Good afternoon and welcome to Markets Desk.
SpaceX made its long-awaited public debut today, with shares surging seventeen percent out of the gate on the Nasdaq, pushing Elon Musk's rocket company to a valuation north of two trillion dollars. It is one of the most anticipated listings in years, and Goldman Sachs led the deal — a fact David Solomon leaned into directly in his annual letter to the bank's roughly two thousand five hundred summer interns, advising them they are entering what he called an innovation supercycle, with more mergers and acquisitions on the horizon and energy management as critical as deal flow.
Shifting to housing, Freddie Mac reported the benchmark thirty-year fixed mortgage rate climbed to six point five two percent this week, up from six point four eight, keeping borrowing costs near their highest level of the year. The move reflects persistent pressure in the bond market tied in part to geopolitical uncertainty, as the Iran situation continues to weigh on rates. Separately, the White House pushed back hard today against reports that a proposed peace framework would cede Iranian influence over the Strait of Hormuz, with both the President and Vice President publicly denying the characterization.
That's the tape. Markets Desk, signing off the floor.
