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Public.com presents the rundown. Your daily market update in under 10 minutes. My name is Zadmani and today is Thursday, April 2nd. In today's episode, we'll tell you why oil is surging following Trump's speech last night. We'll also break down SpaceX's confidential IPO filing and take a look at Tesla's Q1 delivery numbers. Then stick around to the end of the show for some more space talk. We got a great show for you today. Let's go. Stocks continued to rally on Wednesday with the S and P jumping 0.7% and the Nasdaq jumped 1.2%, capping the best two day stretch for the Nasdaq since May of last year. The rally yesterday was driven by two things. First, it was strong economic data. Retail sales came in above expectations, a 0.6% in February, which gave investors more confidence that the consumer is still holding up. Now, to be fair, this data was before oil prices surge, so the March retail sales data will be a lot more interesting. Speaking of oil, the second reason for the rally yesterday was investor optimism that the Iran war was winding down. Oil actually fell below a hundred dollars a barrel for the first time in a week, and that got everyone excited. Well, last night a lot of that excitement went away after President Trump's speech regarding the Iran war. Instead of laying out a path for a ceasefire or a de escalation, Trump said the US Would continue to hit Iran extremely hard over the next two to three weeks. More importantly, he didn't offer any real plan for reopening the Strait of Hormuz. Not what the market wanted to hear. So following that speech, oil prices went higher and stocks moved lower. I think investors spent the last couple days excited about a potential end to the war. But we got a quick reminder last night that this is far from over. So, yeah, I think we could be in for a pretty volatile day of trading today, especially because the market is closed tomorrow for Good Friday. Now, unless we get a massive sell off, stocks should end the week in the green for the first time in five weeks. But we'll see what happens. Now, as a reminder, we're not going to have a show tomorrow because the market is closed, but we'll still be posting a deep dive on Saturday and then an interview on Sunday. This week we talked to the CEO of Cava. We already recorded that conversation. It was great. So keep an eye on your podcast feed for that. Let's run through some headlines, starting with SpaceX. SpaceX officially filed confidential IPO paperwork with the SEC yesterday. Now, according to multiple reports and rumors, SpaceX is looking to raise between 40 and 75 billion dollars, which would be a record amount and value the company at $1.75 trillion. Now, to put this into context, the current IPO record is Saudi Aramco, which happened back in 2019. They raised $29 billion, so SpaceX is looking to potentially double that. The hype around this IPO has been insane because for one, space is a pretty sexy industry, especially right now. And SpaceX is the dominant player in that space, no pun intended. SpaceX accounts for five of every six rocket launches in the US but beyond just launching rockets, SpaceX also has Starlink, which provides satellite Internet service at incredible speeds. Starlink already has over a million customers and generates about $8 billion in revenue in 2024 alone. And then on top of all that, you have the AI factor, because remember, SpaceX merged with X AI back in February. And while XAI seems to be falling behind the other AI labs like OpenAI and Anthropic, it'll still give investors exposure to the AI story. And then, who knows, maybe the AI data centers and space thing actually happens. And then this will give SpaceX a big leg up on that. Now, since this was a confidential filing with, we don't get to see the actual financials yet, that's kind of a bummer. But we're going to have to wait a little while longer. But not too much though, because rumors are that Elon wants to list shares as early as June. You know, given Elon's history, I wouldn't be surprised if he aims for June 9. Now, switching from one Elon Musk company to another. Let's talk about Tesla, because they just reported their Q1 delivery numbers. Tesla delivered 358,000 vehicles in the first quarter, which is below the 370,000 that analysts were expecting. This is now the second straight quarter that Tesla has come in below estimates. Now, deliveries were up 6% from a year ago, but they were down 14% from the previous quarter. Tesla has seen their vehicle deliveries decline for two years in a row, with some on Wall street warning of a third consecutive annual drop coming in 2026. A big reason that demand has taken a hit is the end of the $7,500 federal EV tax credit in the US which expired back in September. And without that tax credit, buying an EV became less attractive to a lot of people. Now looking the us There were some bright spots. Internationally. Tesla gained market share in Europe, with sales in France picking up and The China made EV sales rose for the second straight quarter. Now, Tesla stock is down around 3% today. But I think the reality is that most Tesla investors have stopped caring about the quarterly delivery numbers and they care more about the development of robo taxis and humanoid robots. Remember, Tesla launched its robo taxi service in Austin back in June, and they also offer robo taxi services in San Francisco. The next big update from Tesla will come on April 22 when the company reports earnings after the bell. So yeah, pretty busy stretch for Elon here. He's got the SpaceX IPO around the corner and then Tesla earnings coming up in the next few weeks. Let's talk about some stocks making moves today. Shares of Global Star are surging this morning after the Financial Times reported that Amazon is in talks to buy the satellite company. This move could give Amazon a major boost in its efforts to build out a low earth orbit satellite network and compete more with SpaceX's Starlink. Amazon has been building out its own satellite Internet service called LEO. They currently have around 200 satellites in orbit and plan to have about 700 in orbit by the middle of this year. But that's still way behind Starlink, which has more than 10,000 satellites. So buying Global Star could help Amazon catch up. Now, there is a complication with this deal because Apple owns about 20% of Global Star. Apple invested $1.5 billion in the company back in 2024 and Global Star agreed to reserve 85 of for Apple's satellite texting feature that they have on their iPhone. So for this deal to happen, Amazon and Apple would probably have to work something out. But investors are excited about a possible buyout. Global Star Stock is up 10% this morning at the time of this recording, and the stock has more than tripled over the past year. Now on the flip side, Blue Owl is getting hammered after the private credit company revealed that investor withdrawal requests hit 22% for its $36 billion flagship private credit fund. And the company's smaller tech focused fund got hit even harder. Withdrawal request of 41%. Now, here's the issue with private credit. These funds don't own liquid stocks or bonds that you can dump in two seconds. These funds mostly hold loans to private companies that aren't very liquid and easy to sell. And that's why Blue Owl actually caps the redemption at 5%. So investors asking to withdraw their money won't be getting all their money back right now. And that's kind of making the sentiment around private credit even worse. We talked about it earlier this week and it's not helping Blue Owl stock, which is down more than 40% this year and down more than 6% this morning. In reaction to this news, let's wrap the show with the fun fact. Humans are currently on their way to take a trip around the moon for the first time in over 50 years. Yesterday, NASA launched Artemis 2, sending four astronauts on a 10 day mission around the moon and and back. Now, this is a pretty big deal because this is the first time that humans have traveled beyond the low Earth orbit since 1972. That's kind of crazy to think about. We've sent rovers to Mars telescopes to the edge of the universe, but we haven't sent humans to the moon in half a century. Now, since this is a finance podcast, we have to talk about the money angle here. The Artemis program launched in 2017. It's NASA's plan to send people back to the moon and it's already cost an estimated $93 billion since it started. Boeing made the rocket for the launch, while Lockheed Martin capsule and each one of these launches costs about $4 billion. Now, this Artemis 2 mission is kind of like a test mission and NASA plans to actually land humans on the moon with the next Artemis mission in the next couple of years. So, yeah, a lot of space talk on today's episode. We're sending humans back to the moon and SpaceX IPO'd on the same day. I don't know what it is about space. It's just, it's just so cool, you know, maybe that's just my Houston bias. Well, all right guys, that's the rundown for today. That's the rundown for this week. Hope you guys enjoyed today's episode. If you did and you have like five extra seconds, consider giving us a five star rating on Apple, Spotify, YouTube, wherever you listen to your podcast. And if you are listening on Spotify, don't forget to vote in today's Spotify poll. Leave us a comment on Spotify. All that engagement really does help us out and it helps other people find the show. Thank you guys so much for listening, watching and commenting. Shout out to Mike and Connor for all the work behind the scenes and we'll see you guys back here for the deep dive. Group chat. Getting quiet. Drop a TikTok clip. Trends, memes, hot topics, instant reactions, endless replies. Keep the vibe alive. Download TikTok now.