Credit tightening and SpaceX valuation
Key Points
- US credit spreads tightened to their lowest levels since 1998, supporting risk appetite across credit and equity markets.
- SpaceX set a $421 per-share price in an insider secondary, implying an approximately $800 billion benchmark valuation and prompting investor reassessment of space and aerospace comparables.
- BitGo said the OCC approved conversion of its South Dakota trust to a national bank, a regulatory milestone that could broaden custody capabilities and increase competitive pressure.
- Market attention centered on corporate headlines and credit-market flow rather than index-specific drivers; single-stock rallies and sharp declines dominated top-mover lists.
Global Market Summary
Major US, European and Asian equity index feeds were unavailable for the session, so region-level percentage moves are not provided. Market attention centered on corporate headlines and credit-market flow rather than index-specific drivers.
Top Movers
Top gainers: YOU (+13.29%), RIVN (+12.11%) and EVCM (+10.93%) led single-stock rallies; LULU (+9.60%) and VERA (+8.21%) also posted strong gains. Top losers: FRMI (-33.84%), MOD (-15.32%) and OKLO (-15.13%) were the largest decliners; SNDK (-14.66%) and SEI (-14.81%) also fell sharply. Sector ETF readings were not available from the sector feed.
Macro highlights
ECB Cipollone speeches were scheduled at 01:00 PM and were tagged Low importance on the calendar, suggesting limited market-moving potential from those remarks. The provided calendar contained no other high-importance macro entries.
News that moved markets
SpaceX set a $421 per-share price in an insider secondary implying an approximately $800 billion benchmark valuation and flagged possible 2026 IPO plans, prompting investor reassessment of space- and aerospace-related comparables. BitGo said the OCC approved conversion of its South Dakota trust to a national bank (BitGo Bank & Trust, N.A.), a regulatory milestone that could broaden custody capabilities and increase competitive pressure among crypto custodians. Barchart-reported US credit spreads tightened to their lowest levels since 1998, supporting risk appetite across credit and equity markets. Sobi announced the acquisition of Arthrosi Therapeutics to strengthen its pipeline for a potential gout treatment.
Upcoming session watchlist
- JP Tankan Large Manufacturers Index (Q4) — consensus 15 vs 14 prior | Gauges business conditions for large manufacturers in Q4.
Key Takeaways
- US credit spreads tightened to their lowest levels since 1998, supporting risk appetite and underpinning flow into credit and equity markets during the session.
- SpaceX's $421 insider secondary implied an approximately $800 billion benchmark valuation and prompted investor reassessment of space and aerospace comparables.
- BitGo announced OCC approval to convert its South Dakota trust into a national bank, a milestone noted as broadening custody capabilities and heightening custodian competition.
- Major index feeds were unavailable, so market attention tracked corporate headlines and credit-market flow; single-stock winners and steep losers drove session volatility.
References
- 1. https://www.reuters.com/business/spacex-sets-800-billion-valuation-bloomberg-news-reports-2025-12-13/
- 2. https://www.nampa.org/text/22808021
- 3. https://x.com/PeterLBrandt/status/1999915936510525715
- 4. https://x.com/ENERGY/status/1999873251674116339
- 5. https://x.com/Barchart/status/1999630511053140126
- 6. https://x.com/SECGov/status/1999861438785945664
- 7. https://x.com/PeterLBrandt/status/1999991598592282700
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