Good morning and welcome to Markets Desk, your midday read on what's moving markets and the broader economy.
The dollar is under pressure today, with the dollar index sliding to a two-and-a-quarter-month low as a string of weaker-than-expected economic data has traders walking back their bets on further Fed tightening. The probability of a rate hike next month has fallen meaningfully, and that shift in rate expectations is doing real damage to the greenback's near-term outlook.
Turning to the private markets, Shein has slashed its valuation again, now sitting nearly seventy-five percent below its two thousand twenty-two peak of one hundred billion dollars. What was once one of the most valuable startups on the planet is facing a dramatically reset investor reality, a cautionary tale about how quickly sentiment can unwind in the fast-fashion and consumer discretionary space.
And Elon Musk's net worth has climbed back to nine hundred billion dollars as a regulatory filing deadline forced dozens of institutional investors, including Harvard, to disclose their stakes in SpaceX. The disclosures confirm just how deeply embedded Musk's rocket firm has become across major institutional portfolios, adding further weight to its private market valuation.
That's the tape. Markets Desk, signing off the floor.
