U.S. stock index futures traded higher ahead of the market open on Friday, according to a report cited by Odaily. The move was mainly driven by optimism surrounding SpaceX’s upcoming public trading debut. The report also said expectations that the Iran conflict could reach a temporary peace agreement helped improve market sentiment before the opening bell.
Nasdaq said SpaceX would be listed on Nasdaq at 9:50 a.m. Eastern Time and would begin trading at 10:00 a.m. Eastern Time. Those timing details placed the company’s debut at the center of the premarket session. According to the report, pre-IPO derivatives trading indicated that the stock was expected to rise between 30% and 50%, as retail investors rushed into related trading activity.
The indicated gain range came from derivatives trading before the IPO. The original report did not provide details such as the size of the offering, the offer price, or the number of shares available for trading. It did, however, state that strong participation from retail investors was a major feature of the buildup ahead of SpaceX’s first day of trading.
Todd Sohn, chief ETF strategist at Strategas Securities, said stock index futures were rising because “this is a mix of factors, including softer oil prices, the SpaceX frenzy, and the market still being built on a strong earnings base.” His comments tied the premarket advance to several elements at once: oil prices, the enthusiasm around SpaceX, and the broader foundation of corporate earnings.
Speaking specifically about SpaceX, Sohn said that “demand has clearly surged to a peak.” The report, originally attributed to Jinshi, presented the SpaceX listing schedule and the Middle East-related peace expectations as the two key pieces of information shaping Friday’s premarket tone.