchange as of Aug. 3, making its shares available only on the New York Stock Exchange.

The company moved its primary listing to the U.S. about two years ago, and now says it is "in the best interests of the Company and its shareholders" to delist in London.

The company cited the level of trading activity of its London shares, as well as the costs around regulatory and administrative requirements to maintain the London listing.

Flutter's U.S.-traded shares were up less than 1% ahead of the opening bell.

FanDuel

Nic Antaya / Getty Images

Sleep Number Files for Chapter 11 Bankruptcy, To Combine With Sleep Country Canada

June 12, 2026 08:44 AM EDT

Sleep Number ( SNBR) has filed for bankruptcy.

In response to mounting debt and falling sales, the Minneapolis-based mattress firm announced Friday it "initiated a voluntary Chapter 11 sale process" in the U.S. Bankruptcy Court for the District of New York, and intends "to combine with Sleep Country Canada to create a leading North American mattress and bedding company."

"While we have made meaningful progress advancing our turnaround efforts and strengthening our operations, our capital structure remains unsustainable," CEO Linda Findley said. "Following a comprehensive review of our strategic options and a robust sale process, we are confident that moving forward with the Sleep Country Canada agreement and this court-supervised sale process will enable us to address our financial constraints."

Sleep Country Canada will serve as the "stalking horse" bidder in a court-supervised sale process, Sleep Number said.

On June 2, Sleep Number said in a regulatory filing that it was providing one-time cash retention bonuses to five executives, including $2.5 million to Findley and $1 million to CFO Amy O'Keefe.

Sign on facade at Sleep Number mattress store in Walnut Creek, California

Sleep Number announced Friday it has filed for Chapter 11 bankruptcy. Smith Collection / Gado / Getty Images

Travel Stocks Rise as Oil Drops

June 12, 2026 08:12 AM EDT

Friday's pullback in oil prices is helping shares of companies in the travel space.

Airlines Delta ( DAL), United ( UAL), and American ( AAL) and cruise operators Royal Caribbean ( RCL), Carnival ( CCL), and Norwegian Cruise Line Holdings ( NCLH) all advanced about 1.5% to 2% in premarket trading.

Oil prices fell Friday on optimism the U.S. and Iran were near a deal to reopen the Strait of Hormuz. West Texas Intermediate futures, the U.S. crude oil benchmark, were 3.2% lower at $84.85 a barrel in recent trading, while front-month contracts of Brent crude, the global benchmark, were down 3% at $87.75.

Fuel is the second-biggest cost airlines and cruise companies have, behind just labor.

A Delta Air Lines Airbus A330-323 lands at Barcelona-El Prat Airport, in Barcelona, Spain, on May 23, 2026

Joan Valls / Urbanandsport / NurPhoto via Getty Images

Rising Prices and Labor Market Strains Wave Red Flag For The Economy

June 12, 2026 07:24 AM EDT

Two pieces of economic data released Thursday carried a whiff of "stagflation," signaling that inflation could worsen and hinting at weakness in the job market.

The Producer Price Index for final demand, a measure of wholesale prices, rose 1.1% over the month and 6.5% over the 12 months ending in May, the Bureau of Labor Statistics said. That was the largest annual increase in wholesale prices since November 2022 and a warning that businesses will pass those cost increases along to consumers.

Separately, 229,000 people filed new claims for unemployment benefits last week, up 4,000 from the week before and the most since February, the Department of Labor said.

A driver pumps gas at a Shell gas station in Washington, DC, US, on Tuesday, Nov. 28, 203. Gasoline prices have fallen for 60 consecutive days, the longest streak of declines in more than a year, letting American drivers pass on savings at the pump to consumer retailers during the US economy's all-important holiday season.

Stagflation concerns have been stoked by higher gas prices. Al Drago/Bloomberg via Getty Images

Together, the reports showed a rising risk that the economy could enter a state of stagflation, or stagnant economic growth combined with high inflation. The PPI report tarnished the silver lining of Wednesday's consumer inflation data, which showed "core" prices outside of food and energy rose less than expected in May despite accelerating overall inflation.

Read the full article here.

Futures Rise Ahead of SpaceX IPO

June 12, 2026 06:38 AM EDT

Futures contracts connected to the Dow Jones Industrial Average pointed 0.6% higher.

DJIA futures - June 12, 2026

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S&P 500 futures were up 0.5%.

S&P 500 futures - June 12, 2026

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Nasdaq 100 futures advanced 0.4%.

Nasdaq 100 futures - June 12, 2026

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