The Week That Was, The Week Ahead: Macro and Markets, June 21
Stocks ended the week higher as investors rotated back into risk assets, with technology leading the gains. The Dow Jones Industrial Average rose 0.14% to 51,564.70 and the S&P 500 climbed 1.08% to 7,500.58. The Nasdaq increased 2.48% to 30,406.19 as growth stocks attracted renewed demand. In rates, the 10-year U.S. government bond yield was 4.455%, down 0.008 percentage points. Oil rose 1.23% to $77.54, while gold fell 1.72% to $4,172.90; bitcoin gained 0.46% to $64,139.86.
The week’s dominant theme was SpaceX’s public debut, with the company raising $85.7 billion and valuing it above $2 trillion. The IPO also coincided with a reported agreement for SpaceX to acquire AI startup Cursor for $60 billion. Other tech-linked moves included Nvidia’s plan to issue at least $20 billion in investment-grade bonds and Micron reporting gross margins above 68%. In deals, Fox agreed to buy Roku for $22 billion and Yum! Brands sold Pizza Hut for $2.7 billion. The Federal Reserve held rates at 3.50%–3.75% under Chair Kevin Warsh, keeping the door open to further hikes if inflation stays sticky.
