Finance

SpaceX completed the largest initial public offering in history, debuting on the Nasdaq at $150 per share after pricing at $135. The stock surged 19.2% in its first day of trading, indicating that investor appetite for major technology and AI-related growth stories remains robust despite broader market uncertainty. This successful listing has set a high bar for other highly anticipated tech IPOs, such as OpenAI and Anthropic, expected later this year.

The annual US inflation rate accelerated to 4.2% in May, the highest level since early 2023, largely driven by a significant jump in energy costs following conflicts in the Middle East. While headline consumer prices met expectations, core inflation rose to 2.9%, suggesting persistent underlying pressures. These figures, combined with steady labor market gains, are fueling expectations that the Federal Reserve may maintain or even raise interest rates under new Chairman Kevin Warsh.

The 10-year Treasury yield moderated to approximately 4.49% as market concerns over the Middle East conflict eased slightly on news of potential peace negotiations. Despite this weekly decline, yields remain elevated due to sticky core inflation and a resilient job market that has reported over 100,000 new hires for three consecutive months. Traders are now focusing on the upcoming Federal Reserve policy meeting for clarity on the central bank's rate trajectory.