Luke Kawa1/17/25

Big Tech rebounds, propelling major indexes higher

The S&P 500 rose 1%, the Russell 2000 climbed 0.4%, and the Nasdaq 100 delivered a 1.7% advance on Friday.

The benchmark US stock index posted its first weekly gain of 2025, with the sectors that dragged the S&P 500 lower on Thursday (tech, consumer discretionary, and communications services) doing the best on the final session of the week. Real estate and healthcare were the only two S&P 500 sector ETFs in the red.

Intel was the best-performing member of the S&P 500 after a report this morning suggested a “mystery buyer” would pursue a wholesale acquisition of the chipmaker. Many chipmakers, including Qorvo, Nvidia, and Broadcom, also posted huge gains.

Crypto-adjacent stocks like MicroStrategy, Coinbase, MARA Holdings, and Riot Platforms surged of Trump’s inauguration, with the president-elect on track to make crypto a national priority.

Meanwhile, GLP-1 kingpins Eli Lilly and Novo Nordisk tanked after the Department of Health and Human Services included some of their drugs on a list of meds that will be up for price negotiations.

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Oil spikes, equity futures retreat as President Trump commits to hitting Iran “extremely hard” over the next two to three weeks

The ongoing war threatens to bring about an even more pronounced disruption to energy supplies, with negative ramifications for economic activity and financial markets.

President Trump Addresses The Nation On The Conflict In Iran

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Stocks continue to climb on hopes of an end to the war

Stocks rallied and oil fell as traders digested comments from President Trump.

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SpaceX reportedly files confidentially for IPO

SpaceX confidentially filed its draft IPO paperwork with the Securities and Exchange Commission, Bloomberg reports, citing people familiar with the matter, the next step toward what is expected to be a blockbuster summer listing.

Elon Musk’s satellite and rocket company could raise around $75 billion in an IPO that would value it at more than $1.75 trillion — both records — though the exact amounts won’t be settled until it goes public, likely in June.

Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

SpaceX Has Filed Confidentially for IPO Ahead of AI Rivals

Elon Musk’s SpaceX to Combine with xAI Ahead of Mega IPO

Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

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Energy stocks tumble after massive March

Energy and chemical stocks tumbled early Wednesday on growing expectations that the US participation in the Iran war is nearing an end, and West Texas Intermediate crude oil futures slipped back below $100 a barrel.

LyondellBasell, APA Corporation, Dow, Inc., CF Industries, and Marathon Petroleum — the S&P 500’s top 5 gainers last month — all sank.

Natural gas drillers EOG Resources, Devon Energy, Coterra Energy, and Diamondback Energy dropped, as did integrated oil giants Exxon and Chevron. Fuel refiners and marketers such as Phillips 66 and Valero also fell.

Don’t shed too many tears for these energy giants; the S&P 500 energy sector rose 10% in March and 37% in Q1 2026.

The Energy Select Sector SPDR Fund is coming off its second-best quarter on record relative to the SPDR S&P 500 ETF, based on data going back to 1999.

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