Finance

SpaceX shares surged nearly 5% to end at $201.80, bringing the company's market capitalization to $2.66 trillion and allowing it to overtake Amazon as the world's third most valuable company. The stock has now risen approximately 50% from its recent initial offering price, briefly challenging Microsoft for the second-largest valuation earlier in the trading session.

U.S. Treasury yields fell as the Federal Reserve commenced its two-day policy meeting, the first chaired by Kevin Warsh since succeeding Jerome Powell. The 10-year yield slipped to approximately 4.43%, while the 2-year yield settled near 4.05% amid expectations that the central bank will maintain interest rates between 3.5% and 3.75%.

Brent crude futures dropped below $80 per barrel for the first time since early March following a preliminary agreement between the U.S. and Iran to reopen the Strait of Hormuz. The potential end to the maritime blockade sparked a major sell-off in energy commodities, with West Texas Intermediate falling more than 4% to around $76 per barrel.