Public Markets 3 Days

Last updated: June 12, 2026, 8:33 AM ET

SpaceX IPO Dominates Market Attention

SpaceX shattered IPO records with a $75 billion offering that instantly catapulted the company into the ranks of the world's largest public corporations, while shadow-market trading signaled a 35% first-day pop as retail investors dumped big-tech holdings to raise dry powder for the debut. The scale of the listing dwarfs Saudi Aramco's 2019 record by tens of billions of dollars, and Wall Street is bracing for spillover effects across equity markets as the Musk-led enterprise begins trading. Bank stocks hit all-time highs Thursday on combined optimism over the IPO and Middle East de-escalation, while futures wavered ahead of the open as traders digested the historic test of market appetite for a company that has never turned an annual profit.

Middle East De-escalation Drives Oil Lower, Bonds Higher

Oil prices plunged to three-month lows after President Trump called off planned strikes against Iran and signaled a peace deal could materialize within days, sending Brent and WTI below $90 a barrel and triggering a broad risk-on rally. European bonds surged on the crude slide while Treasuries advanced on improved inflation outlook as lower energy costs eased price-pressure fears. Gold rose 2% on the news but remained on track for a weekly loss, and the dollar pared gains but faced limited downside even if a U.S.-Iran accord is reached. The strategic Strait of Hormuz remains a flashpoint with over 500 ships still stranded, though Iraq accelerated loadings and Kuwait moved LPG cargoes through the chokepoint, while Suez Canal tanker traffic jumped nearly a third in April as shippers rerouted.

US Equities Navigate Extreme Rotations Amid Fed Uncertainty

Investors lost their reliable playbook as violent sector rotations upended the steady uptrend that had persisted since late March, leaving bulls without a clear signal. Economists pushed rate-cut expectations into mid-2027 in a Bloomberg survey, now seeing the Fed holding steady well into next year, while JPMorgan Asset Management flagged May CPI as a potential high-water mark that could keep policymakers on hold. The uncertainty fueled a bounce in stocks REF: