Public Markets 8 Hours

Last updated: June 11, 2026, 2:31 PM ET

Space & Technology

SpaceX's initial public offering has drawn more than $70 billion in retail orders as the aerospace company prepares to test market appetite for its record-breaking debut. Despite the massive demand, sustainability-focused fund managers are blacklisting the stock over concerns about Elon Musk's concentrated control, with the company being deemed "simply too risky" for governance-mandated portfolios. Marathon Asset Management's Bruce Richards called the credit story a "biggest rising star of all time" even before shares trade, while BlackRock is targeting a $5 billion share purchase in the offering. The IPO has prompted retail traders to dump Big Tech positions to raise cash for SpaceX exposure, though skeptics question whether the company can justify its $1.77 trillion valuation given massive spending and losses.

Middle East Conflict & Energy Markets

The Iran conflict is driving oil flows through the Strait of Hormuz up by 50% this month, according to Vortexa data, as both nations vie for control of the critical waterway. Iran's crude production slumped 19% last month amid the U.S. blockade, while OPEC lowered its 2025 oil-demand forecast as the crisis disrupts supply chains. European buyers are set to receive rare Oman and UAE oil cargoes next month as China curbs purchases, providing a buffer against supply disruptions. The World Bank warned the war is slowing global growth and affecting two-thirds of economies worldwide, with energy prices fueling fresh inflation pressures. Gold sank to six-month lows as speculative investors exited positions amid the market turmoil.

Central Banks & Fixed Income

The European Central Bank raised interest rates for the first time since 2023, delivering a quarter-point hike as inflation pressures intensify from the Middle East conflict. Officials see another increase possible as soon as July, with the International Monetary Fund projecting more hikes ahead despite the recent move. In the U.S., Treasury prices rose on lower oil prices and mixed inflation readings, while Oracle bonds rallied after the company signaled disciplined funding. Japan's Prime Minister pledged 100% of oil imports will avoid Hormuz transit in July as she seeks to diversify supply routes amid regional tensions.

Artificial Intelligence & Markets

AI disruption fears are resurging in software stocks after a brief rally, with investors bracing for more pain as the sector faces valuation questions. Microsoft CEO Satya Nadella declared everyone a stakeholder in AI at a New York Times event, addressing backlash over President Trump's calls for American sharing in AI wealth. KKR launched a $10 billion AI infrastructure company with Nvidia and Vistra to serve as a coordination point for hyperscalers' data center needs. Jeff Bezos's Prometheus startup plans to build an "artificial general engineer", leveraging AI to improve manufacturing across devices from computers to jet engines.

Distressed Credit & Private Markets

Oaktree Capital sees distressed opportunities emerging as the "kick-the-can" era ends, with higher-for-longer rates pressuring over-leveraged companies facing maturity walls. Zambia's 39% local-debt rally gained momentum after the government successfully bought back costly dollar bonds. Abu Dhabi's ADIC is planning a $15 billion leveraged hedge fund bet, marking one of the emirate's largest alternative investments. Meanwhile, Base10 Partners boosted managed assets to $2.6 billion after closing two funds, becoming one of the largest Black-led venture capital firms.

Weather & Climate

Severe storms threaten millions across the Midwest and Northeast for a second consecutive day, with Chicago again in the bull's-eye of dangerous weather forecasts. NOAA issued an El Nino advisory that could worsen existing floods and heat waves while potentially reducing hurricane activity. The World Bank warned El Nino risks driving up global food prices, compounding problems for farmers already facing high fertilizer costs from the Iran war. Hazardous temperatures are forecast for many World Cup games, raising safety concerns for players and fans in host cities.