SpaceX Surpasses Amazon in Market Value After IPO Surge

Stock futures pointed higher Wednesday as investors positioned for the Federal Reserve's first monetary policy announcement under Chairman Kevin Warsh. Contracts tied to the S&P 500 advanced 0.1 percent, while Nasdaq-100 futures climbed 0.5 percent. Dow Jones Industrial Average futures held near flat. The modest gains followed a session in which the Dow crossed 52,000 for the first time even as the S&P 500 and Nasdaq finished lower.

Attention centered on the 2 p.m. decision and the subsequent news conference. Economists widely expect the Federal Open Market Committee to leave the target range for the federal funds rate unchanged at 3.5 percent to 3.75 percent. The more closely watched element is whether Warsh will contribute a projection to the quarterly "dot plot" that summarizes officials' rate forecasts. Several Wall Street analysts anticipate he may withhold an individual submission during his debut meeting, leaving markets to interpret signals from the statement and his remarks.

Asia and Europe offered mixed leads. Japan's Nikkei 225 reached a fresh record with a 0.72 percent gain, and South Korea's Kospi rose 1.58 percent. Hong Kong's Hang Seng Index declined 0.7 percent, while mainland China's CSI 300 added nearly 1 percent. The Stoxx Europe 600 index edged up 0.3 percent.

Alongside the policy watch, shares of SpaceX continued their rapid ascent. The stock rose more than 3 percent in premarket trading, extending a rally that has lifted the company roughly 62 percent above its initial public offering price of $135 set the previous Friday. By Tuesday's close SpaceX's market capitalization reached $2.65 trillion, surpassing Amazon and briefly placing the firm among the four largest U.S. companies by valuation.

The gains reflect investor enthusiasm for the company's Starlink satellite network and reusable rocket technology, as well as optimism about long-term revenue potential outlined by founder Elon Musk. Yet the valuation sits well above recent financial results. SpaceX recorded a $4.9 billion net loss for 2025 and a further $4.28 billion loss in the first quarter of 2026. Analysts note that sustained multiple expansion will require revenue growth to close the gap between current earnings and the price investors have assigned to future execution.

Chip stocks provided additional support to early trading, with ASML up 4 percent and Intel nearly 3 percent higher. The Invesco PHLX Semiconductor ETF advanced 2 percent. Those moves occurred against a backdrop of steady demand for advanced manufacturing capacity, though broader market participants remained focused on the signal the new Fed chair will send about the path of policy.

Warsh inherits an economy in which inflation has moderated from earlier peaks but remains above the central bank's 2 percent target. Labor market data have shown gradual cooling without a sharp deterioration in hiring. How the new leadership balances these trends, and whether it signals greater or lesser willingness to adjust rates in response to incoming information, will shape expectations well beyond Wednesday's announcement. Markets will parse both the formal statement and the tone of the press conference for clues about the committee's reaction function under its latest chair.