Good afternoon and welcome to Markets Desk, your midday read on what's moving money and markets.
The S&P five hundred snapped its winning streak Wednesday as the torrid rally that had carried equities through recent weeks finally ran out of steam. Investors appeared to take profits after a strong run, with the index erasing its gains from earlier in the week and putting a potentially historic stretch of consecutive advances in serious jeopardy.
Shifting to a story that could reshape private market history, SpaceX is targeting an IPO haul of up to eighty-six billion dollars, which would crush global records for a public offering. Elon Musk would retain more than eighty percent of voting power post-listing, meaning shareholders buy into the rocket company's future without gaining meaningful influence over its direction.
And staying with Musk, SpaceX has secured a tax exemption for its fifty-five billion dollar artificial intelligence chip facility in Texas, branded Terafab, despite fierce local opposition and the threat of legal action from county residents. Critics argue the exemption shifts the tax burden onto the broader community while delivering enormous public subsidy to one of the world's wealthiest companies.
That's the tape. Markets Desk, signing off the floor.
