On October 13, 2023, the Psyche spacecraft was launched aboard a SpaceX Falcon Heavy rocket, the first in a series of NASA science missions to be the primary payload launched on a SpaceX Falcon.

The mission is to reach the Psyche asteroid in July 2029, where the former center of an entire planet will be explored for materials that could eventually be mined.

Earlier this year, the spacecraft, traveling at more than 12,000 miles per hour, performed a so-called slingshot maneuver using Mars's gravity to slingshot it into orbit without using any of its own fuel.

Coming into today’s session, the stock market could complete a slingshot that complements reversals of the declines endured since last Friday.  Yesterday, the market got a boost from the White House on news of a deal in Iran and ahead of today’s first day of trading for SpaceX.

There is a lot more conviction in a market rallying on amazing fundamentals and American exceptionalism than one selling off on worries the Federal Reserve will hike rates next week (they won’t).  This isn’t the first slingshot maneuver in the stock market, but it still seems to be a shocker.

Fresh Leadership

It was great to see Materials (XLB) and Industrials (XLI) lead the charge. These sectors are benefiting big time from the AI revolution and reindustrialization of America.

Technology (XLK) would have led the parade except software names took a scalping.

Stacking Chips

Six semiconductors are among the top ten advancers, and some of the moves were out-of-this-world impressive. Rocket, space, and satellite names ripped higher yesterday as well. And the news of cheaper jet fuel helped airline stocks.

Market Breadth and Factors

Market breadth was good to strong across the NYSE and NASDAQ; only new 52-week lows in NASDAQ gave us pause.

Advancers led in the S&P 500, 400, and 600. Momentum dominated, but quality made an impressive showing as well.

SPCX

I'm not chasing SpaceX (SPCX), but I do believe it will be a great company for the next several decades, and at some point, I want to aggressively own the stock.

Today’s Session

Iran Conflict headlines could influence today’s action as the street becomes more anxious for closure, but this is SpaceX Day.

The largest component of SpaceX's valuation proposition, as outlined in its assessed TAM, is Artificial Intelligence.

It's creative destruction in real time, and we saw it from the folks who maintain the NASDAQ 100, which announced changes effective June 22.

All the additions are part of the Fourth Industrial Revolution, while the deletions being extensions of the Third Industrial Revolution.

Software did eat the world, but now it is the prey.

Underscoring this notion is the action in Adobe (ADBE), which reported after the bell.  The stock is getting hit, and its CFO is leaving to join Marvell (MRVL), the same company Jensen just told the world will be the next trillion-dollar company.

Jensen also invested $2.00 each in Nebius Group (NBIS) and CoreWeave (CRWV).

Two years ago, software ruled, and nobody ever heard of Neocloud.  Welcome to the future.

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