CNBC Business News Update - Market Close: Stocks Higher, SpaceX Debuts On Wall Street And Soars Up 19%, Elon Musk Is A Trillionaire 6/12/26

Episode Date: June 12, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. Visit https://www.cnbc.com/ for more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger. CNBC, Wall Street opens Monday morning after a winning Friday for stocks, including the biggest initial public offering ever. SpaceX creating the first trillionaire. Investors also have hope a U.S.-Iran deal is happening. The Dow was up 353 points, led higher by shares of Goldman Sachs, which were up 2.5% on Friday. The S&P 500 index added 37 points. The NASDAQ up 79 points. Companies whose shares hit fresh all-time highs on Friday include Hilton Marriott, Ralph Lauren, Ross, Dress for Less, William Sonoma, Monster Beverage, MetLife, DeVita, CSX, FedEx, New Corps, and Steel Dynamics. But Friday was all about SpaceX. Shares in the 25-year-old company were offered for the first time on Wall Street. They rose. Record retail buying on Friday.

That's everyday individual investors getting in on it. CNBC's Sima Modi with what it sounded like from the Morgan Stanley trading floor as SpaceX went public. Getting ready close, let's listen in. Let's listen in. It says $150. It is an IPO that raised $75 billion.

Again, the price that it priced at was $1.35. It's open for trade at $150. A lot of energy in the room. You can tell that there is applause, excitement, hugs, smiles. I mean, there are a lot of employees who started here day one in 2000. And so they've been waiting for this moment.

I spoke to two engineers here who said they didn't even, their compensation package was a hundred percent equity. They didn't even have any salary. So for them, this is the moment. They actually get to make it big. SpaceX, ticker symbol SPCX, open for trading at 1146 a.m. Eastern Time after 90 minutes, it was up 25%. It finished Friday up 19% at $161 per share. And Elon Musk has become the first trillionaire. His total net worth as we have it right now is over $1.1 trillion.

So Elon Musk is worth more than the next five richest billionaires in the world combined. His personal fortune is larger than the GDPs of Sweden, Ireland, or Taiwan. CNBC's wealth reporter Robert Frank. SpaceX president and chief operating officer Gwen Shotwell spoke with CNBC. She sees the company in the long term. We are builders. We build our own launch vehicles. we build our launch sites, and we're building data centers both on the ground as well as in orbit soon.

So I look at ourselves as an infrastructure company. Over the weekend, investors will be paying attention to the U.S. position on Iran, oil prices, and the Fed. That group will hold its first meeting on interest rates in the coming week with President Trump's pick Kevin Warsh as its new chairman. New in theaters for the weekend Universal's Disclosure Day and Lions Gates crime thriller The Furious. On the coming week's watch list, aside from the Fed meeting, the G7 summit begins in France, and we get retail sales numbers as consumers face inflation at a three-year high. Jessica Eddinger, CNBC.