Market Close

CNBC reported that sources say SpaceX is seeking a $135 fixed price for the IPO roadshow that implies a $1.75 trillion valuation, a figure the outlet noted would make the company the seventh-biggest in the U.S., ahead of Tesla’s roughly $1.6 trillion market cap, the report said.

Meta Platforms Inc. (META) led the list of winners on the Big Tech watchlist, jumping 3.44% to $623.01 after a new study named Nvidia, Meta and SLB among the S&P 500 companies most actively adopting AI, CNBC said; the report from the AI-Driven Enterprise Institute was cited in the coverage.

Broadcom slipped after reporting fiscal second-quarter results Wednesday that missed revenue estimates, CNBC said, leaving the chip and software company’s stock lower following the headline financial shortfall.

Cryptocurrency markets weakened as bitcoin fell 3.00% to $65,463.00, with CNBC reporting that the crypto’s highest-conviction holders have turned into sellers and that about $2.4 billion of bitcoin was sold in the past two days; separate coverage noted traders expect further downside for bitcoin.

Policy moves at the Federal Reserve drew attention after CNBC reported that new Fed Chair Warsh made his first hires at the central bank, including an author of the Fed chapter of "Project 2025," and U.S. Treasury market action showed the 10-year Treasury yield rose to 4.49%, up 0.04 percentage point from the prior close.

Berkshire Hathaway’s first major deal under chief executive Greg Abel also made headlines: CNBC said Berkshire bought homebuilder Taylor Morrison for $6.8 billion, a transaction Warren Buffett highlighted as an example of Abel’s deal-making strategy as the company expands its housing footprint.

Commodities and energy names saw gains as crude oil rose 2.58% to $96.25 a barrel and the Energy Select Sector SPDR Fund (XLE) climbed 0.77% to $58.73, reflecting a stronger session for energy on the commodity move.

The S&P 500 closed at 7,553.70, down 47.00 points, or 0.62%; the Dow Jones Industrial Average closed at 50,687.10, down 351.40 points, or 0.69%; the Nasdaq Composite closed at 26,853.98, down 238.87 points, or 0.88%.

CNBC said two key technology companies were set to report earnings after the bell, a pair of reports that the outlet said could determine the market’s next directional move.