Key facts
- Nasdaq 100 index fell 4% on May 6, 2026.
- SpaceX's IPO is oversubscribed by a factor of two.
- USD/JPY is approaching levels that may trigger intervention.
On May 6, 2026, the Nasdaq 100 index experienced a substantial decline of 4%. In other market developments, the USD/JPY currency pair is nearing levels that have historically prompted currency intervention by authorities. Additionally, SpaceX's Initial Public Offering (IPO) is reportedly seeing strong demand, being oversubscribed by a factor of two. The IPO market is seeing increased attention, although overall US IPO volume remains below historical averages. In 2023, mean first-day returns for IPOs were 11.9%, rising to 15.3% in 2024 and 29.3% in 2025. A significant portion of 2025 IPOs, 53%, had negative trailing earnings, with loss-making issuers seeing mean first-day returns of 39.8% compared to 17.2% for profitable issuers. This trend suggests that market reactions are influenced by narratives as much as fundamentals. SpaceX's IPO is drawing attention, with its president, Gwynne Shotwell, and CEO, Elon Musk, having previously indicated a focus on engineering progress over short-term financial results for a space company. However, the company's expanding ambitions and costs may be shifting this logic.