Stock Market Live June 16: S&P 500 (SPY) Could Easily Rally to Higher Highs

The post Stock Market Live June 16: S&P 500 (SPY) Could Easily Rally to Higher Highs appeared first on 24/7 Wall St..

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Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and First Trust US Equity Opportunities ETF didn't make the cut. Grab the names FREE today.

Wedbush Says Flutter Entertainment Could Get a FIFA Boost

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Aside from all the attention DraftKings (NASDAQ: DKNG) has been getting, analysts at Wedbush say Flutter Entertainment (NYSE: FLUT) could get a boost from the 2026 FIFA games. The firm has an outperform rating on the stock with a $138 price target.

“We expect share gains to materialize around the 2026 FIFA World Cup with [earnings] stacking as NFL/college football season starts and as the company deploys most of the $300mn it has earmarked for Predicts investment,” said the firm, as quoted by CNBC.

With news that the war with Iran is ending, markets could see higher highs.

This morning, S&P 500 futures are up by 0.06%, or by four points. The SPDR S&P 500 ETF (SPY) is up by $13.08 at $754.83. The Dow is up by 0.11%, or by 55 points. The Nasdaq is up by 0.28%, or by 87 points. Oil is below $80 at $78.32. Gold is up by $9.88 at $4,339.76.

However, as exciting as the end-of-war news has become, some analysts are skeptical.

“We will believe all of this when we see it,” said Jan Stuart, global energy strategist at Piper Sandler, as quoted by CNBC. “Obviously, both sides are contradicting themselves, and none of the details mesh.” Others are waiting to see if traffic in the Strait of Hormuz ramps up, according to Sarah Bianchi, chief strategist for international political affairs and public policy at Evercore ISI, as also noted by CNBC.

Hopefully, things will go smoothly, and we can move on from the war.

SpaceX Stock is Still Blasting Off 

Since going public, shares of SpaceX (NASDAQ: SPCX) have been rocketing higher. In fact, from $161.85, it’s now up to $209.15 in premarket.

While some caution is warranted for the hot IPO, Elon Musk says the company’s revenue could eventually grow to about $1 trillion by 2030. If that were to happen, the company’s current $2.52 trillion market cap doesn’t seem so far from reality. “I would be surprised if revenue is not greater than $1 trillion in 2031,” added Musk, as quoted by Reuters.

Fueling more upside, SPCX just signed an agreement with Google to provide cloud services for $920 million a month over the next 32 months. It also signed an agreement with Anthropic “to rent compute capacity at its Colossus data center for $1.2 billion per month over three years,” as reported by MarketWatch.com.

Market Movers: IPO ETFs Gaining Momentum 

Over the last few weeks, we mentioned that instead of investing in SPCX, investors may want to consider related ETFs, which run on hot new IPOs.

One of those was the First Trust US Equity Opportunities ETF (NYSEARCA: FPX).

With an expense ratio of 0.61%, the FPX tracks hot IPOs, giving investors access to new stocks during their initial, most crucial days on the market. By buying it, not only can you avoid paying gobs of money for IPOs that may or may not work out, but you’re also being exposed to multiple hot IPOs at the same time at a lesser cost.

When we last mentioned FPX, it traded at $163. It’s now up to about $200 a share.

Another one was the Renaissance IPO ETF (NYSE: IPO), which traded at $42.71. It’s now up to $58.05. With an expense ratio of 0.6%, the ETF provides “investors with the largest, most liquid US-listed newly public company stocks in one security, reducing the risk of single-stock ownership while avoiding overlap with major core indices for optimal diversification across markets and time,” as noted by Renaissance Capital.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and First Trust US Equity Opportunities ETF didn’t make the cut. Grab the names FREE today.

The post Stock Market Live June 16: S&P 500 (SPY) Could Easily Rally to Higher Highs appeared first on 24/7 Wall St..