Market UpdatesJun 05, 20262 Min
Asia Stocks Tumble; SpaceX Denied S&P 500 Fast-Track; Ramp Hits $44B Valuation
We are back with quick updates on global stock markets and major developments across some of the top companies worldwide.
Asia-Pacific markets dropped broadly on Friday, after US tech stocks sold off overnight. South Korea's Kospi bore the brunt, while oil pulled back on hopes of a diplomatic off-ramp in the Middle East. Kospi was down 5.5% to 8,160. Whereas Japan's Nikkei 225 dropped 1.3% to 66,587. And, Australia's S&P/ASX 200 was 0.7% to 8,633. Hong Kong's Hang Seng slipped 0.8% to 25,039 and Shanghai Composite dropped 0.7% to 4,075. Straits Times dipped 0.3% to 5,052.
On Wall Street, Thursday's session saw a notable rotation out of technology into other sectors. S&P 500 advanced 0.4% to 7,584. Whereas, Nasdaq slipped 0.1% to 26,830. Dow surged 1.7% to a fresh record close of 51,561.
Moving to the oil prices, which dropped about 3% on Thursday after reports emerged that President Trump is reluctant to resume the Iran war. West Texas Intermediate traded at $93.1 per barrel, and Brent crude was at $95.4.
Gold was on track for a weekly loss as Middle East-driven oil inflation continued to cloud the rate outlook.
Spot gold was down 0.7% at $4,442.94 per ounce. U.S. gold futures for August delivery slipped 0.8% to $4,469.10.
Here's a look at some of the important developments across global markets:
Nvidia CEO Invited To Senate Hearing On China Chip Sales
Senator Elizabeth Warren has invited Nvidia CEO Jensen Huang to testify before the Senate Banking Committee on June 11 about the chipmaker's business in China and its views on US export control laws.
The invitation, first reported by CNBC, comes just weeks after Huang attended the Trump-Xi summit in Beijing.
SpaceX Blocked From Fast-Track S&P 500 Entry
S&P Global confirmed on Thursday that it is not changing the requirements for entry into its major indices. Elon Musk's SpaceX is targeting a $1.75 trillion valuation and plans to raise $75 billion at a fixed roadshow price of $135 per share.
The trading was initially expected to begin on Nasdaq on June 12 under the ticker SPCX.
S&P said, "exceptions to the financial viability, seasoning, and IWF requirements should not be granted solely based on market capitalisation."
Meanwhile, Wall Street banks, including Bank of America and Morgan Stanley, have been hosting high-profile investor events promoting the listing.
Ramp Raises $750 Million At $44 Billion Valuation
Corporate spend-management platform Ramp raised $750 million in a Series F round at a $44 billion valuation, nearly tripling its value in roughly 12 months.
The round was led by ICONIQ, GIC and Ontario Teachers' Pension Plan, with Goldman Sachs Alternatives, D.E. Shaw and Morgan Stanley Investment Management among new investors.
CEO Eric Glyman said most CFOs had not budgeted for the steep rise in AI spending and lacked the tools to manage it.
Quantinuum Closes Flat In Nasdaq Debut After Upsized IPO
Quantum computing company Quantinuum (QNT) began trading on the Nasdaq on Thursday. The shares closed nearly flat after an upsized offering that raised $1.43 billion, up from an initial $1 billion target, at $54 per share.
The company, majority-owned by Honeywell, is entering the public markets as big tech firms, including Google, Microsoft, Amazon and IBM continue to ramp up investment in quantum computing.
