Finance

Investor attention is heavily focused on the impending initial public offering of SpaceX, which is projected to reach a valuation of approximately $1.75 trillion. Market analysts suggest that recent selling in other technology sectors may reflect institutional efforts to reallocate capital toward this record-breaking offering.

Crude oil futures fell nearly 3% to 4% as prospects for a diplomatic agreement raised hopes for stabilized global oil flows. Simultaneously, the semiconductor sector saw a robust rebound, with the Philadelphia Semiconductor Index gaining over 8%, helping to lift broader market benchmarks.

Fresh Producer Price Index data showed a monthly rise of 1.1%, exceeding economist projections and signaling continued inflationary pressure. Consequently, market participants have largely abandoned expectations for rate cuts in 2026, with some pricing in a potential rate hike by the end of the year.