Finance

Wall Street is closely monitoring the public market debut of SpaceX, which is trading under the ticker symbol SPCX. The aerospace giant set its offering price at $135 per share, resulting in a staggering initial valuation of approximately $1.77 trillion. This listing is one of the largest in history and is being viewed as a critical test for investor appetite for high-growth artificial intelligence and aerospace infrastructure.

Global crude prices fell sharply, with Brent crude dropping below $90 per barrel as immediate concerns over a regional conflict in the Middle East subsided. The potential for a deal to reopen the Strait of Hormuz has eased fears of a major supply shock that had previously driven energy costs higher. This decline in oil prices has provided a tailwind for fuel-sensitive industries like airlines and trucking while helping to moderate global inflation concerns.

The University of Michigan’s Consumer Sentiment Index rose to 48.9 in early June, surpassing analyst expectations and recovering from a record low of 44.8 in May. The improvement is largely attributed to the recent drop in gasoline prices, which has provided relief to household budgets. Despite the uptick, consumers remain cautious, with long-term inflation expectations still elevated and concerns about the cost of living persisting.