NEW YORK (AP) — While you might want to ignore all the hubbub around SpaceX, Elon Musk and IPOs, your 401(k) likely can’t.

SpaceX is now worth $2.1 trillion after its stock launched 19.2% higher in its debut on Wall Street. Whether or not you believe it deserves to be worth more than Exxon Mobil, Bank of America and Coca-Cola combined, the collective market does. And if SpaceX maintains that big a value, it will join some high-profile stock indexes.

Many of these indexes don’t care about how realistic a company’s growth plans are or who its CEO is. They’re simply trying to show how slices of the market, or the whole thing, are performing. And if SpaceX is big enough to meet the qualifications to join those indexes, whether it’s in a few weeks or a year, it will gain entry.

That matters for investors and their 401(k) accounts because they’re depending more than ever on funds that simply mimic these indexes. It’s a lower-cost way to invest, allowing savers to keep more of their investments. Partly because of that, such index funds have usually proven to be better performers than funds that try to pick and choose individual stocks.

Just one in five actively managed U.S. stock funds survived and beat their average index peer over the last decade, at 21%, according to Morningstar’s data through 2025. Such disparities in performance meant investors had more money invested in U.S. index funds than actively managed ones beginning in 2024, and the gap has only grown since then.

Here’s a look at what’s going on:

What indexes are

They’re things the investment industry has created to answer the question: What is the market doing? It’s otherwise tough to answer quickly when the U.S. market has thousands of stocks moving in different directions at any moment.

The S&P 500 is perhaps the most famous and influential index. It tracks 500 of the biggest U.S. stocks, and trillions of dollars in investments are either directly mimicking it or at least benchmarking themselves against it.

The Dow Jones Industrial Average is well known because it’s been around since the 19th century, but it tracks only 30 big stocks so Wall Street pays it little attention.

Companies want to be in indexes

Because index funds are the way so many investors put money into the stock market, companies want to be part of indexes. Stocks can see a big jump in their prices after S&P Dow Jones Indices, Nasdaq, FTSE Russell or other companies announce they’ll be joining their indexes.

The investment industry has created funds, including both traditional mutual funds and exchange-traded funds, to track almost every kind of index. More than 1,000 index funds were available at the end of last year, according to the Investment Company Institute. Of them, 185 tracked the S&P 500.

SpaceX could soon be in indexes

Nasdaq changed its rules to allow some huge companies to join its Nasdaq 100 index after just 15 trading days. That’s a break from the past, where it would wait until each December to add new members in an annual reconstitution to make sure it includes the 100 largest non-financial companies on the Nasdaq.

Some popular funds track the Nasdaq 100 index, including the QQQ exchange-traded fund from Invesco that has roughly $477 billion in total investments. That means QQQ holders could soon own shares of SpaceX, without doing anything on their own.

The company behind the S&P 500 is not making changes to allow SpaceX and other “mega” IPOs faster entry into the index. For it, a stock needs to trade on an eligible exchange for at least 12 months before it can join the index.

Not only that, S&P Dow Jones Indices also requires companies to have made a profit in its most recent quarter and over the sum of its last four quarters.

SpaceX lost $4.9 billion last year and another $4.3 billion through the first three months of 2026. It acknowledges that it “may not achieve profitability in the future.” Over the long term, a stock’s price tends to track with how much profit the company is making.

Not everyone is happy about SpaceX’s IPO entry to indexes

Officials from pension funds for firefighters, teachers and other workers in California and New York sent a letter to SpaceX last month decrying its corporate governance, including how much power Musk will hold over the company through his ownership of a special class of stock with more voting power.

They said they could become owners of SpaceX stock because they hold index funds.

If Musk is able to control so much of the voting power on the board of directors, it would make him tremendously powerful atop SpaceX, “essentially making him unfireable without his own consent,” the CEO of California Public Employees’ Retirement System, the New York state comptroller and the New York City comptroller wrote in their letter.

If an investor doesn’t like certain companies in the index

Index funds track indexes. And if a stock is in an index, the index fund will buy it, even if investors may not like it.

Tesla has remained in the S&P 500 even though critics called it overvalued for years, for example, and Musk’s electric-vehicle company has grown to become one of Wall Street’s 10 biggest companies.

Some indexes say they will not include companies that have poor corporate governance standards or other narrowed criteria, but investors need to look for them.

The S&P 500 ESG index famously kicked Tesla out in 2022, for example.

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Paddy is back from holiday and he’s also back from Ashton-in-Makerfield.

He joins Laura to discuss a new poll that suggests Rupert Lowe’s Restore Britain could steal enough votes from Reform UK to hand Andy Burnham a win.

Luke Tryl from More In Common – the pollsters behind the research – also joins with Joe Pike who’s sat in on a focus group they ran.

A full list of candidates and loads more information about the Makerfield by-election is available here: https://www.bbc.co.uk/news/articles/cgrp1z8n4w2o

You can now listen to Newscast on a smart speaker. If you want to listen, just say “Ask BBC Sounds to play Newscast”. It works on most smart speakers.

You can join our Newscast online community here: https://bbc.in/newscastdiscord

Get in touch with Newscast by emailing newscast@bbc.co.uk or send us a WhatsApp on +44 0330 123 9480.

New episodes are released every day. If you’re in the UK, for more News and Current Affairs podcasts from the BBC, listen on BBC Sounds: https://bbc.in/4guXgXd

Newscast brings you daily analysis of the latest political news stories from the BBC.

The presenters were Laura Kuenssberg and Paddy O’Connell. It was made by Chris Flynn. The social producer was Jem Westgate. The technical producer was Frank McWeeney. The assistant editor is Chris Gray. The senior news editor is Sam Bonham.

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Paddy Young shared the shocking news with his social media followers

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A TV comedian has revealed he was hurt by a samurai sword in a freak accident.

The news was shared on social media by Paddy Young, part of the cast of Sky’s Saturday Night Live UK.

As well as snaps from the hospital bed and throughout his recovery, the 34-year-old revealed: “Cut my finger with a samurai sword!”

He added: “Thank you, Bebe Ed Horatio, for breastfeeding me back to good health. Thank you, Sam, for bringing the sword to my home and running away when I fainted.”

Paddy hilariously added: “Fringe run 90% sold out. Tendon 90% lacerated. Aura 100% lost. Tour selling fast – see u there.”

In one photo, the comic was all smiles in the hospital bed despite his entire left hand being bandaged. In others, Paddy posed with concerned friends whilst wearing a sling and maintaining his humour, reports the Express.

While he appeared to be recovering well, emotional fans rushed to the comments with well-wishes. As one penned: ” Nooooooooooo!!!!! Hope you will feel better soon, Paddy.”

Another echoed: “Man, those compression socks are the worst! Get well soon, Paddy.”

“This is a very chill response to a friend causing you to lose the use of your hand,” remarked one fan.

As a fourth added: “Omg get better soon bud, we miss you on our TV screens on Saturday nights, good luck with touring.”

READ MORE: Tartan Army send rallying cry to national team ahead of opening match against Haiti

READ MORE: Susan Boyle sends ‘No Scotland No Party’ message of support to World Cup team

Meanwhile, SNL UK director Will Farrell joked: “Sam told me he thought the sword wouldn’t have cut you if you were honourable.”

Paddy joined the cast of the British SNL show alongside Hammed Animashaun, Ayoade Bamgboye, Larry Dean, Celeste Dring, George Fouracres, Ania Magliano, Annabel Marlow, Al Nash, Jack Shep, and Emma Sidi.

Despite its controversial arrival, SNL UK has been renewed for a second series, which was officially confirmed in May.

According to Deadline, the satirical sketch comedy will be back for 12 more episodes, set to air in autumn 2026.

Producer Lorne Michaels, who created the original American iteration in 1975, said: “I’m incredibly proud of our team and the show. It keeps getting better every week.

“I’m grateful to [Sky Group CEO] Dana Strong and Sky for believing in and supporting SNL UK. I’m excited for the season ahead.”

The original SNL has remained wildly successful and is recognised as the launchpad for many famous comedians to break through into the acting industry.

This includes Eddie Murphy, Adam Sandler, Will Ferrell, Bill Murray, Tina Fey and Amy Poehler.

The excitement is at fever pitch ahead of the opener against Haiti tonight with fans desperate to see us start our campaign with a win.

After 28 long years the wait is finally over. Scotland are back playing football on the biggest stage of all – and the Tartan Army out in Boston just can’t wait for kick off.

The excitement is at fever pitch ahead of the opener against Haiti tonight with fans desperate to see us start our campaign with a win.

Supporters pulled on their Scotland tops and dusted off their kilts as hundreds of fans headed into the city centre early doors for some nerve calming lagers.

Elsewhere, at Rowes Wharf, buzzing footsoldiers slapped on the sun cream before marking the historical moment by heading off on a three-hour party boat.

Chris Gibson, 50, from Maud in Aberdeenshire, helped organise the cruise for over 200 fans ahead of the match.

The builder and landscaper told the Record: “I’ve got a nervous energy. Just the game, how the team are performing – but I’m excited and I know a few beers on the boat will calm my nerves.

“We have 200 of the guys on board. It’s an open bar – which I am worried about. I just hope they have enough beer!

“We’ve done nine all over Europe. So this is the first one outside of Europe.”

Fans headed down to the waterfront on Saturday morning as hundreds of excited fans boarded the aptly named ‘Freedom’ vessel.

The three-hour cruise includes an open bar, with fans lining their stomachs with sandwiches before starting on the early lagers at around 11am local time.

“It’s an early start but there’s a lot of older guys on board, so hopefully they take it easy”, said Chris.

“I’m worried about missing the game and stuff. Because it’s early days, but if anyone misses it I’m taking no responsibility!”

Asked for his prediction ahead of the match, Chris said: “I’ve got a feeling I’ve got to do something special. Become the first Scottish team to get through the group.

“It’s obviously such a big game. This one in particular – if we win this one we have a good chance to get out the group.”

Most of the fans donned the new away strip as they cheered and sang songs while boarding the boat.

As the ship set sail, the captain delighted the revellers by blasting “Freed from Desire,” with fans instead cheering “Scotland’s on fire!”

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Ewan Oman, 28, a plumber from Peterhead, said: “”It’s been the trip of a lifetime already. We flew into New York. We’ve been to Mike Tyson’s local to see where he keeps his racing pigeons – it been mental.

“Then we had the boat party today which was fantastic.

“It’s such a big day. We have waited so long for this moment. I genuinely feel we are going to show up.

“We’re going to play our best team and I think our quality will show.

“History isn’t kind to us. I think in the past we have underestimated teams like this, so hopefully we’ll learn our lessons from the past. Honestly it feels different this time.”

Most fans had their travel and accommodation booked up back in November after qualification was secured against Denmark.

But Ellis Mutch, a farmer from Turriff, decided he was coming just 10 days ago after having deciding he couldn’t miss out.

The 33-year-old told the Record: “I was only six when the last World Cup took place so my memories are very faint.

“I just booked this trip 10 days ago – they talk about FOMO – a fear off missing out. I was getting serious FOMO so I just took the plunge and booked it. I packed very light, my kilt is the only bottoms I’ve got. But we are here and the atmosphere is amazing.

“The folk from Boston are so friendly. We’re here for a good time – and let’s hope we get a good win.”

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Suzanne Nisbet, 52, and her husband Robert, 56, have travelled across to Boston from their home in Kirkintilloch.

Suzanne, a community staff nurse, said: “It’s been amazing trip. Absolutely magic. Back in 1998 we had just got married. Just moved in to our house.

“It was a long time ago. We were starting to feel like this moment would never come.

“We’ve not got tickets but we’re looking forward to watching the game with all the fans in the city. I think we will get the win. It will be close, but we’re going to do it.”

Kevin Lynch, a 41-year-old police officer from Aberdeen, said: “It’s amazing to finally be here after waiting all this time.

“The whole place is bouncing. Everybody has been excited before we got here – but now we are here it is finally starting to sink in – we’re actually going to be at a World Cup.

“It think it’s going to be amazing tonight. It’s going to be emotional – but it’s going to be good.

“We’ve got tickets for all three games. I’ve got a month off my work, so I’m here until I’m here until we go home.

“I think we will get the win we need tonight – but I don’t think it’s going to be pretty.

“It won’t be a walkover, they’re going to be looking at us as their easiest opponent as well.

“So I think it’s going to be tough, but I think we’re going to win 2-0.”

Speaking from the party boat as he enjoyed his first beer of the day, Kenny Hall, a 61-year-old retired police officer from East Lothian, said: “It’s unbelievable to be here.

“The locals have been absolutely fantastic. The boat is absolutely brilliant. It’s an open bar which could be dangerous, though – so it’s a good job we’re speaking to you now and go later!

“I don’t know where we will watch the game tonight. We’ll just play it by years – head into the city centre, and try and get the party started.

“It’s obviously a huge game tonight but I think we will win. 2-0 Scott McTominay double.”

Bronwyn Heatherwick, a 28-year-old NDT technician from Aberdeen, added: “It’s absolutely amazing to be here. We’re here with the North East Tartan Army and we have organised a few of these boat parties – but this has to be one of the best.

“After this we will be heading to a tailgate party with a bbq before the match. I have a ticket for the game and we just can’t wait for it. I’m predicting a 3-1 win with Lawrence Shankland to score.”

Get Daily Record Premium for just £1 per month in exclusive offer to celebrate the world cup. Click HERE.

The offer is a light-hearted nod to Italy’s absence from this year’s FIFA World Cup, the third consecutive tournament the nation has missed out on qualifying for.

Up to Thursday, June 18, Italians dining at any Zizzi restaurant can enjoy a complimentary main course by simply showing their passport and purchasing a full-price drink.

More details on the offer can be found on the Zizzi website.

“We wanted to give Italians across the UK a reason to celebrate”

Discussing why they created the offer, Corrine Prior, brand and customer experience director at Zizzi, said: “While the Azzurri may not be competing this summer, we wanted to give Italians across the UK a reason to celebrate.

“Italy has already given the world the things people crave during tournament season, pasta, pizza and gathering around a table with friends and family.”

The campaign, titled ‘Forza Italia, Forza Zizzi,’ playfully positions Zizzi as an alternative way for Italian nationals to celebrate their heritage this summer.

With more than 340,000 Italians living in the UK, the offer serves as a small consolation for missing out on the football and a celebration of the country’s rich food culture.

For non-Italians, Zizzi is also offering 30% off all food, including starters, sharers, mains, and desserts.

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This will be in place until Friday, June 26, which marks the end of the group stages.

The restaurant chain says Italians still have plenty to celebrate, even if their team won’t be lifting the trophy this year.

Will you be making the most of the Zizzi free main course offer? Let us know in the comments.

Pike, who won an Olivier award for her role as a crown court judge in the Suzie Miller play, said the texter had broken the bond between cast and audience, The Times reported.On Saturday, it is understood that a member of the audience sitting in the front row failed to notice a phone alarm ringing for more than a minute.

Dotted right there on the corner of King Street and Market Street – essentially Westhoughton’s main street – you couldn’t pick a more conspicuous location for an eatery.

Wandering past you’ll find Provenance Artisan Food Hall – one of the best places to eat and shop not only in Westhoughton, but in all of Bolton.

(Image: Dan Dougherty)

Provenance was set up around three years ago by Paul Rogers, a man with decades of experience in the food and catering industries. He bought the large, historic building from the Tinniswood family who had spent several years building it up.

“It’s quite a historic building,” said Ethan Rogers, Paul’s son, “It’s great – it’s three storeys, and everything’s in house.”

The three-storey building Paul chose to inhabit has been put to versatile use. The ground floor sells drinks, pies, and cakes, with seating available for anyone wanting to sit inside. There is also an in-house butcher, selling top-quality ingredients, a full spice rack, fresh fruit and veg, wine, and all sorts of other treats.

(Image: Dan Dougherty)

The middle floor is the café, serving a wide menu of breakfast and lunch items from the in-house kitchen. All the classics are there – eggs Benedict, Caesar salads, steak frites – as well as a Sunday lunch roast menu and afternoon tea.

The top floor is the Provenance bakery, where the team’s in-house chefs bake fresh pastries for the two floors below them.

But the times are a-changing at Provenance.

(Image: Dan Dougherty)

Ethan only joined the business full time last year, working previously as a pool cleaner around Bolton. Despite the recency of his start-date, though, Gen Z Ethan has big plans for the place.

“I’m part of the generation where people are eating and drinking things I don’t even really understand – all the matcha and the Spanish coffees and things like that.

“My dad’s stepped back a bit and he’s given more freedom to me and Tom,” Ethan said.

(Image: Dan Dougherty)

Tom is the Provenance chef – he’s worked with Ethan’s dad on many occasions across many different locations throughout the years.

“Me and Tom have been trying to butt heads about what we’re going to do.”

Tom jumped in: “We want really good pies, really good pastries, different fillings, veg products, meat products.”

Butcher Rodney Mayoh (Image: Dan Dougherty)

And if Ethan and Tom want to start getting creative, Provenance is certainly a large enough canvas. Three floors, hundreds of products, and outside, a rapidly-growing town of 25,000.

“It’s a massive building – think of all the things we could do in here. It’s good now, but there’s so much more we could do with it.

“Everything we have is local. Our bread is from Ecclestone, our Basque cheesecakes are from Westhoughton, all the bakery stuff is made upstairs, the cheese is from Harvey and Brockless in Manchester – it’s all about the community.”

(Image: Dan Dougherty)

‘Community’ is at the heart of what Ethan wants to do with Provenance.

“We want to start pushing upstairs with the shop – create somewhere where people can come in and do a bit of work.

“We have Hive products, and they’re great, but nobody is doing all of it at once. Nobody is offering the comfortable, relaxing, Manchester-style atmosphere, and that needs to come over.

(Image: Dan Dougherty)

“Because then you get those people, you get people from other places, people visiting Westhoughton – it builds the town.

“Gen-Z is coming up – the oldest Gen Z people are now 29.”

There are barriers to this, as Ethan realises. The first thing may be the perception of Provenance as an expensive place to eat – a perception bolstered not a little by the self-designation of ‘artisan food hall’.

(Image: Dan Dougherty)

“But ‘artisan’ doesn’t have to mean expensive,” said Ethan, “it just means quality.

“We once had a food influencer come to Westhoughton and he was filming in the street. He was saying, on camera, ‘where else can I go to eat in Westhoughton?’ We were in the background as he was talking and he didn’t even think to come in here!

“So we have the restaurant, but we want to push it into more of a hybrid with a café.

(Image: Dan Dougherty)

“We have so many students around here that want a place to just sit and work, and there’s nowhere really you can do that.

“We’ll be doing it on the first floor – we just need to get our heads around it first. Then we have to let everyone know they can come here and eat and work and relax.”

As a concession to changing trends, Provenance recently acquired a canning machine, that they can use to make matcha, iced coffees, and even cocktails.

“We want it to have that cosy vibe upstairs – rustic. It’s dining-room seating at the moment, but we want it to be mix-and-match, so it will have those chesterfields, warm and welcoming vibe.”

(Image: Dan Dougherty)

What isn’t going to change is the commitment to quality. Ethan may be pushing the business in a slightly different direction, but the fresh meat, local cheeses, restaurant-tier cakes, and sausage rolls they require a knife and fork – all that is going nowhere.

As the ‘Provenance’ name indicates, no matter how much they change, they aren’t going to forget where they came from.

EXCLUSIVE: When the Royal Family made their way to the Buckingham Palace balcony for the RAF flypast to signify the conclusion of Trooping the Colour, royal fans were eager to catch a glimpse of the rarely-seen Prince George, Princess Charlotte and Prince Louis.

And according to body langage expert Judi James, 11-year-old Charlotte was ‘in charge’ of the Wales family and their presentation to a see of royal fans who had descended on the Mall.

Judi told the Mirror: “It was Charlotte in charge of the choreography here, motioning Louis to his ‘spot’ with a two-handed gesture and checking George, ushered with one very tender hand on the back by his mother, got to his place in the line-up, too.”

The expert added of her older brother Prince George: “Perhaps because he will soon be off to ‘big’ school, George appeared to want to stick close to his mother here. After William waved Charlotte and Louis into the front row, George stood beside his mother, even side-stepping across to get closer.

“Not only did this place him more in the ‘grown ups’ row, he was able to keep Kate company as they chatted and laughed together fondly.”