Finance

In the first meeting chaired by Kevin Warsh, the Federal Open Market Committee held interest rates steady at 3.50% to 3.75%. However, officials raised their median year-end rate projection to 3.8% and increased 2026 inflation forecasts to 3.6%, signaling a more aggressive stance toward price stability than previously anticipated.

Space Exploration Technologies Corp (SpaceX) successfully completed its initial public offering, raising approximately $75 billion. Shares surged nearly 19% above their offer price in early trading, pushing the company's market capitalization over $2 trillion and securing its immediate inclusion in major global benchmarks.

The technology sector continues to dominate market performance, with Nvidia rising to become the largest company in the Russell 1000 index. While hardware and chip equipment stocks have seen massive year-to-date gains, recent trading sessions showed a rotation into software services as companies integrate Nvidia-powered AI agents into their workflows.