Welcome to Markets Desk, here's what's moving the needle this Saturday.
SpaceX has officially landed on Wall Street, and the numbers are staggering. The company debuted with shares surging nearly nineteen percent, pushing its valuation to two point one trillion dollars. That puts it ahead of ExxonMobil, Bank of America, and Coca-Cola combined. If that market cap holds, passive index funds will have no choice but to absorb it, meaning your four-oh-one-k likely gets exposure whether you want it or not.
On the political and legal front, President Trump announced he will name one of his personal attorneys to lead the Southern District of New York, one of the most consequential prosecutorial offices in the country. The SDNY handles terrorism, espionage, and high-stakes securities cases. The move raises immediate questions about independence at an office that has historically operated at arm's length from the White House.
And zooming out to the geopolitical picture, Canadian Prime Minister Mark Carney is accelerating his pivot away from Washington, meeting with Irish leadership ahead of the G-seven summit and declaring that a new world order begins with Europe. Carney noted that Canada and the European Union represent a combined population more than double that of the United States, a pointed signal to markets watching transatlantic trade dynamics closely.
That's the tape. Markets Desk, signing off the floor.
