Good morning, you're tuned in to Markets Desk.
The Federal Reserve is holding rates steady, but elevated inflation is keeping policymakers in a restrictive posture, signaling no relief is imminent for borrowers. Despite that headwind, consumer-facing names like Costco continue to demonstrate that strong fundamentals can outrun monetary policy uncertainty in the near term.
Shifting to energy markets, the Strait of Hormuz remains a flashpoint between competing narratives. Iran claimed to have closed the waterway, but satellite tracking showed three laden supertankers carrying a combined six million barrels moving through the strait over the weekend. Washington and Tehran are telling very different stories, and traders are watching every signal.
And in a development reshaping how investors think about private technology, SpaceX completed what is being called the largest initial public offering in history. The deal exposed just how deep institutional demand runs for high-conviction technology leaders when they finally reach public markets, and it is already recalibrating expectations around eventual offerings from Anthropic and OpenAI.
That's the tape. Markets Desk, signing off the floor.
