Finance

Following its recent high-profile initial public offering, SpaceX shares plummeted 16% to reach their lowest levels since listing. The sharp decline coincides with reports that the company is preparing for a massive $20 billion investment-grade bond sale to fund its ambitious artificial intelligence initiatives.

Oil prices retreated by over 3% as optimism grew regarding a potential peace deal to end the conflict between the U.S. and Iran. The U.S. Treasury's decision to grant a 60-day license for Iranian oil sales eased global supply concerns, bringing benchmark Brent crude below the $78 mark.

U.S. Treasury yields remained elevated as traders adjusted expectations for a more aggressive Federal Reserve policy. The 10-year yield held near 4.5% while the policy-sensitive 2-year yield reached its highest level since early 2025, driven by fears that persistent inflation will trigger multiple rate hikes later this year.