SpaceX’s super-heavy booster is seen on the launch pad as Starship prepares to be installed atop the company’s Boca Chica complex ahead of Starship’s eighth test flight scheduled for March 3 from Starbase near Brownsville, Texas, on March 2, 2025.
Kayley Greenlee | Reuters
Hello, my name is Katie Foley from London. Welcome to today’s Daily Open Newsletter.
This week is shaping up to be something of a reality check on some of the market’s biggest beliefs.
Investors who flocked to AI trading appear to be reevaluating their growth expectations, crypto bulls are facing a wave of ETF outflows, and SpaceX enthusiasts are learning that even the world’s most anticipated IPO can’t bend all the rules.
What you need to know today
S&P Global says it will not change entry requirements for its major indexes, effectively eliminating quick entry into the benchmark for the largest IPO in world history to address Elon Musk’s SpaceX setback. S&P500 index.
In contrast to that Nasdaqhas already moved quickly to include SpaceX in the Nasdaq 100 index, leading to concerns that new retail investors could become a cash cow for exit liquidity for traditional SpaceX shareholders.
Tech stocks are trading lower for the second straight day after Broadcom’s lackluster earnings report prompted a rotation out of artificial intelligence stocks and into more defensive sectors. South Korea’s Kospi is bearing the brunt of the sell-off, with leading companies Samsung Electronics and SK Hynix falling into deep deficits.
On the bright side, NVIDIA CEO Jensen Huang has arrived in South Korea, and interest in his four-day visit has reached the level expected of a global celebrity. A website called “Jensen Hwang’s Footsteps” in Korean shows a map and timeline of his expected locations and meetings. A smoky Korean barbecue meal and soju drinking party are planned.
Back to the market Bitcoin It is on pace for the worst week since February as the crypto market breaks away from its dominant narrative and continues to experience record Bitcoin ETF outflows.
On the geopolitical front, US President Donald Trump said he would be “honored” to meet with Iranian Supreme Leader Mojtaba Khamenei if an agreement is reached to end the US-Iran war. The conflict will extend to more than 100 days over the weekend.
And today, with the release of the May jobs report, economists expect nonfarm payrolls to increase by just 80,000 jobs, lower than the average of 150,000 over the past two months.
— Katie Foley
And finally…
World Cup will boost these hospitality stocks, according to Germany and Goldman
The world’s biggest sporting event begins next week in North America. Deutsche Bank and Goldman Sachs have compiled a list of sectors and stocks that are expected to perform well at the 2026 FIFA World Cup, which will be hosted by the United States, Mexico and Canada.
“Leisure, Restaurants & Beverages, Media, Tech and Gaming analysts see stocks in the report that could see the World Cup provide support for stocks,” German analysts wrote on Tuesday, outlining a number of stocks that could receive a “temporary tailwind.”
The German company said it chose the U.S. restaurant brand closest to the World Cup host city, best positioned to benefit from increased tourism.
Goldman Sachs also expects consumer staples in Europe and the U.S., consumer goods in Europe, retail in the U.S., lodging and leisure in the U.S. and airlines in the U.S. to benefit from so many people spending so much money to travel to watch games.
— Joseph Wilkins
