Good morning, you're listening to Markets Desk.
SpaceX opened its first day of public trading at a valuation of two point one trillion dollars, making it one of the largest debuts in market history. The sheer scale puts it in rare company, and with Elon Musk's profile already dominating headlines, investors will be watching closely whether that premium holds or whether enthusiasm outruns fundamentals in the weeks ahead.
Shifting to geopolitics with direct commodity implications, President Trump said Saturday he expects to sign a memorandum of understanding with Iran on Sunday, a deal that could reopen the Strait of Hormuz and meaningfully ease oil supply concerns. Tehran, however, may resist handing Trump a diplomatic win on his eightieth birthday, and that timing tension could delay or complicate what would otherwise be a significant macro catalyst for energy markets.
Meanwhile, in the technology sector, a coalition of state attorneys general led by New York's Letitia James has subpoenaed OpenAI, launching a formal investigation into ChatGPT's impact on young users. OpenAI called the concerns serious and said it is committed to learning from the process, but regulatory scrutiny of this scale on a company at the center of the AI buildout is something equity investors in the sector simply cannot ignore.
That's the tape. Markets Desk, signing off the floor.
