Welcome to Markets Desk, here's where things stand as we head into Friday's session.
SpaceX has made history on the Nasdaq, pricing the largest initial public offering ever recorded. Elon Musk rang the opening bell remotely from Starbase, Texas, as his rocket company completed a deal that redefines the scale of what a private market debut can look like. The implications for tech valuations and IPO appetite broadly are significant.
Turning to energy, the Strait of Hormuz remains closed, and crude is holding above ninety dollars a barrel as President Trump marks his eightieth birthday weekend hosting the World Cup's return to American soil for the first time in thirty-two years. The geopolitical pressure on oil supply is real, and until that shipping lane reopens, traders have little reason to price in relief.
In the commodities complex, cotton is extending Thursday's sharp rally into Friday morning, with front-month futures adding ten to twenty-eight points in early trade after gains of up to one hundred thirty-nine points the prior session. Cattle also finished Thursday firmly higher, with live futures posting gains of over a dollar across the board and cash bids reported at two hundred fifty-three in the South.
That's the tape. Markets Desk, signing off the floor.
