By Caitlin McCabe
SpaceX shares pared gains after the rocket company overtook Amazon to become the world's fifth-most valuable public company.
The Elon Musk-led company's stock rose as much as 17% in early trading before falling back. They ended the day 4.8% higher, with SpaceX's market capitalization narrowly leapfrogging the e-commerce giant.
Tuesday's SpaceX move, which would be the third session of gains in a row, came as the company announced a deal to buy AI-coding startup Cursor for $60 billion. It also briefly put SpaceX's market cap neck-and-neck with Microsoft's.
U.S. stock indexes ended mixed, following a ferocious rally Monday that sent the Nasdaq surging more than 3%. The tech-focused index was down more than 1%, while the Dow rose 0.6%, moving further into record territory.
Brent crude dropped below $80 a barrel, finishing 5.1% lower at $78.96. Oil prices are now at their lowest levels since the earliest days of the war, though still far above the roughly $72 level seen before the conflict began.
Investors are still waiting for clearer details about the memorandum of understanding struck between the U.S. and Iran, which both parties are expected to sign Friday.
Elsewhere, the Bank of Japan earlier today lifted its policy rate by a quarter percentage point to its highest level since 1995. Central-bank decisions are expected later this week from the Bank of England, the Swiss National Bank and the Federal Reserve. All three are expected to hold rates steady.
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(END) Dow Jones Newswires
June 16, 2026 16:12 ET (20:12 GMT)
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