Welcome to Markets Desk, your midday read on what's moving markets and the stories behind them.
Elon Musk has slipped below the trillionaire threshold after SpaceX valuations pulled back, shaving roughly fifty billion dollars from his net worth. But Wedbush analyst Dan Ives is offering a counterweight, arguing Starlink remains the primary near-term profit engine for the rocket company and that the long-term thesis stays intact.
Shifting to the macro picture, American manufacturers extended their growth streak to six consecutive months in June, the longest run in four years. That's a notable signal of resilience, particularly given the headwinds — elevated tariffs, geopolitical tension with Iran, rising oil prices, and persistent inflation. The ISM data suggests the industrial base is absorbing pressure better than many had forecast.
On the currency desk, the dollar is grinding higher, up fractionally on the DXY index, supported by two distinct tailwinds. The eurozone's June inflation reading came in softer than expected, weighing on the euro, while the yen has fallen to a thirty-nine-year low against the dollar, reinforcing broad dollar demand as traders reassess the divergence in central bank trajectories.
That's the tape. Markets Desk, signing off the floor.
