Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are trading higher on Friday following a bout of early-morning volatility.
TipRanks Welcomes a New ETF – NYSE:RANK
- TipRanks has entered a new arena in the investing world, powering the index of an ETF based on its unique data now trading under the ticker RANK on the NYSE.
- RANK tracks the performance of the TipRanks US Momentum Analysts Index, a rules-based index of 50 large U.S. companies.
The SpaceX (SPCX) initial public offering (IPO) is top of mind for investors. The IPO raised $75 billion at a $1.77 trillion valuation and was priced to open at $135 per share. However, SPCX is expected to open at around $170 on the Nasdaq (NDAQ) exchange due to strong demand. This could lift market sentiment and boost risk appetite among investors.
Consumer Sentiment Uptick Boosted by Lower Inflation Expectations
Elsewhere, the University of Michigan’s June preliminary Index of Consumer Sentiment staged a strong comeback. The index came in at 48.9, above the estimate of 46 and rising from an all-time low of 44.8 in May.
“This measured improvement in sentiment was widespread, seen across age, education, and political party,” said Surveys of Consumers Director Joanne Hsu.
In addition, expectations of inflation declined notably. The short-term expectation dropped to 4.6% from 4.8%. The long-term expectation tumbled to 3.4% from 3.9%.