Sunday night, President Trump posted:

“Ships of the World, start your engines. Let the oil flow.“

The post followed news that the U.S. and Iran had reached an interim agreement to reopen the Strait of Hormuz — the narrow waterway that carries roughly 20% of the world’s oil supply.

→ Oil fell.
→ Travel stocks surged.
→ Nasdaq futures jumped 2%.
→ Energy stocks sold off.
→ And SpaceX kept climbing — up another 8-10% Monday, now 25% above its Friday IPO price.

Here is what moved — and why. ⇩

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Story 1 · Travel Stocks Took Off

As oil prices fell, investors immediately rotated into industries that benefit from lower fuel costs.

→ Royal Caribbean $RCL ( ▲ 6.55% )  : ▲ +6.5% › Cruise operators are highly sensitive to fuel expenses. Lower oil prices can translate directly into stronger margins.

→ United Airlines $UAL ( ▲ 3.85% )  : ▲ +5.1% › Airlines were among the biggest winners as traders priced in lower jet fuel costs.

→ Delta Air Lines $DAL ( ▲ 1.22% )  : ▲ +1.9% › Falling energy prices can have a meaningful impact on profitability across the airline industry.

→ iShares Momentum ETF $MTUM ( ▲ 2.96% )  : ▲ +2.9% › Momentum stocks continued higher as investors embraced a more stable macro environment.

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Story 2 · Energy Stocks Reversed

The same headline that boosted travel stocks created immediate selling pressure across energy names.

→ Marathon Petroleum $MPC ( ▼ 4.83% ): ▼ -4.2% › Traders rushed to lock in profits after months of strength tied to rising oil prices.

→ Exxon Mobil $XOM ( ▼ 4.14% )  : ▼ -3.7% › Lower crude prices reduce the geopolitical premium that had supported energy stocks.

→ ConocoPhillips $COP ( ▼ 4.04% )  : ▼ -3.6% › As a major oil producer, lower crude prices can directly affect future revenue expectations.

→ Chevron $CVX ( ▼ 3.64% )  : ▼ -3.5% › Investors rotated out of energy as supply concerns eased.

→ Phillips 66 $PSX ( ▼ 3.45% )  : ▼ -3.2% › Refining stocks moved lower alongside the broader energy complex.

→ Occidental Petroleum $OXY ( ▼ 3.68% )  : ▼ -3.1% › Even Buffett’s favorite oil stock wasn’t immune to the sector-wide selloff.

→ CF Industries $CF ( ▼ 2.36% )  : ▼ -2.7% › Traded lower with energy despite potentially benefiting from lower natural gas prices over time.

→ Devon Energy $DVN ( ▼ 3.25% )  : ▼ -2.2% › Independent producers weakened as oil posted one of its sharpest declines in months.

⚠️ The deal is not done yet. Ships are not actually moving through Hormuz. The Baltic and International Maritime Council says it “still considers it very risky for ships to commence transits” and expects “several weeks for all trapped ships to leave.” The agreement gets signed Friday at G7 in Switzerland. Markets moved on the announcement. The physical reality has not changed yet.

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Story 3 · SpaceX day two

Up 35% in two days. Now the most expensive megacap stock in America.

The stock surged another 13-17% Monday, pushing shares roughly 35% above the $135 IPO price.

That move pushed SpaceX’s market value to approximately $2.1 trillion.

More importantly, it gave SpaceX a new title:

The most richly valued megacap stock on Earth.

The New King

One of the simplest ways to measure valuation is the price-to-sales ratio.

It tells investors how much they’re paying for each dollar of revenue a company generates.

Here’s how SpaceX compares:

At 110x sales, investors are paying $110 for every $1 of revenue SpaceX generates.

The average public company?

About $3.50.

SpaceX now trades at roughly 31 times the valuation of the average S&P 500 company.

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The Billion-Dollar Buyers

Two investors revealed major purchases Monday.

1 Ron Baron — Baron Capital

Added another $1 billion during the IPO.

Estimated SpaceX position: $25 billion.

His forecast?

“SpaceX could eventually be worth $10 trillion, $20 trillion, or even $30 trillion.”

2 Gina Rinehart — Hancock Prospecting

Australia’s richest person reportedly invested more than $1 billion.

According to The Wall Street Journal, it was one of the largest outside investments ever made by her mining company.

The Greenshoe

SpaceX originally planned to raise $75 billion.

Demand proved so strong that underwriters exercised their greenshoe option, allowing them to sell additional shares.

Final amount raised: $85.7 billion.

The largest IPO raise in market history.

What This Means →

Palantir spent years growing into its premium valuation.

Now SpaceX starts that same journey.

The question isn’t whether SpaceX is an extraordinary company.

The question is whether it can grow fast enough to justify investors paying 110 times revenue for the privilege of owning it.

Story 4 · Green Light

The AI trade remained alive and well.

→ Western Digital (WDC): ▲ +14.20% › The biggest AI mover of the day. As AI models generate more data, demand for storage infrastructure continues to surge.

→ Seagate Technology (STX): ▲ +7.71% › Another major storage provider benefiting from the AI data boom. More AI means more data to store.

→ Marvell Technology (MRVL): ▲ +7.60% › Custom AI chips and networking equipment remain in high demand. Its recent S&P 500 addition continues attracting buyers.

→ Advanced Micro Devices (AMD): ▲ +7.52% › Investors continue viewing AMD as one of the strongest alternatives to Nvidia in the AI chip race.

→ Astera Labs (ALAB): ▲ +6.91% › AI infrastructure spending remains one of the market’s strongest themes, and Astera sits directly in that trend.

→ Sandisk (SNDK): ▲ +6.43% › Despite reports of retail investors selling chip stocks to buy SpaceX, institutional demand easily absorbed the selling pressure.

→ Palantir (PLTR): ▲ +5.04% › Lost its title as the market’s most expensive megacap after SpaceX’s debut—and still rallied. Momentum remains firmly on its side.

→ Nvidia (NVDA): ▲ +3.29% › The benchmark for the AI trade continued climbing as investors showed little interest in slowing down the sector’s momentum.

→ Dell Technologies (DELL): ▲ +3.71% › AI servers remain one of the fastest-growing areas of enterprise technology spending.

→ Intel (INTC): ▲ +3.14% › One of 2026’s most surprising comeback stories added another gain as investors continued rewarding turnaround plays.

⚠️ Retail selling across single stocks hit the heaviest level since November 2023 — pressure concentrated in Micron and Sandisk. At the same time retail buying of space stocks climbed to its highest level since December 2024. Translation: retail sold chips to buy SpaceX.
The chips went up anyway — institutional money moved in the opposite direction and absorbed the selling without blinking.

Lesson Of The Day:

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