Finance

Following the largest initial public offering in history, SpaceX shares continued their rapid ascent, rising nearly 20% in a single session to reach approximately $193 per share. The company's market capitalization is now on track to overtake Amazon, potentially making it the world's fifth-largest company as it expands into enterprise AI through multi-billion dollar acquisitions.

Investors have shifted their focus to the Federal Reserve's June policy meeting, the first led by new Chair Kevin Warsh. While rates are widely expected to remain unchanged, officials are navigating a complex environment where May inflation hit a three-year high of 4.2% despite the cooling effects of the recent energy price retreat.

Large-cap growth stocks dominated recent trading, with the Nasdaq Composite jumping over 3% driven by a massive rally in semiconductors. Key industry players like Micron saw double-digit percentage gains following brokerage upgrades, and the Philadelphia SE Semiconductor index reached a record high as investors rotated back into AI-linked names.