Bitcoin and Gold Lose Safe Haven Momentum 04/06/2026

 HOT stories for today

Market wrap:

• Stocks pulled back Wednesday, snapping the S&P 500’s nine-day winning streak as rising oil prices and Treasury yields revived concerns that the U.S.-Iran conflict could keep inflation pressure elevated. The Dow Jones Industrial Average fell 620.72 points, or 1.2%, to 50,687.07. The S&P 500 declined 0.7% to 7,553.68, while the Nasdaq Composite lost 0.9% to 26,853.98. Oil climbed after the U.S. and Iran exchanged fresh strikes. West Texas Intermediate crude rose 2.4% to settle at $96.02 a barrel, while Brent gained 1.9% to $97.81. President Donald Trump said Iran had agreed not to pursue nuclear weapons, though he cautioned that “they can change their mind.” 
• Energy was the clear winner of the session, rising 1.4% and leading all 11 S&P 500 sectors as investors rotated into oil-linked names. Pressure continued after the close, with S&P 500 futures falling early Thursday amid elevated geopolitical risks. Broadcom shares dropped 13% overnight after the chipmaker missed fiscal second-quarter revenue expectations. Investors now turn to earnings from Ciena and Brown-Forman before Thursday’s open, along with final first-quarter productivity and unit labor cost readings and weekly jobless claims.

SpaceX Sets $1.77 Trillion IPO Price

• SpaceX is moving closer to what could become the largest IPO in history, setting a fixed price of $135 per share ahead of its Nasdaq debut on June 12. The company plans to sell 555.6 million shares, raising about $75 billion. Underwriters also have the option to buy an additional 83.3 million shares, which could add another $11.2 billion. At that price, SpaceX would be valued at roughly $1.77 trillion, putting it above Tesla’s market value and making it one of the largest U.S. companies by market capitalization. 
• Elon Musk is expected to retain more than 82% voting control after the offering. Goldman Sachs is leading the deal, alongside Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase. The filing also highlighted the deep financial overlap between Musk’s companies. SpaceX’s xAI unit bought $269 million of Tesla megapacks in April, while Tesla owns 18.99 million SpaceX shares valued at about $2.56 billion at the IPO price. The offering comes as investor demand for AI and space-related assets remains intense, with OpenAI and Anthropic also preparing for public listings.

Stocks on the move:

• Broadcom (AVGO): Shares fell 5% after the chipmaker posted its first revenue miss since December 2024, with infrastructure revenue also coming in below expectations.
• Five Below (FIVE): Shares dropped nearly 9% despite better-than-expected second-quarter revenue and same-store sales guidance.
• Petco (WOOF): Shares fell more than 4% after current-quarter adjusted EBITDA guidance missed Wall Street expectations.
• CrowdStrike (CRWD): Shares slid 9% after second-quarter guidance failed to impress investors. Palo Alto Networks (PANW) and Fortinet (FTNT) also traded lower in sympathy.
• PVH (PVH): Shares tumbled more than 20% after the company reiterated full-year earnings guidance, despite a first-quarter earnings beat.
• C3.ai (AI): Shares rose more than 4% after the company reported a narrower-than-expected fourth-quarter loss and revenue beat.

Watchlist: MRVL, SNOW, MU, AVGO, CRWD, AI, PVH, TSLA, META

Key Economic Events Today:

EST time

08:30 am: USD Unemployment Claims
08:30 am: USD FOMC Member Barkin Speaks
10:00 am: USD FOMC Member Bowman Speaks
11:40 am: USD FOMC Member Daly Speaks
01:00 pm: USD FOMC Member Schmid Speaks


Earnings

BMC (Before Market Open): Cienna Corp (CIEN),X Energy (XE), Toro Company (TTC)

AMC (After Market Close): DocuSign (DOCU), Samsara (IOT), Planet Labs (PL), Rubrik (RBRK), Lululemon (LULU)

The TEFS Analyst team wishes you a successful day!