Good evening and welcome to Markets Desk, your closing bell rundown on the stories moving money right now.
SpaceX has priced what is now the largest initial public offering in history, selling five hundred fifty-five point six million shares at one hundred thirty-five dollars apiece, raising seventy-five billion dollars ahead of its Nasdaq debut. The deal is so dominant that SpaceX squeezed its underwriters down to a gross spread of just three-quarters of one percent, tying the lowest fee on record for a conventional IPO, leaving banks like Goldman Sachs scrambling to find other ways to profit from the relationship.
Meanwhile, Bank of America's warning from earlier this month is looking prescient. Strategist Savita Subramanian told clients to take profits on June fifth, flagging seven of the firm's ten bear-market signposts as already triggered. The Nasdaq subsequently dropped seven percent, and BofA still sees the S-and-P five hundred finishing the year below current levels at seven thousand one hundred.
On the macro side, the dollar slipped from a two-month high after President Trump announced he had called off planned strikes against Iran. Stocks rallied on the news, crude oil pulled back sharply, and the dollar index finished the session down fractionally, as geopolitical risk premium drained out of the market in real time.
That's the tape. Markets Desk, signing off the floor.
