SpaceX is setting the stage for the largest initial public offering in capital markets history, with underwriters expecting that the private aerospace giant will debut on the Nasdaq around June 12 under the ticker symbol SPCX, targeting a valuation between $1.75 trillion and $2 trillion with rumours of it eventually merging with Tesla. The newly public financial data reveals that Starlink has become the company's primary economic engine, making $11.4 billion of the total $18.7 billion revenue recorded in 2025. However, the launch are not without critics, with intense scrutiny over a $4.28 billion net loss in Q1 2026, largely from heavy capital expenditures into space-based artificial intelligence infrastructure after its recent merger with xAI. Even though it's a mix of toxic and solid business, it's still attracting global funds to actively build cash reserves to secure allocations for what promises to be a historic market debut.
EQUITY
Wall Street cheered on all three main market index record closes after a strong market rally with solid gains in consumer-focused industries playing catch-up due to lower energy prices, which helped offset declines across energy and financial stocks. Micron Technology continues tracking higher after joining Samsung Electronics and SK Hynix in the $1 trillion market cap club, while PDD Holdings dropped 10.4% after missing earnings in an already highly competitive market.
GOLD
Spot gold fell to around $4,419 on Thursday, hitting a near two-month low and trading over 15% below its pre-conflict levels. Unresolved deadlocks over the Strait of Hormuz pushed fiscal policy risk toward a hawkish stance, which hurt zero-yield assets. As other precious metals mirrored gold's losses, the Hong Kong Futures Exchange introduced trading fee discounts and incentives to revitalise gold futures liquidity.
OIL
Brent prices rangedbound with high volatility, swinging 3%+ each way, now sitting at $95.6 per barrel on Thursday, with US-Iran peace negotiations staying vague. Prior optimism over fully reopening the Strait of Hormuz initially dragged prices down over 16%, but the market reversed as negotiations deadlocked over Tehran’s nuclear programme, frozen assets, and strategic shipping demands.
CURRENCY
The US dollar climbed toward seven-week highs with upcoming US PCE data queued for clues on the Federal Reserve's interest rate path. Driven by higher treasury yield, the dollar’s rise forced the Chinese yuan to ease and dragged down the euro, pound, and Australian dollar. Meanwhile, the Japanese yen slumped to 159.61, putting markets on high alert as it neared the critical 160 threshold that triggered central bank intervention last month.
