Finance

SpaceX shares tumbled 16% to close at $155, marking the lowest price since its massive initial public offering earlier this month. The decline followed the announcement of a $20 billion bond offering and represents the third consecutive day of losses for the space transportation company.

Yields on U.S. government debt moved higher as markets anticipated a potential interest rate hike later this year under new Fed Chair Kevin Warsh. The 10-year Treasury yield rose to approximately 4.51%, while the policy-sensitive 2-year yield climbed above 4.2% as investors prepared for upcoming inflation data.

Oil prices retreated by roughly 3% today following reports that the United States and Iran have agreed on a roadmap for peace negotiations. This geopolitical development provided a boost to industrial stocks like Caterpillar and airlines, even as it weighed on major energy sector heavyweights.