Welcome to Markets Desk, your midday read on what's moving and why.
The Federal Reserve is back in focus, and not for comfortable reasons. With Kevin Warsh now installed as Fed chair following Jerome Powell's departure, rate hike probability is climbing fast. Markets are repricing the short end of the curve, and any shift toward tightening would hit rate-sensitive equities hard. Watch your duration exposure.
Pivoting to the IPO pipeline, SpaceX is reportedly targeting a public debut around June twelfth, and that date is drawing serious attention from institutional allocators. The play isn't just SpaceX itself — it's the ecosystem of suppliers and infrastructure names that stand to benefit from a liquidity event of this scale. Satellite, launch services, and aerospace adjacents are all getting a second look.
And on the semiconductor front, Cerebras made a dramatic entrance, surging sixty-eight percent on its first trading day. That kind of opening move forces a conversation about valuation discipline in the AI chip space. Nvidia has owned this narrative for two years, but Cerebras is now the name Wall Street is chasing, even as some analysts argue the fundamentals don't yet justify the enthusiasm.
That's the tape. Markets Desk, signing off the floor.
