Welcome to Markets Desk, your midday read on what's moving money and markets.
The U.S. equity market is splitting at the seams. The artificial intelligence trade is under serious pressure, CNN's Fear and Greed index is deep in fear territory, and the ten-year Treasury yield just posted its largest single-day drop since Silicon Valley Bank collapsed. Investors are caught between two very different markets, and neither side feels comfortable right now.
Feeding that uncertainty, OpenAI has trimmed its fundraising valuation target to one point two five trillion dollars, walking back from the one point four trillion price tag it floated earlier this month. That downward revision matters. When the flagship name in AI is repricing itself lower, it signals that even the most enthusiastic capital in the room is starting to ask harder questions about what these businesses are actually worth.
And on the Musk front, fresh chatter about a potential SpaceX and Tesla combination is circulating again. SpaceX carries a private valuation above two trillion dollars while Tesla sits near one point five trillion. Wedbush analyst Dan Ives has long floated the possibility, and Musk himself has called the idea a good one. A deal of that scale would be unlike anything Wall Street has ever processed.
That's the tape. Markets Desk, signing off the floor.
