Public Markets 3 Hours

Last updated: June 11, 2026, 5:30 PM ET

IPO Markets

SpaceX has completed the largest IPO in history by pricing shares at $135 each and selling more than 555 million shares to raise approximately $75 billion, catapulting Elon Musk's rocket company onto the global stage as investors clamored for exposure to the aerospace and AI conglomerate. However, Chinese and Hong Kong investors are notably absent from the offering amid escalating U.S.-China tensions over technology access, with other firms like OpenAI potentially following suit in restricting participation from the region. The blockbuster debut reflects Musk's vindication of his 2004 Senate testimony that open competition would transform the space industry, as the company now joins the ranks of the world's largest public corporations.

Corporate Earnings

RH raised its fiscal year revenue outlook to a range of 4.5% to 8% growth, bumping up the lower end from 4% as the furniture retailer anticipates stronger demand for its luxury offerings. Meanwhile, Adobe lifted its full-year revenue forecast to between $26.5 billion and $26.6 billion while announcing CFO exit plans, signaling confidence in its software business despite leadership transition uncertainty. Both companies demonstrate resilience in navigating the current economic environment, with Adobe joining other tech names in boosting projections as chip stocks rebounded in morning trading.

Currency & Fixed Income

The dollar tumbled by the most in over a month as President Trump's declaration of progress toward ending the war with Iran eased safe-haven demand, while Trump's cancellation of planned Iran strikes further calmed markets and supported risk assets. The currency weakness provided a tailwind for dollar-denominated assets, though Victoria's Secret board re-election highlighted ongoing retail sector challenges as investors reelected all nine directors despite facing a proxy contest.

Geopolitical Risk & Energy

In a move that underscores ongoing sanctions enforcement, the Trump administration blocked a Florida-based Vanguard Energy deal to supply 250,000 barrels of fuel to Cuba, potentially exacerbating the island nation's energy crisis. The decision comes as market volatility subsides following Trump's diplomatic overtures, though the blocked Cuban fuel shipment demonstrates continued restrictions on energy trade with sanctioned nations despite the thaw in Iran tensions.

M&A Activity

Blackstone entered acquisition talks with Canada's H&R Real Estate Investment Trust, seeking to expand its North American property portfolio amid increased institutional investor appetite for real estate assets. The potential deal reflects broader private equity interest in infrastructure and property investments, as firms position themselves for post-election market dynamics and potential policy shifts affecting commercial real estate valuations.