EB Daily Market Report - Friday, June 12, 2026

Dear Members.

It's "Space Day," with the largest IPO in history on deck as SpaceX begins trading sometime later today.

This highly anticipated IPO brings both excitement and skepticism regarding its valuation; i.e., can it live up to all the hype? Not far behind are two other highly anticipated IPOs, including OpenAI and Anthropic, which, when combined with SpaceX could help determine the near-term direction of the market.

Yesterday we saw a powerful rally when traders detected an imminent deal between the US and Iran. And just a few minutes ago Iran officials indicated a deal could be close. So it's possible that the day-to-day volatility we've seen lately pertaining to the war could settle down as traders return their focus to market fundamentals.

Given the hype surrounding the SpaceX offering I do believe the outcome of today's IPO could play a big role in how the market behaves in the near term. A key technical level on the S&P is the 20-day, currently at 7419. A close above that level would be positive.  To the downside the S&P has both price and technical support right around 7250.

Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins