All Eyes on SpaceX | Closing Bell
Speakers
Katie Greifeld
— Anchor, Bloomberg
Carol Massar
— Anchor, Bloomberg
Romaine Bostick
— Anchor, Bloomberg
Summary
Bloomberg's Closing Bell covers the historic SpaceX IPO, broad market gains, and a notable sell-off in software stocks. Hosts discuss SpaceX’s polarizing debut, Intel’s continued surge, Roku’s M&A talks, and Adobe’s leadership turmoil that weighed on the software sector.
- SpaceX completed a $75 billion IPO, shares closed up 19% on its first day.
- Major US indices posted weekly gains, with the Russell 2000 outperforming.
- The iShares Expanded Tech Software ETF (IGV) fell for a ninth straight day, the longest losing streak since 2006.
- Adobe shares dropped 6.8% on CFO departure and ongoing leadership vacuum, overshadowing strong quarterly results.
- Space-related ETF (UFO) and stocks like Virgin Galactic declined as investors rotated funds into SpaceX.
- Intel extended its rally, gaining 25% for the week after a double upgrade to buy.
- Roku surged 20% on reports of potential acquisition talks with a media company.
- Oil slipped amid comments about a possible memorandum to end the war in Ukraine.
Ideas
Software sector faces AI disruption
The software sector is under significant pressure, with the iShares Expanded Tech Software ETF (IGV) extending its losing streak to nine days, the longest since 2006. Adobe's leadership vacuum, with the CFO's departure and the CEO's resignation overshadowing strong results, exemplifies the disruption theme. The speaker doubts that software companies will have a meaningful role in the AI universe, noting that the market is not buying that narrative, as reflected in persistent weakness.
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