Live Nasdaq Composite: Market Sentiment Buoyed by SpaceX Stock, Sinking Oil Price

The post Live Nasdaq Composite: Market Sentiment Buoyed by SpaceX Stock, Sinking Oil Price appeared first on 24/7 Wall St..

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Microsoft Malaise

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Microsoft (NASDAQ:MSFT) is the rare mega-cap where five years of waiting has barely moved the stock price, but the business underneath looks nothing like it did in 2021. Shares sit at $399 today versus $341 five years ago, a modest gain that masks a 109% surge in EPS, from $8.05 to $16.80, while the P/E multiple has collapsed 37.5%, from 37.9x down to 23.7x. The stock isn’t expensive because it grew into a higher valuation; it’s gotten cheaper while the fundamentals did all the work.

This article will be updated throughout the day, so check back often for more daily updates.

SpaceX (NASDAQ:SPCX) is showing no signs of slowing down, with shares advancing roughly 8% in Tuesday’s premarket session and pushing the company’s valuation past Amazon (NASDAQ:AMZN) for the first time. SpaceX’s market cap stands at approximately $2.74 trillion compared to Amazon’s $2.66 trillion, putting Elon Musk’s rocket company within striking distance of Microsoft’s $2.91 trillion valuation. Tuesday’s gain follows an explosive 20% surge Monday, the stock’s first full session of trading, building on the momentum from a record-breaking IPO debut just days earlier

Here’s a look at where things stand as of pre-morning trading:

Dow Jones Industrial Average: 51,984 Up 0.61%
Nasdaq Composite: 26,740 Up 0.21%
S&P 500: 7,563.91 Up 0.11%

Market Movers

TSMC (NYSE:TSM) and Amkor Technology (NASDAQ:AMKR) have signed a 10-year partnership under which TSMC will procure advanced packaging and testing services from Amkor’s Arizona campus. The agreement effectively closes the loop on domestic chip production, connecting two companies already building major facilities in the same state and creating a fully integrated American footprint that spans everything from raw silicon to finished, tested devices.

Mobileye (NASDAQ:MBLY) announced plans to launch its own autonomous ride-hailing service in a yet-to-be-named city next year, a move that throws the Intel-backed company directly into competition with Alphabet’s (NASDAQ:GOOGL) Waymo in the increasingly crowded race to commercialize self-driving technology.

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