SpaceX’s Super Heavy booster is seen on the launch pad, as Starship is prepared to be placed on top, at the company’s Boca Chica complex, ahead of Starship’s eighth test flight which is targeted for March 3, from Starbase, near Brownsville, Texas, U.S. March 2, 2025.<\/p>\n
Kaylee Greenlee | Reuters<\/p>\n
Hello, this is Katie Foley writing to you from London. Welcome to today’s edition of the Daily Open newsletter.<\/p>\n
This week is shaping up as a reality check for some of the market’s biggest convictions.<\/p>\n
Investors who piled into AI trades seem to be reassessing growth expectations, crypto bulls are confronting a wave of ETF outflows, and SpaceX enthusiasts are learning that even the world’s most anticipated IPO can’t bend every rule.<\/p>\n
What you need to know today<\/p>\n S&P Global has said it is not changing the requirements for entry into its major indices<\/a>, dealing a setback to Elon Musk’s SpaceX by effectively ruling out a swift entry for the world’s biggest-ever IPO into the benchmark S&P 500<\/a> index. <\/p>\n That stands in contrast to the Nasdaq<\/a>, which has already moved to fast-track SpaceX’s inclusion in the Nasdaq 100 index, leading to concerns that new retail investors could become the cash cow of exit liquidity for legacy SpaceX shareholders. <\/p>\n Tech stocks are getting rumbled for a second day<\/a>, after a downbeat earnings report from Broadcom<\/a> sparked a rotation out of artificial intelligence-linked names into more defensive sectors. South Korea’s Kospi is bearing the brunt of the selling<\/a>, with heavyweights Samsung Electronics and SK Hynix deeply in the red.<\/p>\n On the bright side, Nvidia<\/a> CEO Jensen Huang has arrived in South Korea, where the interest in his four-day visit has reached levels one might expect of a global celebrity<\/a>. A website named “Jensen Huang’s Footprints” in Korean shows a map and timeline of his expected locations and meetings. Meals of smoky Korean barbecue and soju drinking sessions are anticipated.<\/p>\n Back in markets, Bitcoin<\/a> is bruised \u2013 on pace for its worst week since February<\/a> amid a record streak of bitcoin ETF outflows as the crypto market breaks from its dominant narratives.<\/p>\n On the geopolitical front, U.S. President Donald Trump has said he would be “honored” to meet Iranian Supreme Leader Ayatollah Mojtaba Khamenei<\/a> if a deal is reached to end the U.S.-Iran war. The conflict will cross the 100-day mark over the weekend.<\/p>\n And the May jobs report will be released today, with economists expecting nonfarm payrolls to show that just 80,000 jobs were added<\/a>, marking a step down from the average of 150,000 over the prior two months.<\/p>\n \u2014 Katie Foley<\/p>\n And finally…<\/p>\n