Friday opens on a mixed note on Wall Street, with futures pulling back modestly after one of the strongest rallies of the year — but all eyes are on the main attraction: SpaceX, making its public market debut today.

S&P 500 futures are down 0.09%, Nasdaq 100 futures off 0.26%, and Dow futures slipping 0.04%. These are natural pullbacks after Thursday's surge — the Dow jumped 1.86% to 50,849, the S&P 500 gained 1.75% to 7,394, and the Nasdaq Composite soared 2.54%.

SpaceX: A $75 Billion Debut

The undisputed story of the day is the SpaceX IPO — the largest in history. The company raised approximately $75 billion at a ~$1.77 trillion valuation, pricing at $135 per share. Trading begins today on the Nasdaq under the ticker SPCX.

The IPO price values SpaceX above Tesla's current market cap, though analysts are split on near-term trading expectations. Retail demand has been intense, with major brokers (Fidelity, Schwab, Robinhood, SoFi) offering IPO access. First-day trading could be volatile as public demand meets a valuation that defies traditional earnings multiples.

Thursday's Rally: What Happened

Thursday was one of the strongest sessions in weeks. President Trump announced he had called off planned strikes on Iran and signaled a deal was close, triggering a broad risk-on move across equities.

Tech and chip stocks led the rebound. Nvidia closed at $204.87 (+2.2%), Tesla jumped 4.6% to $399.15, and the VIX — or "fear index" — dropped sharply to 19.44, signaling easing geopolitical anxiety.

Oil Drops, Inflation Still Stings

Crude oil continues its decline on diplomatic optimism. WTI fell to $85.93/barrel (-2%), with Brent trading around $88.50. The downward trend reflects fading supply disruption fears as U.S.-Iran negotiations progress.

But the inflation picture remains far from settled. May's Producer Price Index, released Thursday, rose 1.1% month-over-month — well above the 0.7% consensus — pushing the annual rate to 6.5%, the highest since November 2022. Nearly 80% of the increase came from goods prices. Core PPI rose 0.4%.

Today brings the University of Michigan's preliminary June consumer sentiment survey at 10:00 AM ET. With the May reading at a record-low 44.8 and inflation expectations elevated (4.8% one-year, 3.9% five-year), any further deterioration could rattle markets. The PPI data keeps inflation fears front and center.

Bonds and Crypto

The 10-year Treasury yield dipped to 4.46%, reflecting a cautious tone beneath the surface. Bitcoin traded flat around $63,250.

Why It Matters

Markets are at a crossroads: geopolitical de-escalation and a landmark IPO on one side, hot producer inflation, record-low consumer sentiment, and a still-tight labor market on the other. How SpaceX trades on day one will be a test not just for the company — but for investors' appetite for growth stories in a high-inflation environment.

Bottom Line

Expect a volatile day, with SpaceX in the spotlight and consumer sentiment data providing the macro backdrop. Futures suggest a cautious open, but in an IPO of this magnitude, any forecast can flip within minutes.