SpaceX, CoreWeave, Ambev, XP, Exxon, and More Stocks That Explain Today’s Market

Traders working on the floor of the New York Stock Exchange. (Michael M. Santiago/Getty Images)

Key Points

SpaceX rose after CEO Elon Musk said the company secured $40 billion in debt financing to buy graphics processing units.
Shares of neoclouds CoreWeave, IREN, and Nebius fell after Elon Musk said debt markets have stopped lending to them.
Brazilian stocks tumbled following a shock victory for President Luiz Inacio Lula da Silva in Sunday’s presidential election.

Stock futures were rising on Monday to kick off a week in which Big Tech companies Alphabet, Microsoft, and Amazon will all report earnings and the Federal Reserve will make its next interest-rate decision.

SpaceX climbed 1% after CEO Elon Musk said in a post on X that the rocket and AI company had secured $40 billion in debt financing to buy graphics processing units.

Musk added that so-called neoclouds, which sell AI computing, would suffer “guppy-level death and consolidation” because debt markets have stopped lending to them. Shares of CoreWeave dropped 2.3%, while fellow neoclouds IREN and Nebius were down 1.9% and 2% respectively.

Shares of Brazilian companies were tumbling following a shock victory for President Luiz Inácio Lula da Silva in Sunday’s presidential election. Brewer Ambev slumped 18%, oil major Petroleo Brasileiro plunged 22%, and investment management company XP Inc. crashed 47%.

Oil stocks were sliding as investors bet on a cooldown in tensions between the U.S. and Iran, which dragged down crude prices. Chevron slid 0.8%, ConocoPhillips fell 1.2%, and ExxonMobil declined 1.3%.

Write to George Glover at george.glover@dowjones.com

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