Latest / The Jon Sanchez Show / The Week On Wall Street And The SpaceX IPO
Transcript
- Jon G. Sanchez: Good Friday afternoon to you. Welcome to the John Sanchez Show on News Talk780K, which it's a pleasure to be with you on this Friday this record-setting day. What a day it was with the SpaceX IPO. My goodness, my 30 almost 36 years of doing this, never ever have I seen an IPO do what this one did. It was amazing. Not that it had an incredible performance, but just the demand for it. Just so much fun to talk about. It's Friday, obviously. Amen to that, as you heard Kristen and Jack talk about. Happy Friday to all of you also. let me tell you I have lined up for you this afternoon on the program. Friday I kind of use as my catch up day, right? It's a it's a sit down let's go through everything that happened. Besides these big SpaceX IPO ⁓ and what why it happened, so on and so forth. We're gonna talk about the biggest winners and losers on the ⁓ the street this week. What moved the DAO? What moved the SP 500? What moved the NASDAQ? We're going to throw in some ⁓ information about interest rates, inflation, and of course the bond market. Remember, we had two inflationary reports this week. we'll get into some of the commodity side of things. And then most importantly, what should you as an investor be watching for next week? And then whether today's market the environment we're in right now, is creating an opportunity or is it creating risk for you and your portfolio? So lots things to talk about today. But first, ⁓ let's get show started with. The Iran right? How can we do a show without talking about Iran? So as we learned yesterday, the market, you know, shot up ⁓ almost a thousand point gain on the Dow, I think it was what, 950, if I remember correctly, when the president yesterday started the day off by saying we're gonna bomb the heck out of Iran and and take over their entire industry of oil, to a few hours later when he said, Nope, not gonna do that. Matter of fact, a deal is imminent. And as I said on the show, studies have shown he has said that 30 times that a deal is imminent. So mean that the street doesn't believe it. So come into today and the action was strong. It was strong because we had the IPO coming up, ⁓ but was also strong because oil prices were dipping on that new on that those comments yesterday in the news. And then we start to progress through the morning. Thinking everything is fine. Bloomberg reported earlier this morning that the deal could be signed in Switzerland this Sunday between us and Iran. Evidently it's another fourteen point deal. Well here it comes. Here comes. Evidently, yesterday a drone a ship that is Indian flag ship. And I guess about three people were killed on it. India's blaming us. We're blaming Iran. So created some problems. President came out with a true social post this morning. See if I can get 6 40 a.m. and said the following. The terms of the that Iran leaked out to the fake news, and he's referring to our news as well as Iranian News Service reported this, have in quote Aryan capital, ⁓ to do with the terms that we agreed to in writing. What they said, including their weak and pathetic statement on having a deal. Bears no relation to the truth. Very dishonorable people to deal with. With them, there is no such thing as dealing in good faith. Capital Letters, amazing exclamation point. Also, their totally rebuffed drone attack last night against Indian ships. Leave the Hormuz Strait is totally unacceptable. Or leaving the Hormuz Strait is totally unacceptable. They better get their act together and fast, President Donald J. Trump. Now you would have thought By reading that, you'd go, looks like this deal may be off, right? Here we go again for the 31st time. Well, later in the morning, Pakistanian Prime Minister, Sheriff Sharif, I should say, said that, quote, a final agreed upon text of a deal has been reached, and then the market moved up on that news. Iranian state media reported that the draft version of the US Iran Memorandum of Understanding ⁓ a commitment from the U.S. to lift oil sanctions. As well as a commitment from Iran to reopen the Strait of Hormuz. And again, they're talking that this deal could be signed as soon as this Sunday in Switzerland. Still don't know this the the terms of the deal. You know, how soon will the Strait of Hormuz be open? Will Iran still be able to control it? what about the nuclear side? ⁓ Trump had made mention wasn't the post that I sent with ⁓ shared with you, but earlier ⁓ in post that ⁓ basically, once again, they're not gonna have any capability of making a nuclear weapon it for years is what it was, for years, not permanently, but for years. And so, you know, oil prices ⁓ think are are really starting to be the the adult in the room. They're these headlines, these truth social posts, these news ⁓ coming out of Iran, their news agency, and it's just kind of taking it with a with a with a grain of salt now. We're not seeing massive swings in oil prices like we used to. Again, the market's become very jaded to everything. So we will see. We will keep our fingers crossed that Sunday rolls around and some type of a deal is struck. But I'm not holding my breath. I'm sure many of you are thinking the exact same thing. But that's how our day started. Okay, now get to the SpaceX which I know so many of you have been so interested in. So let's kind of put this in context for you just a little bit. I'm gonna give you a little bit of on IPOs if you've never dealt with them. So you kind of understand how this it's literally a game, how this whole IPO game is played by the Wall Street banks. It's it's fascinating. So Wall Street get together, and there were a number of them because this, again, folks, was the largest IPO ever in history. Okay. Trades on the Nasdaq. SPCX is the symbol. So these Wall Street banks get together, and they've been working on this for years. They are the underwriters, of sub-underwriters, joint book runners. I mean, there's all kinds of different terms. The bottom line, you got a bunch of Wall Street firms. They're allocated a certain amount of shares. Their responsibility is to go sell those shares to their clients. The total dollar value that these Wall Street firms made off of this deal, according to CNBC today, $500 billion. Or excuse me, $500 million. I said the same thing on the stock up today this morning, $500 billion. million dollars they made. 500 million. Think about that. And again, I don't know how many how many banks are involved. never know unless you read the memorandum of offering, ⁓ I'm sure there's quite a few, but still significant, significant, lucrative piece of business for Wall Street. I want you to keep eye on these Wall Street firms when earning season rolls around, because obviously we are still in the third quarter, excuse me, quarter. ⁓ And so this should have a very positive impact to the bottom line for these investment banks. Okay, the deal. So these Wall Street banks, they pitched the deal to institutions, mutual funds, hedge funds, anybody that will listen to them. This is what's been going on behind the scenes. The day finally comes today. Yesterday, they officially priced the deal at $135 a share. That valued the shares at $70 billion. Okay. It valued the overall company, the overall company north of a trillion dollars. And the reason I say north and I can't give you an exact number is because, again, we don't know the the the the real total amount of shares that are outstanding. I've seen somewhere around 500 thousand, excuse me, five hundred million shares that are still outstanding. who knows, right? So that's the only way that you're gonna you're gonna figure it out. ⁓ Is knowing those numbers exactly. So valued again, well over a trillion dollars now. Elon Musk, I think he it held there based upon how the stock performed. I believe he is the first trillionaire ever in our in our history. Can you imagine that? Personal wealth of a trillion dollars. That's based upon his combined stakes in SpaceX, Tesla, etc. So Deal priced at $135. As I said throughout my the updates this morning, market opened up at 6 30. Stock didn't trade. Took a couple hours, which is exactly what I said was going to happen. It takes a while. Stock opens up and it starts moving higher and moving higher. And it opened the the first trade, I believe, was right around $150 a share. So what does this mean? Because everybody wanted to get their hands on this. And and like I said on the show yesterday, what's very interesting to remember The NASDAQ, where the stock trades, changed the rules, the rules for SpaceX. Here's I mean. The prior rule was you had to be publicly traded for about 90 days before you be included into an index. And in this case, the index I'm referring to is the Nasdaq 100. Many of you know it by the ETF that trades under that, the QQQ. But remember, there's all kinds of other ETFs and mutual funds and things that track the Nasdaq 100. Well, again, prior to this deal, you had to be publicly traded for 90 days before being considered to be added to that 100 list. And then that means all of these ETFs, all of these mutual funds that track the Nasdaq 100, they buy your stock, drives your stock higher, is the is the theory behind it. said, ⁓ wait a minute here. This is the world's largest IPO. We're gonna bend the rules here. We're gonna change the rules. Guess what, SpaceX? You can be added to the NASDAQ 100 right away. So morning we started to see the NASDAQ fall while the Dow was holding on. And I made the comment on the stock update and I said, look at Ross, here's what's going on. We're seeing a rotation out of some of the bigger tech names, like the Microsoft's, the old, the old, I'll use the term, the old stodgy tech right? Microsoft's and so on and so forth. And we're seeing money coming out of those ⁓ and redeployed into Starlink or SpaceX, excuse me. And that that held for a little bit of time and then Nasdaq finally started to take off a little bit. So now SpaceX is going to be added again to all these indexes. And all those indexes are going to be buying it. Well, it's already done to my knowledge. It's already those indexes already included. So if SpaceX, quote, takes off, you should see those that Nasdaq 100 do the same, right? I don't know How big it's what what percentage of the NASDAQ 100? I'll try to dig that up. What percentage of the Nasdaq 100 SpaceX represents? But the bottom line is it's gonna be big. ⁓ again, all these funds buying the stock. So ⁓ stock took off, like said, and did, know, as everybody thought. I'll tell you what I was impressed with today with SpaceX. So again, it was priced at 135, first trade right around 150. It finished the day at $160.95. Okay, so $10.95 gain. Not bad. But up $25.95 from the IPO price. Percentage-wise, it was a 19.22% gain. 555.56 million shares were offered. That's that's what's the what we call the float now. The rest of the shares being held by SpaceX and probably some of the ⁓ I mean, there were so many different private equity firms and things that funded this company years and years ago. Remember, this is a what 20 22, 25-year-old company? Elon Musk just acquired it a few years ago and got the name and all that. But SpaceX, ⁓ it used to be called Space Exploration. It's been around for a long time. So I was very impressed that this thing didn't go parabolic. That would have been a scary thing because the next step is it falls to the to the earth, right? If it goes parabolic. This is nice solid. The the underwriters did a heck of a job. The market makers did a heck of a job keeping this thing somewhat contained. So very happy with the performance of it. But really what it has done now, it's made everybody aware, like, if I'm sitting on a bunch of cash and this stock is being added to the NASDAQ 100, I better get off my hands and get some of my cash put to work. That's the theory behind a successful IPO. And remember, this is just one of there's really about three others, you know. OpenAI and and Anthropic and I forget the other one that are expected this year. Probably not gonna be quite this big, but they're they're they're gonna be in the billions, is what they're saying. So overall, very, very successful day with SpaceX and a successful day with the market. I'll tell you what market did when we come back. Welcome back to the John Sanchez Show on New Stock 780K, which happy Friday to all of you. And again, what a great way to wrap up the week. Strong stock market action, great IPO today. Yeah, it's the way you want to end the week, that's for sure. We we we deserve it. We absolutely deserve it. All right. Speaking of ending the week, how did we do? again, I'll with you the weekly numbers in just a moment, but it was ⁓ not not a phenomenal week. We went through a lot if you kind of think back over the last five days. But for today, it's all we care about right now. Here's how we did 354 point gain on the Dow, point seven zero percent. We broke above the fifty-one thousand mark again, fifty-one thousand two hundred and two. rose twenty-six points point three one percent. excuse me, NASDAQ closed up eight seventy-nine points point three one percent to a close of twenty five eight eighty eight. And the up thirty seven points, a half a percent, closing at seven thousand four hundred and thirty one. And the Russell thousand about a three quarters of a percent rise there, up thir ⁓ twenty three points. So not huge numbers, right? I we see this all the time, but ⁓ Yeah, once again, the ⁓ SpaceX IPO was a was a great, great catalyst for ⁓ for today. you ⁓ if you just joined us, once again the stock gained ⁓ twenty-five dollars and ninety-five cents, nineteen point two two percent to one sixty ninety-five. But ⁓ again, that's from the the the pricing point of one thirty-five. the first trade on the stock was about one fifty today. And so not I else I want to say. I I I do want to have a little bit of fun because it's Friday. I want to I want to share with you some stats. In regards to this situation. So remember the it was this is where I was starting to go with this earlier. So the the the IPO value was $75 billion. That was the IPO value, right? So take the number of shares they offered times the $135 price, and it comes up with $75 billion. But again, this company, folks, is valued at $1.5 Think that for a second. Out of the gate, valued at $1.5 trillion. ⁓ Now remember, it was only a few years ago I made a big deal up sitting behind this microphone when I think it was Apple was the first one that surpassed a trillion dollars market value. now they're, I believe, I don't know, three million, three trillion, four trillion, Nvidia's right up in there. So, you know, almost nowadays, I hate to say this, almost a trillion, it's like, yeah, okay. But again, for a a a a new publicly traded company, pretty amazing. It was again almost impossible to get it on a retail basis. So a lot of people are saying, How do I get a hold of this? And I kept saying, You you can't. You you gotta wait till it starts trading, right? The IPO pricing, that's for like I said, all the the big institutions. stock has surged roughly twenty-five percent since twenty ten. Twenty-five thousand percent. If go back to 2010, the SP 500 has gained 610%. So isn't that crazy? Think about that. Pretty crazy. many are saying about this? I Elon Musk was at their their their their command center in Texas when when the started trading, he was ⁓ giving a speech the employees before that. Pretty, really, really good speech. And You know, i he's g ⁓ you know, again, what do you say about Elon Musk? There's no the I don't think we'll in our at least in my lifetime, we'll never see another Elon Musk. But, you know, Mars is on the horizon and he said, even beyond, right? And they're talking and he looked into the audience, all of his employees, and they're he's saying, This is for all of you. And then he looks in the camera, and for all of you, meaning everybody watching around the world, that we want to make space exploration available to everybody. Everybody kinda like I said, pointed around the room. ⁓ Like the everybody says, never count out Elon Musk and what may sound like crazy dreams and ideas, the man tends to somehow it happen again. He's he's the genius of our time. There's there's God help us if something ever happens to him. So, I don't know. Like I said, he became the first trillionaire again with his ownership stake and voting rights. ⁓ he's got a lot of voting rights in in the in SpaceX and ⁓ he likes do that, of course, is when he s buys a company or takes these companies over take some public elects maintaining the voting right, which you can't blame them, stay in control of it. I think that's about all I have to share with you on SpaceX. It was ⁓ like I said, just a very, very successful day for it. Now, if turn over as far as the rest of the market was concerned, like I said a moment ago, kind of lackluster, ⁓ you know, as as the week was concerned. It it there really, you know, wasn't ⁓ wasn't a amount of action going on. I mean just just barely moved up overall and and know, like I said, it was a it was a tough one. ⁓ was it a a week where we had ⁓ higher higher than expected inflationary data, both on the CPI side and on the PPI side. we had obviously the headlines going back and forth. Got to deal with Iran, don't have a deal with Iran, so on and so forth. So I think, know, to to kind of get out of the week, and I'll I'm just gonna kind of summarize it just almost in a in a flat situation. I think we're pretty lucky. I really do. I this thing could have gone in a lot of different directions. But ⁓ but once again it it really did and it just kinda kinda muddled along by the time the closing bill came today. not too shabby whatsoever. All we're gonna delve into more details, the headlines that moved the market this week, and then ⁓ final segment, we'll get into what's going on next week. Help you prepare for one. Welcome back to the John Sanchez show on News Talk 780K Away Topy Friday to all of you. Great day on the street today. If you didn't hear, let me bring you up to date. a strong session. We finished with gains across the board, thanks again to a number of different factors. One, hopefully the war will end, but I do have an update for you, and not not the most positive update, unfortunately. But SpaceX IPO, much of a star today. 354 gain on the Dow, closing level 51,202. NASDAQ Rose 79. point three one percent to ⁓ seventy excuse me to twenty five eight eighty eight and the SP up thirty seven points or half a percent to seven thousand four hundred and thirty one. right, let's ⁓ hit the commodity side today. And we finished down two dollars and ninety three cents on oil, eighty four eighty eight a barrel. Can you believe that? ⁓ close to that seventy dollar plus mark. Gold strong with $116.70 rise, $4,000 two thirty nine twenty. And the market, I think this is another one that we can kind of just go made it away the skin of our chiny chin chin in this one. Only a two basis point increase for the ⁓ 10-year treasury for the week. 449 was our closing yield today. But for the week it was down five basis points. Now, why am I saying that? let's take you back to earlier this week. Earlier week, ⁓ Wednesday and Thursday to be exact, we had, course, the CPI data on Wednesday and the PPI data on Friday, or me, on Thursday. And, you know, once these numbers came in much, much hotter than expected. remember, we were north of six percent year over year. on the on the PPI data yesterday, the the wholesale measure of inflation. What does that mean? Well you and I both know it cost a heck of a lot more money to go to the grocery store to obviously put gas in the tank, all the different things that we need to to live our lives. And the data absolutely showed that. However, Wall Street didn't really get all that excited about it. It it just once again it just kind of took it in stride. And what you have to watch of course is you have to watch the bond market. You have to understand the bond market's the one that's really the most sensitive And for bond yields to again, actually fall bought five basis points for the week. Like I said, I think we made it out pretty good. So remember, CPI was up a half a percent ⁓ from April to May. had ⁓ core CPI up two tenths of a percent, not just just, ⁓ but PPI month over month headline where you include food and energy up one point one percent, and like I said, up a little over six percent on a year to date basis, year over year basis, I should say. So very nasty inflationary numbers. And ⁓ like I said. Market really didn't even budge on the news. It's is an interesting market. I'm going to kind of get into my here. What's really on? What did we from this week, right? Every trading day, every week, every month, every quarter, every year, we have to learn something. And that's the great thing about this, this, this industry. You learn something every single day, right? Hour by hour. So, what did we learn this week? What's the biggest takeaways? So, first of all, little bit of an encouraging note. The strength extended well beyond technology this week, right? We had a lot of areas of the market that did very, very well. it wasn't just about chips and software and ⁓ pretty much things technology related. So that was very much of a positive this week. Of course, if we can believe it or not, easing political, geopolitical concerns. But again, I'm gonna share with you a story that that I picked up during the break. Obviously the SpaceX IPO. Now, why is that so positive? I told you again, the stock's going to be added if it already hasn't been to the NASDAQ 100. But more importantly, it just creates a psyche. It's like when you start seeing selling and you want to join the party, like, hey, the market's going down. I'm going to sell. Everyone else is selling. Same thing with a when you get a good IPO like this or a great IPO. Like everyone's like, hey, you know what? My risk appetite just got greater. I'm I'm I'm hungry. Let's ⁓ let's delve into a little bit more risk in the portfolio. So that drives the market higher. we continue to see semiconductor leadership this week. That was wonderful. the likes of of Nvidia, did okay and stuff. But you know, you look at some of these others like advanced microdevices and Sand Disk and and so on and so forth, a lot of these other big names did pretty well this week. They had some down days, but overall the risk appetite absolutely there. So AMD today alone up $23.12, 4.73% to $511.57. so we got our appetite back, at least for the time being. broad based gains, right? We saw some strength across the ⁓ cyclical sectors, et cetera. And ⁓ think the biggest takeaway that I have of this week is it appears once again that investors, both large and small, are willing to look past the headlines. As said earlier this week, and I've said for months actually, this market has headline fatigue. When when when you're being told, you know, 31 times now that a deal is coming in the next couple of days and it doesn't happen, that weighs everybody. But we've become jaded, right? It's like we I don't know. It's like the like the know the kid that that gets yelled at by his parents all the time and and maybe first five times he he gets upset when he gets yelled at and then ⁓ the time going forward, he's just it's like a stone wall. He's just like, yeah, I've heard this, been here, done that before. It's where the market is right now. It's like, okay, yep. We we had the bad news when the war broke out on ⁓ February 28th. you know, just becoming jaded to to Whether it's you know ceasefire news or no ceasefire news, markets focusing back on again, strength of AI, strength of technology, and now, of course, the ⁓ this strong IPO. so we again we broad-based, we we're I should say we broadened our our gains this week in a lot of different sectors, a lot of different areas. I like that. I like not that it's just not focused on tech. ⁓ That's that's a dangerous game, as we all know, and we saw that a couple of times this week. And Remember two days ago when the Dow lost over 900 points and Nasdaq was down severely over 500, et cetera. they it can happen very quickly, as I've always warned everybody. Where do we sit on a year-to-day basis? Last time I did this a couple days ago, man, we were heading south very quickly, especially on the Nasdaq. But again, we've recovered quite a bit, but not where we were, not at our peak here a few weeks ago. So a year-to-day basis, the Dow's up six and a half percent. Nasdaq is up eleven point four, the SP has gained eight point six, and the Russell two thousand, the small caps. 18.6%. This, I think, folks, barring any unusual geopolitical issues, whatever the case is, I want you over the weekend to do me a favor. Check your 401k, check your IRAs, check your brokerage accounts, see your your small cap exposure is. Because again, doing very well compared to the other major averages, first of all. So my point is. You need some small cap in your portfolio if you don't have it. I see a lot of 401ks, reveal a lot of 401ks. and even of course, brokerage statements. And a lot of people should really shy away from the Russell 2000 type of stocks, the small caps. ⁓ really shouldn't. They should be an intrical allocation in your portfolio based upon your risk tolerance and your time horizon. Because as see, you get years like this where it really starts to surpass the performance of the big names and the in even the mid cap. I mean, the mid cap 400 is up 14.9% year to date. So ⁓ you know, no one's even coming close to the Russell 2000 again up 18.6%. check your allocation, make sure you got some exposure there. Now, where you have to be careful on the small caps is this: if street correct and we don't get an interest rate cut this year, small caps are interest rate sensitive. So, for whatever reason, we start to see bond yields going back up, that's a negative sign on sustainable basis. That's a negative sign for the small cap stocks. They don't like a rising interest rate environment. Why? Because they are big borrowers, right? They're young, hungry companies. They consume a lot of cash. They have very, very high cash burn rates. therefore, you start to see those names go down or that sector go down and that indice go down ⁓ when get rising interest rates. And that's the primary reason behind it, because again, they are huge consumers of cash. And they're they're young and they're growing. like having a young teenage boy and he can eat 12 tacos. Mm-mm. Talking about myself when I was there. wish I could do that now. but anyways, again. Great area at this point. Just be cautious about it. before I go to breakout, I want to come back to a story picked up during the break. it's not breaking news by any means. It was about two hours ago. And it's in to this proposed, if you just joined us, the Pakistanian leader Sharif, who's been helping to negotiate the deal ⁓ between the ⁓ the two countries, us and Iran, made comments earlier today saying, you know, final agreed upon text has been done. ⁓ And they're talking about again us in Iran meeting Switzerland. Sunday, this is coming Sunday, to sign everything. However, here's what the story is indicating. It says the U.S. and Iran could sign a deal that includes reopening the Strait of Hormuz and taking steps to dismantle Iran's nuclear program in the next few days, a senior Trump administration said today. But the official who spoke to reporters on condition anonymity to discuss the latest developments in the negotiations with Tehran said the U.S. is quote not 100% confident that the agreement can be reached, called the memoranda of understanding. That it and even that it's going to signed. He said, I maybe would have said 75% this morning. It's probably more like 80 to 85% now that it's going to be signed, but he said it's absolutely not 100%. says Iran's system is very complicated and there are internal fractures within the regime. The memorandum of understanding, as it currently stands, also guarantees a long-term peace in the region by ending Iran's funding of violence and and ⁓ imposes an inspection regime on the Islamic Republic, the official said. If Iran complies, it will be rewarded with significant economic relief, including the loosening of long-term sanctions and having its assets unfrozen. That frozen asset, that's a big, big issue with Iran. They want those ⁓ funds that we have frozen released. those benefits only accrue if they actually deliver, the ⁓ emphasize. The official also said that the two sides have not determined where the deal would be signed. Again, rumor has it's gonna be in Switzerland. ⁓ ⁓ the US nevertheless believes that both parties like the text in its current form and will get to a signature within the next few days unless we see issues pop up. Israel's and ⁓ and other regional allies are expected to get on board, the official said, even after Israeli Defense Minister Kotz said Friday morning that Tel Aviv will not withdraw its forces from Lebanon, Syria, Gaza, and a northern area of the West Bank. that's the part that got me. We that. In the past negotiations, I that was one of the sticking points with Iran. They wanted Israel to stop everything going on in in ⁓ in Lebanon. Now we're learning that it's not gonna happen. So I said, I I just want to bring that to your attention. Think about that going through the weekend. It'll be interesting where we are in the future is at three o'clock this Sunday afternoon. if anything gets signed, et cetera. But it's ⁓ the world we live in, right? It's just you just again, what I like about it, to r not to repeat myself, but is the market's really become jaded to this. And so I don't think anybody's gonna believe anything until the ink is dry. Let's just leave it at that. John Sanchez show on Newstock 780K at which I hope you have a great weekend. If I don't get a chance to remind you of that, and ⁓ can't wait to be ⁓ be back with you on Monday. All right, let's let's Today's done, week's done. Let's focus on next week. Here's the bright side. Next looking pretty light on the economic calendar. No real major, major reports except for one, but I don't think it's be any market moving type of information. That'll be on Wednesday when we get the FOMC's ⁓ minutes the ⁓ June meeting. don't think that's going to be any big thing, but that's probably the biggest one. we've got some industrial production capacity utilization numbers on Monday, no big deal there. Housing starts and building permits on Tuesday, retail sales on That can always move things one direction or the other. like I said, on Wednesday, also the ⁓ FOMC minutes. And then that's really about We're at the tail end of earnings not a lot of big names are still left to report. So, why am I telling you all this? Well, this is a good thing, right? So here's what I'm kind of seeing going forward. So much, of course, is dependent upon if this deal gets done. Now, first of all, let's go back to the successful SpaceX IPO. Again, closed today at $160.95. There is a ton of speculation out there by various fund managers that this company is way, way overvalued. If that holds, could see. Some profit taking going on in the stock. Now remember, a lot of people, employees specifically, have lockup periods, right? Even though they have the shares, they can't sell them. Many times, you know, six months is kind of a common lockup period. Sometimes there's you know shorter time periods. the street's not real concerned that you're going to get a bunch of people dumping these shares. but at the same time, this valuation talk about SpaceX continue to linger. ⁓ And if that's case, ⁓ you know, there's some big hedge funds out there that are actually shorting SpaceX already. Again, they feel that the stock's gonna go down. So if if it starts to unwind, let's say Monday, Tuesday, that would be a negative for the market. If it continues to climb, at least in a small fashion, I think that's a positive. the other I'm seeing right now, of course, let's go to back to the headline once again. If a deal is signed on Sunday, I don't think gonna see a a ⁓ major thousand point on the Dow or 500 point gain on the NASDAQ because of that. The street, again, has proven over and over again it is expecting a deal. It is expect doesn't know if it's next week, next month, whenever it may be. It is expecting a deal. So I would not expect a major rally if a deal gets done. Like I said, it's kind of baked into the cake, ⁓ you know, at this point. beyond I think really the big focus for me and for our portfolios is really going to be looking at ⁓ the stocks, the software, some of the names that were very, very volatile this week. Like I said. Advanced microdices is using them as a proxy, strong day to day up a little over $23. But what we experienced this week is these stocks are they're they're on a kind of imagine a pyramid. They're sitting right at the top of the pyramid, and they can tilt either way. They can continue to go up that pyramid or they can go to the left or to the right and fall apart. We that again a couple times this week. Investors are nervous, they've had huge gains in in the chips names again, whether it's Nvidia, advanced microdevices, KLA, it doesn't matter. And they're using any excuse that they possibly can to get rid of them or at least trade them. Really, they've really become a trading vehicle, not so much a long-term buy and hold type of thing. that group is going to be probably the most critical thing we're going to experience next week, again, barring any geopolitical outliers that are out there. So watch those chip stocks. as I've said each time this week and the and and ⁓ for weeks, you if we have a day of weakness in those stocks, it tends to be a good buy-in opportunity, a dollar cost averaging strategy into there. Far as everything else, just please make sure again you have a diversified portfolio. If you need to seek professional advice, please give us a call at the office, seven seven five eight hundred eighteen ⁓ one. I've got some big announcements come Monday on our next estate planning webinar for our my new company, Specialized Trust and Estate Plan. If we can be a service on that, go to our website, specialized trust dot com. All righty, folks, we're gonna call it a week. God bless, have a great weekend. Try to stay cool out there, and I'll be back with you on Monday. Take care.