Finance

Elon Musk officially became the world's first trillionaire as SpaceX debuted on the Nasdaq under the ticker SPCX. The rocket manufacturer opened at $150 per share and closed near $161, bringing its total market capitalization to approximately $2.1 trillion. The company now ranks as the sixth most valuable U.S.-listed entity following the largest-ever domestic IPO.

Brent crude prices dropped below $90 per barrel on June 12, marking a significant decline as traders reacted to news of potential peace discussions between the U.S. and Iran. Hopes for a diplomatic resolution to the conflict have eased supply concerns regarding the Strait of Hormuz, contributing to a 3.4% daily slide in oil. This energy price relief provided a broader lift to equity markets during the Friday session.

U.S. headline inflation accelerated to 4.2% in May 2026, the highest level recorded since early 2023. The surge was primarily driven by energy costs, which jumped over 23% year-over-year due to geopolitical tensions. While core inflation remained more stable at 2.9%, persistent price pressures have led analysts to anticipate that the Federal Reserve will maintain interest rates in the 3.50% to 3.75% range for the immediate future.