The Iran-US peace deal has immediate effects on markets:
- Oil is tumbling, as the Hormuz Risk Premium unwinds. Oil fell to its lowest level since March - Nikkei 225 surges and hit 69,000 for the 1st time ever - Nasdaq futures are up +1.8% - Precious metals and cryptos soar - US 10 year yield drops 5bps to 4.42%
Top 20 ETFs
Source: Stocks World
BCA finds that a surge in IPO activity is historically associated with weaker forward S&P 500 returns and less multiple expansion.
Source: BCA Research
What a day for semiconductors
Source: Finviz
While AI has fueled a surge in EM technology stocks, India’s IT sector has been left behind.
Source: Alpine Macro
This chart is why you should be careful with the SpaceX IPO.
Five of the most hyped IPOs of the last 15 years, and every single one collapsed after listing. - UBER lost 70% of its IPO price. - META crashed 77% from its peak. - Robin Hood fell 92%. - Coinbase fell 93%. - Rivian fell 95%. The hype is often priced in on day one. And the people who bought the hype got crushed. But look at where the real money was made. At the bottom, when nobody wanted these stocks. Robinhood went up 22x from its low. Meta went up 45x. Uber 7x. Patience beat hype. Although Rivian reminds us that even patience doesn't save every company... SpaceX will be the most hyped IPO of the decade. History tells me I don't need to be there on day one. If it's a great business, there will be a better price later. First they fall. Then they fly. Source: @moninvestor
With unprecedented investor demand for the largest IPO in history (SpaceX), it's worth remembering a simple lesson:
A great company doesn't always make for a great investment at any price. The median major IPO lost 31% in its first year & suffered a 53% drawdown along the way. Source: Charlie Bilello
Nvidia $NVDA is now worth more than India 🇮🇳
Source: Bloomberg, Barchart
