Finance

Elon Musk’s rocket venture, SpaceX, has lost approximately $600 billion in market value over three days, with its market capitalization threatening to fall below the $2 trillion mark. The selloff followed the announcement of a $20 billion bond sale intended to fund the expansion of its AI division, xAI. This sharp correction reflects investor skepticism toward massive capital expenditures in the AI sector despite the company's recent blockbuster IPO.

The U.S. Dollar Index reached its highest level since May 2025 as markets priced in a more hawkish trajectory from the Federal Reserve following its June meeting. Central bank officials have signaled a primary focus on combatting persistent inflation, which hit 4.2% in May, leading traders to anticipate at least one more rate hike before the end of 2026. While short-term Treasury yields retreated slightly from recent 16-month highs, long-term rate expectations remain elevated as forward guidance was largely removed from FOMC projections.

Cryptocurrencies faced significant downward pressure on June 23, 2026, as the broader technology selloff spilled over into digital assets. Bitcoin fell to a near two-week low around $62,000, while altcoins like Ethereum and Solana experienced even sharper declines of up to 6%. Despite the volatility, institutional demand remains a factor as major corporations continue to report ongoing Bitcoin acquisitions for their treasury reserves.