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Real-time News
On June 17th, CNBCs Jim Cramer stated on Tuesday that investors are flocking to SpaceX (SPCX.O) because they are betting on Musks ability to create a disruptive company, rather than the companys current profitability. "This stock is called SpaceX, but it could very well be called Elon Musk," Cramer said. Following its successful IPO last Friday, SpaceX quickly became one of the worlds most valuable companies, with its stock price rising nearly 5% on Tuesday, surpassing several tech giants including Amazon and briefly exceeding Microsofts market capitalization. This surge has intensified skepticism about whether SpaceXs approximately $2.5 trillion market capitalization is justified. However, Cramer believes that traditional valuation methods ignore the true value that many investors are buying. "This company may lose money for years, and such a high valuation is unreasonable. Its only valued this way because Musk is running it." Although Musk recently predicted that SpaceX could achieve $1 trillion in annual revenue by 2030, Cramer believes the stocks appeal goes far beyond any single prediction. “Buying SpaceX is essentially buying Elon Musk’s brain,” Cramer said. “I think the cult of Musk is real.”Japans Reuters Tankan Manufacturing Sentiment Index for June was 13, down from 8 in June.Japans Reuters Tankan non-manufacturing business sentiment index for June was 32, down from 29 in the previous month.1. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.64% to 51,999.67 points, continuing to set new record highs. The S&P 500 fell 0.57% to 7,511.35 points, and the Nasdaq Composite fell 1.15% to 26,376.34 points. JPMorgan Chase rose more than 3%, and Visa rose nearly 3%, leading the gains in the Dow. The Wind U.S. Tech Big Seven Index fell 0.37%, Nvidia fell more than 2%, Tesla fell more than 1%, and SpaceX rose 4.77%, closing with a market capitalization of $2.65 trillion, surpassing Amazon to become the worlds fifth-largest listed company. 2. The three major European stock indexes closed slightly higher. The German DAX rose 0.07% to 24,910.41 points; the French CAC40 rose 0.75% to 8,447.27 points; and the UK FTSE 100 rose 0.61% to 10,494.21 points. 3. International precious metals futures closed mixed. COMEX gold futures rose 0.03% to $4,353.00 per ounce, while COMEX silver futures fell 0.08% to $70.12 per ounce. 4. The most active US crude oil contract closed down 5.11% at $76.62 per barrel; the most active Brent crude oil contract fell 4.61% to $79.34 per barrel.Market news: General Motors has begun discussions with Raytheon Technologies and L3 Harris regarding increasing arms production.
