Welcome to Markets Desk, here's what's moving the needle right now.
In the cattle pits, live cattle futures are pushing higher at midday, up between one dollar fifty and two dollars twelve, with feeder cattle outperforming even more sharply, gaining nearly five dollars across the front months. Cash trade last week settled in the low two-thirties, and buyers appear to be stepping back in as beef prices bounce at midday.
Shifting to private markets, Blue Owl Capital has emerged as a significant backer behind the Freedom Fuel Network, holding roughly a third of the properties in that star-spangled Philadelphia-area gas chain selling fuel at three dollars and forty-seven cents per gallon. The ownership structure is notably complex, with a scattered collection of businessmen involved, and untangling exactly who controls the venture has proven difficult for reporters and regulators alike.
And in the space economy, SpaceX has slipped further down the rankings of the world's largest private companies, now overtaken by Meta in terms of valuation. The company has shed more than one trillion dollars in market value since its post-IPO peak, a remarkable reversal for a firm that not long ago commanded extraordinary investor enthusiasm across both institutional and retail circles.
That's the tape. Markets Desk, signing off the floor.
