Good morning, you're tuned into Markets Desk.
Wall Street's biggest banks are sitting on a landmark payday following the SpaceX IPO, which is widely expected to have generated the highest underwriting fees on record. That kind of deal flow is a direct tailwind for bank stocks, reinforcing the investment banking recovery narrative that has been building through the first half of this year.
Shifting to equities, T. Rowe Price fund manager David Giroux is making a pointed call — dropping Tesla from his version of the Magnificent Seven and replacing it with a larger, more stable tech name. Giroux argues Big Tech broadly isn't in bubble territory, but he sees better risk-adjusted value in healthcare and utilities, a rotation worth watching closely.
Meanwhile, Robinhood is cutting roughly ten percent of its workforce, framing the move as a commitment to what it calls high performance culture. The market isn't punishing the stock — quite the opposite. Shares were already on a four-session winning streak heading into the announcement, suggesting investors read the cost discipline as a positive signal on margins and operational focus.
That's the tape. Markets Desk, signing off the floor.
