Welcome to Markets Desk, your midday read on what's moving markets and the stories behind the numbers.
Equities are riding a strong earnings season into the unofficial start of summer, with major benchmarks sitting at record highs. But traders shouldn't get too comfortable. Analysts are flagging a handful of risks ahead — from Federal Reserve policy uncertainty to geopolitical friction — that could make for a rougher ride before Labor Day.
Shifting to the AI trade, Palantir remains one of the fastest-growing names in enterprise and government software. Its high customer retention and genuine pricing power make it a compelling story, but the valuation debate is real. Investors are asking whether the growth rate justifies what remains a premium multiple in a market that's already priced in a lot of optimism.
And keeping an eye on the frontier economy, SpaceX's Starship program is drawing fresh attention as the company edges closer to what could be the largest IPO in history. An early investor is making the case that Starship's fully reusable design and hundred-metric-ton payload capacity don't just cut launch costs — they open entirely new commercial markets that haven't existed before, from deep space logistics to point-to-point cargo on Earth.
That's the tape. Markets Desk, signing off the floor.
