SpaceX IPO Week Is Here and Retail Traders Are Already Losing Their Minds Over $SPCE

Mark your calendars: SpaceX sets its price range June 4, final price June 10, trading begins June 11 — targeting $75 billion in raises at a $1.8 trillion valuation. Elon Musk called reports of the valuation cut 'false,' which is a very normal thing a person says when the number is definitely not lower. Meanwhile $SPCE is already on the recently-covered list, so let's talk about who's actually getting hit by these macro crosscurrents heading into earnings season.

Brent crude is sitting at $94/barrel and WTI above $90 as US-Iran talks go nowhere fast, and ExxonMobil is out here warning that US crude reserves are dangerously low. That's a flashing red light for every consumer-facing company reporting Q2 results — airlines, manufacturers, retailers. Speaking of airlines, $EZJ (EasyJet, London-listed) surged 12% on a Castle Lake takeover sniff, which EasyJet called 'highly opportunistic.' Translation: please pay more or go away. Castle Lake has until June 26 to put up or shut up.

Retail sentiment on Bloomberg's YouTube channel is firmly in 'watch oil and pray' mode — and with the Philly Semi Index up nearly 70% in two months, AI names are the only place traders feel safe. The rest of Q2 earnings? They're going to have a $94 oil problem they didn't budget for.