Public Markets 24 Hours

Last updated: June 12, 2026, 11:32 PM ET

Equity Markets

SpaceX made its historic debut on public markets with a $75 billion initial public offering that valued the rocket company at approximately $2.1 trillion, immediately catapulting founder Elon Musk to trillionaire status. The shares closed 19% higher on their first trading day, delivering substantial returns to IPO buyers while transforming the company into one of the world's most valuable public entities. Retail investors in the UK placed roughly $1 billion in orders for the offering, though two-fifths of applicants received fewer shares than requested amid overwhelming demand. The blockbuster debut lifted S&P 500 futures 0.6% in premarket trading as optimism over both the IPO and Middle East diplomacy boosted risk appetite. However, the SpaceX launch triggered a selloff among other space-related stocks as investors rotated into Musk's offering. Options contracts on SpaceX will begin trading Tuesday following the share debut, providing additional avenues for market participation.

Energy & Commodities

Oil prices touched a three-month low after President Trump signaled that a peace deal with Iran was within reach, sending Brent crude down more than 2% in early trading. The potential agreement helped offset concerns about the Strait of Hormuz closure, though U.S. natural gas futures posted weekly losses despite small daily gains as cooling weather forecasts limit power-sector demand. Middle East fuel exports rebounded as more tankers successfully navigated the Strait of Hormuz, providing temporary relief to markets that had been starved of supply. However, the world is draining oil reserves rapidly, with business and government storage levels falling sharply since the U.S.-Israeli conflict with Iran began. Higher costs for plastics used across consumer goods are emerging as the next inflationary pressure point, with U.S. suppliers warning they can no longer absorb raw material costs without passing increases to customers.

Fixed Income & Currency

European government bonds rallied strongly as oil prices retreated on renewed optimism for Middle East diplomacy, with traders pricing in reduced energy shock risks. The euro weakened slightly against the dollar as HSBC noted the balance of risks was shifting against the single currency despite its relative stability amid geopolitical tensions. Traders turned most optimistic on the U.S. dollar in more than a year, with the currency's haven status supported by ongoing Middle East conflict. A rates trader at Goldman Sachs suggested markets were fairly pricing the Federal Reserve's path, though positioned correctly for potential rate increases to combat war-driven inflation. Meanwhile, UK power prices turned negative for the first time since late April as strong wind and solar generation flooded the grid.

M&A & Corporate News

The Justice Department cleared Paramount's $111 billion acquisition of Warner Bros. Discovery, though European regulators must still approve the deal that would unite two major movie studios and place CNN under the same roof as CBS News. David Ellison's media ambition drives the transaction as the company seeks to create a new media empire. In private equity, Matt Holt's Thoreau Group is nearing a $12 billion acquisition of Ensemble Health Partners, while Deutsche Bank and Goldman Sachs have arranged €1.7 billion in debt financing for Triton Partners' acquisition of German gearbox-maker Flender. Uber is considering asset sales of Delivery Hero's regional businesses to smooth its full takeover of the German food delivery company. BlackRock's private-credit fund faces 13% redemption requests, though withdrawals will be capped at 5%.

Technology & AI

Anthropic blocked foreign nationals from accessing its Mythos and Fable AI systems after the Trump administration ordered the suspension on national security grounds, directing the company to limit access amid escalating tech competition with China. The move comes as both Anthropic and OpenAI signal intentions to pursue their own initial public offerings this year, potentially minting 20 new billionaires from the three mega-IPOs. Chinese chipmaker MetaX plans a Hong Kong listing to capitalize on the semiconductor boom following a blockbuster IPO in mainland China. Palantir lost a legal challenge against a Swiss investigative magazine, while crypto-data provider Blockworks acquired Messari at a discount, paying over $10 million for a company valued at around $300 million in 2022.

Regulatory Developments

The CFTC is considering blocking CME Group's bid to launch round-the-clock oil contracts, heightening tensions between the exchange operator and regulators. Meanwhile, Gary Gensler told Kalshi that sports bets are not swaps, rejecting arguments that such wagers fall under federal financial regulatory purview. Judge Amit P. Mehta declined to halt a UFC fight at the White House on Trump's birthday, ruling that the lawsuit arrived too late and failed to demonstrate irreparable harm. Federal agents searched a voting rights group in Ohio, though it was unclear what investigators were seeking. A judge blocked national parks from removing materials depicting slavery, accusing the Trump administration of censorship.

Market Commentary

Corning CEO Wendell Weeks is riding the AI boom while planning hedges against potential downturns, drawing lessons from the dot-com crash and other volatile periods. Investors are worried about a tech-stock bubble, with some suggesting European markets deserve fresh attention as an alternative. The wearable boom is real but faces skepticism from investors who remember the difficulties of Fitbit and Peloton. Bitcoin bottom hunters are eyeing the AI frenzy and SpaceX IPO for market cues, with the cryptocurrency rebounding from below $60,000. Banks are courting wealthy Indian diaspora in a $50 billion deposit drive, mounting a global campaign to attract funds from the 35 million-strong community.