Welcome to Markets Desk, your midday read on what's moving markets and the broader economy.
Global equities are under pressure after the Federal Reserve reset rate expectations, with Bank of America warning of three hikes this year. SpaceX saw roughly four hundred billion dollars wiped from its market cap in the selloff, a brutal debut reminder that even the most anticipated listings carry real valuation risk when macro conditions shift beneath them.
Pivoting to tech, Oracle's latest filing reveals the enterprise giant shed twenty-one thousand positions over the past twelve months, with restructuring costs surging nearly four hundred percent to one point five billion dollars year over year. The company itself acknowledged that AI adoption across its operations has driven, and may continue to drive, workforce reductions as it reallocates capital toward data infrastructure buildout.
And in pharma, Sanofi cleared a meaningful regulatory hurdle after the European Commission approved Cenrifki, known generically as tolebrutinib, as the first therapy in the European Union specifically designed to slow disability progression in adults with secondary progressive multiple sclerosis who are not experiencing active relapses. That approval targets a patient population with historically very limited treatment options, and it strengthens Sanofi's neurology pipeline considerably.
That's the tape. Markets Desk, signing off the floor.
