Finance

Space Exploration Technologies Corp. (SpaceX) saw its shares surge roughly 19% to finish at approximately $161 in its first day of trading on the Nasdaq. The offering, which raised $75 billion, instantly established the firm as one of the world's most valuable companies and a new bellwether for the aerospace and AI sectors.

Global energy benchmarks fell sharply as reports surfaced that a memorandum of understanding between the U.S. and Iran could reopen the Strait of Hormuz. Brent crude futures dropped 3.4% to settle around $87.33 a barrel, marking its lowest level since March, as traders adjusted to the possibility of increased global supply.

The 10-year Treasury yield finished the week at approximately 4.48%, falling from recent highs as declining oil prices provided relief from persistent inflation concerns. Despite the weekly drop, yields remain elevated compared to late 2025 as the market weighs a new Federal Reserve chair's potential hawkishness following a May inflation spike to 4.2%.