Good morning, you're listening to Markets Desk.
SpaceX made its Wall Street debut in a big way, but investors aren't entirely sold. Executives addressed public markets for the first time since the IPO, arguing that aggressive AI spending will generate returns within a year. The pitch landed with skepticism — heavy capital outlays without near-term clarity tend to unnerve institutional money, and that tension was visible in the price action.
Shifting to geopolitics and energy markets, the White House says the Strait of Hormuz remains free and open, with Treasury Secretary Bessent signaling a nuclear deal with Iran is close. That combination matters enormously for crude flows — the strait handles roughly a fifth of global oil supply. A credible deal would add Iranian barrels to an already softening market and put downward pressure on prices.
Meanwhile, Asia tech is riding the coattails of Wall Street's record session, with SoftBank surging ten percent as AI optimism swept through regional markets. Microsoft's extraordinary twenty-four-point-six percent gain in July — built on strong earnings and forward guidance — is still lifting sentiment globally. When the largest names in American tech deliver, the ripple reaches Tokyo, Seoul, and beyond.
That's the tape. Markets Desk, signing off the floor.
