WS #9629

SpaceX's IPO is the dominant market event, with shares opening at $172 on Nasdaq, a 27% pop from the $135 IPO price, and indicating further upside to $174. The IPO drew over $250 billion in institutional orders, with total demand exceeding $350 billion, signaling massive investor appetite. However, a federal judge has issued a preliminary injunction halting the Trump administration's $1.8 billion 'anti-weaponization' fund, adding uncertainty to the geopolitical landscape. Meanwhile, the US-Iran ceasefire narrative remains confused: Trump called leaked terms 'fake news,' but Bloomberg reports Middle East fuel exports are rebounding as tankers slip through Hormuz, suggesting some de-escalation. Israeli defense minister's statement that Israel will not withdraw from security zones in Lebanon, Syria, and Gaza adds regional tension. On the macro front, a $19.6M bullish put block on SPY and a $47.2M neutral SPX call block indicate institutional positioning for upward movement with hedges. Bitcoin faces a bearish call from Bitwise for a potential 20% drop to $48,000. BlackRock's two private credit funds limited withdrawals after redemption requests surpassed 5% cap, a signal of stress in private credit markets. The Knicks' historic NBA Finals comeback resulted in retail traders taking $22M off market makers on Kalshi, a notable event for prediction markets. Space-related stocks are giving back recent gains as the sector corrects post-SpaceX IPO hype.