Morning Highlights: Oil Prices Rise, SpaceX Under Pressure, Burry Bets on Bookmakers

Oil prices rose following new U.S. strikes on Iran and concerns about supply disruptions through the Strait of Hormuz. SpaceX shares fell below their IPO price, despite being added to the Nasdaq 100 index. Meanwhile, ARK Invest CEO Cathie Wood has once again increased her investment in the company, anticipating its value will grow to $3.1 trillion by 2030. Read about these and other topics in our roundup of key events as of the morning of July 9.

Oil prices rose following new U.S. strikes on Iran, which heightened concerns about potential supply disruptions through the Strait of Hormuz, according to CNBC. October Brent futures rose more than 1% to $78.8 per barrel, while WTI futures rose to $74.3. The previous day, prices had risen by more than 4%.

This was triggered by new U.S. strikes in response to Iran’s attacks on commercial vessels in the Strait of Hormuz, as well as statements by U.S. President Donald Trump announcing the end of the ceasefire and his lack of interest in negotiations with Tehran. The market fears that further escalation could disrupt supplies through one of the world’s key oil export routes.

SpaceX shares fell below their IPO price, hitting an intraday low of $145.2 and closing at $148.3, according to Yahoo Finance. The stock continues to decline despite its recent inclusion in the Nasdaq 100 index and positive analyst ratings, with most analysts recommending a “buy” rating and setting price targets above $200, the publication notes.

Meanwhile, the private company Blue Origin is raising $10 billion at a valuation of $130 billion—this is the first public fundraising round in the history of Jeff Bezos’s space company. The funds are planned to be used to develop the space business and satellite services, despite the unsuccessful tests of the New Glenn rocket earlier this year.

Wonder, the owner of Grubhub and Blue Apron, is preparing to raise several hundred million dollars at a $9 billion valuation—this could be the final funding round before an IPO, which founder Mark Lore hopes to launch as early as 2027, according to The Information. According to the publication, the company is offering investors additional shares if the offering price falls below expectations, and Lor himself intends to invest $200 million in the round.

With expected revenue of about $2 billion in 2026, Wonder forecasts a negative cash flow of nearly $2.7 billion through 2029 and expects to achieve positive cash flow only in 2030. The startup had previously planned to raise capital at a valuation of $11 billion, but has lowered its target to $9 billion.

ARK Invest CEO Cathie Wood bought an additional $7 million worth of SpaceX shares after the stock price fell, marking the third time she has increased her position since the company’s IPO, according to Fortune. The fund believes that by 2030, SpaceX’s value could reach $3.1 trillion thanks to developments in AI, data centers, and the space industry. The company’s current market capitalization is about $1.9 trillion.

To make the ARK purchase, the firm partially reduced its investment in Alibaba, the publication notes. Although SpaceX’s stock has fallen below its IPO price and is nearly 30% below its all-time high, Wood continues to bet on the company’s long-term growth, including the orbital data center projects being promoted by Elon Musk.

Investor Michael Burry said he has purchased shares in sports betting operators DraftKings and Flutter Entertainment, anticipating that U.S. authorities will eventually tighten regulations on the prediction markets, which have increased pressure on the traditional bookmaking business, according to CNBC. In his view, such platforms are currently exploiting a regulatory loophole that will not last long.

Burry noted that both companies are already exploring the possibility of launching their own products in the forecasting market, which would allow them to benefit regardless of how regulations evolve.

Shares of Luxshare Precision Industry, a Chinese Apple supplier, fell more than 5% on their first day of trading on the Hong Kong Stock Exchange, according to CNBC. The company priced its shares at 63.28 Hong Kong dollars, raising about $3.1 billion, but the stock fell to 60 Hong Kong dollars at the start of trading.

Luxshare derives about 70% of its revenue from Apple and manufactures components for consumer electronics, automobiles, and data centers. In 2025, the company’s revenue rose to 332.3 billion yuan, and earlier this year, it increased its stake in Leoni, a German automotive wiring manufacturer, to 74.9%.

— Japan's broad-based Topix index rose 0.3%, while the Nikkei 225 rose 1.6%.

— Hong Kong's Hang Seng Index fell 0.6%, while mainland China's CSI 300 Index rose 0.7%.

— In South Korea, the KOSPI index remained virtually unchanged, while the KOSDAQ rose 1.1%.

— Australia's S&P/ASX 200 was down 0.4%.

— Nasdaq Composite futures rose 0.2%, Dow Jones Industrial Average futures rose 0.1%, and S&P 500 futures rose 0.2%.

This article was AI-translated and verified by a human editor