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SpaceX's blockbuster IPO on the Nasdaq has made Elon Musk the world's first trillionaire, with shares closing up 19% on the first day. The aerospace company raised a record $75 billion in its IPO and now carries a market valuation of $2.1 trillion, making it the sixth-largest US company. Markets are also riding high on news of the US-Iran peace deal.
Global oil prices retreated below $90 a barrel and stock markets rallied Friday after President Trump called off further strikes on Iran and announced a peace deal could be signed as soon as this weekend. Brent crude fell more than 1% to about $89, while Asian and Wall Street markets surged on hopes of an end to the US-Iran conflict. The Strait of Hormuz disruption had kept oil elevated for months.
SpaceX shares surged 19% on their first day of trading on the Nasdaq, pushing the company's market capitalization past $2 trillion and making founder Elon Musk the world's first trillionaire. The company raised $75 billion in its initial public offering, breaking Saudi Aramco's 2019 record for the largest IPO of all time. The stock listing has forced a rethink of Wall Street's tech stock moniker, with analysts now coining 'MANGOS' (Microsoft, Apple, Nvidia, Google, OpenAI/Meta, SpaceX) as the new acronym replacing FAANG.
The Consumer Price Index rose to 4.2% in May 2026, the highest level in three years, driven largely by a 3.9% monthly jump in energy costs amid disruptions from the Iran conflict. The reading has upended market expectations, with CME FedWatch data now showing a 43% probability of a rate hike by December and 2026 rate cuts all but priced out. The OECD reports year-on-year inflation across developed economies hit 4.4% in April, signaling global price pressures.
SpaceX's upcoming initial public offering has drawn more than $70 billion in retail orders, Bloomberg News reported, as investor frenzy builds around what could be the largest US IPO in history. BlackRock seeks to buy at least $5 billion in shares, while crypto exchanges launch pre-IPO derivatives. Separately, US wholesale inflation rose to 6.4% amid Iran-driven oil price increases, and US weekly jobless claims increased marginally. The developments highlight a market torn between AI-driven optimism and geopolitical risks.
US consumer inflation hit 4.2% in May, the fastest pace in three years, driven by a 23.5% surge in energy prices from the Iran war. The Consumer Price Index rose 0.5% month-over-month, with gasoline prices jumping 40.5% year-over-year. Real average hourly earnings fell 0.7%, squeezing household budgets. Amazon secured a $17.5 billion loan facility to fund AI infrastructure spending, while traders kept bets on a Fed rate hike by October. The Bank of Canada held rates steady, noting few signs of broad-based energy price spillover.
Demand for SpaceX's upcoming initial public offering is approaching four times oversubscribed, according to a source familiar with the matter, as Elon Musk prepares for what could be the largest tech IPO in history. Meanwhile, US exports rose in April as the Strait of Hormuz closure buoyed demand for American oil. Billionaires' wealth is increasing faster than ever, and the EU ordered Meta to open WhatsApp to rival AI chatbots.
Apple unveiled a major overhaul of Siri powered by Google Gemini at WWDC 2026, turning the voice assistant into an AI companion. The announcement came as Wall Street rebounded from Friday's selloff, led by tech and chipmaker stocks. Apple's new Siri can access device data, perform complex multi-step tasks, and display text card results.
The US labor market added 172,000 jobs in May, beating expectations and showing resilience despite trade tensions and inflation concerns. The unemployment rate held steady, but wage growth still lags behind inflation. The strong report reduces the chance of a Federal Reserve rate cut in the near term.
Billionaire investor Ray Dalio warned that the AI-driven stock market rally represents a bubble that will burst when investors need to sell holdings to raise cash for taxes, debt payments, or redemptions. Dalio said the bubble is not about technology failing but about the conversion of paper wealth into money, and noted that AI company profitability remains unproven.