Today&#x27;s John J. Hardy Substack post for this podcast Today we look at a fresh stunning advance in US equities as we reapproach the all time highs for the main US indices, with a wild advance in SpaceX shares perhaps one key bit of the sentiment &quot;tail&quot; wagging the overall market dog as we also discuss why SpaceX shares may have risen so aggressively, even after hours yesterday. Elsewhere, a breakdown of the RBA and BoJ meetings and their impact, what we&#x27;re watching for from the Fed, observations on the quality and sustainability of the US-Iran &quot;deal&quot; and more. Today&#x27; pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on today&#x27;s podcast and our Chart of the Day can be found on the John J. Hardy substack (within two to four hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

The tails wagging the market and SpaceX dogs

Saxo Market Call

# Full Transcript

**Podcast:** Saxo Market Call

## Participants

- **John J. Hardy** (Saxo Bank)

## Transcript

Welcome to the Saxo Market Call. Before we get started, it's important we emphasize that the views and opinions expressed in this podcast are those of the hosts and guests and do not constitute investment advice or recommendations. All information provided is for educational and entertainment purposes only.

Hey everyone, it is Tuesday 16th of June 2026 and we seem to be almost in a hoosh period going higher. I don't even have the point total on the NASDAQ 100 yesterday. I remember it was up over 900 points at one point, up 3% yesterday.

Of course, all this, or a lot of this upside, concentrated in the hardware names, the picks and shovels of the AI space. As per usual, seeing things like the hard disk makers just screaming to new highs and some of the other in the complex.

You can just go down the list there of chip makers, etc. So quite concentrated in that space. The SOX index, the semiconductor index, up 5.45%. The S&P 500 only at 1.65%. So we see how it gets diluted as there's still market cap giants still driving big gains in the S&P 500, but diluted relative to the concentration in the NASDAQ 100.

And then the equal weight and Russell 2000 getting a bit more interesting on the divergence side. Yes, they're up and up decently. S&P 500 equal weight up 0.5%. Russell 2000 up 0.72%, but a little bit of a sort of reversal vibe intraday. Probably maybe not worth mentioning, maybe making a mountain out of a molehill. I mean, we were overall up, but just curious if there's a little bit of buying exhaustion, at least in the broader market there.

I think one of the things here, perhaps a tail wagging the dog of the market is the sentiment around SpaceX, where there just seems to be a desperation to secure some of these shares. You've got a lot coming in. You've got the options market. I think it's beginning to trade today, according to my sources, which could be driving some of the buying in anticipation of that options trading.

19.6% gain for SpaceX yesterday, and then another 10%, 11%, depending on when you take your print, after hours. Just almost insanity. We're talking about the market cap that's $2.75 trillion at these after-hour prices. I wonder if some of that is anticipation of super heavy call buying that may be coming in as options start to trade. It'll be very interesting to see if there's a skew there.

And then, again, the passive inclusion coming up in the couple weeks ahead. Just, you know, this thing could go anywhere. And kind of interesting as well to see this now whale of a company, especially relative to peers and competitors in the space, of the space of, you know, the business of space.

So you can see I'll put up a John J. Hardy substack today looking at how this has created first initially a sort of big boost in space-related space economy stocks. And now we're seeing a big downdraft even as SpaceX is scream...

The tails wagging the market and SpaceX dogs

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

The tails wagging the market and SpaceX dogs

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.