Finance

Following the largest initial public offering in market history, SpaceX shares continued to rise on their second day of trading. The company's market entry has been so significant that it prompted the launch of the first single-stock leveraged ETF dedicated to providing 2x daily exposure to its performance.

Crude oil benchmarks West Texas Intermediate and Brent plummeted as much as 5% after reports indicated the Strait of Hormuz would reopen following a scheduled peace treaty signing. This sudden drop in energy costs has significantly altered inflation expectations, as the reopening of the vital shipping route is expected to normalize global oil supply chains.

The potential for lower energy prices led investors to pare back bets on aggressive interest rate hikes from the Federal Reserve. U.S. Treasury yields declined across the curve on Monday, with the 10-year note falling to its lowest level since May as markets recalculated the impact of lower geopolitical risk premiums on future inflation.