WS #9637

The dominant signal in this window is the SpaceX IPO, which opened on the Nasdaq at $150 per share (11% above the $135 IPO price), valuing the company at approximately $2 trillion and making Elon Musk the world's first trillionaire. The IPO was heavily oversubscribed (4x), with strong retail demand (UK retail investors placed $1 billion in orders) and institutional interest (70% allocated to long-only and sovereign wealth funds). However, a counter-signal emerged: CFRA initiated coverage with a Sell rating and a $115 price target, citing valuation concerns. Additionally, rival space stocks tumbled as investors rotated into SpaceX, and Tesla shares fell 2.1% as traders rebalanced exposure. The US-Iran deal narrative remains active, with AP reporting that the US and Iran are close to a deal to end their war, which has contributed to oil prices falling (Brent crude down ~3.7% to $87). A federal judge also indefinitely blocked Trump's $1.8 billion 'Anti-Weaponization Fund'. Elsewhere, Exxon Mobil is reportedly studying a potential takeover of Australia's Woodside Energy to expand LNG presence, and Nvidia hired a former Obama official to head government affairs.