Public Markets 8 Hours

Last updated: June 12, 2026, 2:33 PM ET

Equity Markets

SpaceX shares jumped 11% in their historic $75 billion IPO debut, with retail demand exceeding $350 billion and pushing the stock toward a potential 35% pop according to shadow-market trading. The offering catapulted Elon Musk to become the world's first trillionaire, though some investors question whether the company merits its $1.77 trillion valuation. UK platforms reported unprecedented demand with two-fifths of applicants receiving fewer shares than requested, while rival space stocks tumbled in sympathy as investors crowded into Musk's offering. Options on SpaceX will begin trading Tuesday after Friday's main event.

Fixed Income & Credit

Former Western Asset Management CIO Ken Leech pleaded guilty to obstructing an SEC probe into his cherry-picking fraud scheme, just days before his trial was scheduled to begin. BlackRock's private credit fund faces mounting redemption pressure with 13% withdrawal requests, though the firm will honor less than 40% of requests for a second consecutive quarter. European credit investors have unwound $20 billion in wartime shorts as geopolitical tensions ease, while UK power prices turned negative for the first time since April amid renewable energy oversupply.

Energy & Commodities

Middle East fuel exports rebounded this month as more tankers navigated the Strait of Hormuz, easing supply constraints that had pressured global markets. India's inflation accelerated to 3.93% in May but stayed below the RBI's 4% target despite higher fuel costs from energy market disruptions. Natural gas futures held steady with milder weather offsetting recovering LNG feedgas flows, while Iran faces mounting strain from U.S. naval blockade pressures.

European Markets

European defense stocks retreated amid lower spending and political wrangling after the UK defense secretary's resignation highlighted fiscal constraints across the continent. The EU expanded its carbon border levy to nearly 400 metal products to prevent evasion, while ECB governing council member Peter Kazimir warned rates must rise further to combat spreading inflation. Volkswagen, Stellantis and Renault united to push for "Made in Europe" regulations to compete with Chinese automakers.

Technology & M&A

Vanguard ended BlackRock's 20-year reign atop the U.S. ETF market, marking a seismic shift in the $15.2 trillion industry. Palantir lost a legal challenge against a Swiss investigative magazine over reporting that Switzerland rejected its approaches, adding to controversy around the NHS data deal. Uber weighed Delivery Hero asset sales to smooth its full takeover strategy amid regulatory hurdles.

Crypto & Digital Assets

Bitcoin's rebound from below $60,000 has reignited bottom-calling activity among traders eyeing the confluence of AI hype and SpaceX's mega-IPO. Blockworks acquired crypto-data provider Messari at a steep discount, paying over $10 million for a company valued around $300 million in 2022. Tether's USDT stablecoin briefly surpassed Ether's value last weekend, providing a stark reality check for digital asset markets.