Finance

SpaceX shares plunged more than 10% on June 23, 2026, extending a multi-day losing streak that threatened to push its market valuation below $2 trillion for the first time since its IPO. The volatility coincides with the company's efforts to issue over $20 billion in investment-grade bonds. Despite the broader tech downturn, the rocket company is moving forward with one of its largest capital-raising efforts to date.

In the first meeting led by new Chair Kevin Warsh, the Federal Reserve maintained its benchmark interest rate between 3.5% and 3.75% while removing previous language that suggested a bias toward future cuts. Updated projections, or the 'dot plot,' indicate that a majority of officials now expect rates to remain between 3.6% and 4.1% through the end of 2026. This shift reflects ongoing concerns about persistent inflation and a resilient job market.

U.S. Treasury yields eased slightly on June 23, 2026, with the 10-year note falling to 4.48% and the 2-year yield dropping below 4.2%. Market participants are closely watching the progress of diplomatic talks between the U.S. and Iran, which aim to reach a final agreement within 60 days. A potential resolution could reduce the demand for safe-haven assets and has already contributed to a decline in Brent crude oil prices to approximately $77 per barrel.