Good afternoon and welcome to Markets Desk.
SpaceX took a brutal hit Monday, shedding roughly four hundred billion dollars in market value as shares tumbled more than sixteen percent. The culprit was a fresh surge in U.S. bond yields, which punished high-valuation growth names hard. The reversal came swiftly after the stock's debut rally, reminding investors that gravity still applies, even to rockets.
Shifting to energy, crude oil pulled back sharply, with July West Texas Intermediate settling down more than two percent. Progress in U.S.-Iran nuclear talks eased supply fears, and Treasury Secretary Scott Bessent authorized Iranian oil imports through at least August. When asked whether Iran would use oil profits to rebuild its military, President Trump offered only a hedged "we'll see," which tells you the deal remains fragile.
Meanwhile Micron is catching a bid after announcing a supply agreement with Anthropic, the AI company backed by Amazon. The partnership covers memory and storage, positioning Micron squarely inside the AI infrastructure buildout. With demand for high-bandwidth memory still running hot, this deal gives Micron's stock a credible catalyst heading into the back half of the year.
That's the tape. Markets Desk, signing off the floor.
