Weekly Markets Roundup: SpaceX's Record IPO Caps a Record-Chasing Week

The week in markets: June 7 to June 13, 2026. It was a week that began under the shadow of war and ended in celebration on the floor of the Nasdaq. A geopolitical scare that had shut the Strait of Hormuz gave way to peace talks that drained the oil premium, a hot inflation print buried any remaining hope of a Federal Reserve rate cut, and Wall Street still clawed its way back to record highs. The exclamation point came Friday, when SpaceX completed the largest initial public offering in history and minted Elon Musk as the world's first trillionaire. Crypto, battered for two weeks, found a tentative floor with the altcoins leading. Here are the biggest stories of the week and what they mean heading deeper into June.

Top Stock Stories of the Week

SpaceX Pulls Off the Biggest IPO Ever

The story of the week, and arguably the year, was SpaceX's stock-market debut. Trading under the ticker SPCX on the Nasdaq, the rocket and satellite giant raised roughly $75 billion by selling more than 555 million shares at a $135 offer price, the largest IPO in history, per NBC News. The stock opened around $150, briefly surged more than 30 percent to value the company above $2.25 trillion, and closed its first session up 19 percent at $160.95, settling on a roughly $1.77 trillion valuation, per CNBC. The proceeds and the pop made Musk the world's first trillionaire on paper. We unpacked the mechanics in our June 12 morning analysis and the broader debut in the day's evening review. The listing matters beyond the headline number: it reopens the mega-cap IPO window that had been frozen for years, and it hands public investors their first direct exposure to Starlink and the launch business.

Intel Soars on a Reported 3-Million-Chip Google Order

The biggest single-stock mover among the incumbents was Intel. Shares jumped more than 13 percent on the week after The Information reported that Alphabet's Google would lean on Intel to manufacture more than 3 million of its Tensor Processing Units (TPUs) by 2028, per Bloomberg. The order, if it firms up, is a landmark validation of Intel's foundry ambitions as it tries to chip away at TSMC's dominance in advanced manufacturing, especially with TSMC capacity strained. Not everyone is convinced, with JPMorgan calling the rumored win a storm in a teacup, but the tape voted decisively. We flagged the early move in our June 9 analysis, when Intel led the chip rebound that lifted the whole semiconductor complex off the prior Friday's lows.

The S&P 500 Grinds Back to Records

Despite opening the week under a geopolitical cloud, US equities finished at fresh highs. After a sharp Wednesday relief rally, the S&P 500 closed Friday at a record near 7,431.46, up about 0.50 percent, while the Dow Jones Industrial Average added 353.51 points, or 0.70 percent, to 51,202.26, and the Nasdaq Composite rose 0.31 percent to 25,888.84, per TheStreet. The small-cap Russell 2000 climbed 0.79 percent to 2,943.99. As our June 12 evening review noted, the advance was selective rather than euphoric, but the index still pressed into record territory on the combination of fading war risk and the SpaceX-fueled risk appetite. The week was a textbook reminder that markets climb walls of worry: an inflation shock and a war scare were both absorbed without derailing the uptrend.

Top Crypto Stories of the Week

Bitcoin Steadies, but ETF Outflows Persist

After two punishing weeks, bitcoin found a floor rather than a launchpad. BTC stabilized near $63,000, recovering off its lows as the SpaceX listing and easing Middle East tensions improved the broader risk mood, per MEXC News. The catch is that the institutional bid has not fully returned: US spot bitcoin ETFs still shed roughly $214 million in a single session, meaning price bounced even as the funds bled. That divergence between spot price and ETF flows is the key structural tell to watch, since a durable recovery typically needs the redemption wave to reverse. We tracked the deeper context in our June 9 note as the market tried to find its footing.

XRP Leads on Mastercard and a Ledger Upgrade

The standout among the majors was XRP, which rose about 2.4 percent to near $1.13 in its strongest session in over a week. The catalysts were fundamental: Ripple joined Mastercard's Agent Pay AI payments network, expanded its Bitso stablecoin partnership across Latin America, and lined up the XRP Ledger 3.2.0 upgrade for June 15, which is expected to cut server resource usage by up to 40 percent, per MEXC News. Flows reinforced the story: US spot XRP ETFs drew net inflows on a day bitcoin funds were still in outflow, per Analytics Insight. For a top-50 asset to attract capital while BTC bleeds is a notable rotation signal.

Solana Outperforms as Altcoins Lead the Bounce

The relief was broadest in the altcoins. Solana climbed about 2.8 percent to near $66.76, outpacing the large caps as traders rotated down the risk curve once the macro panic eased, per MEXC News. Ether, by contrast, was the laggard of the group, hovering near $1,650 and needing to reclaim $1,800 and then $2,000 to credibly rejoin the recovery. The dispersion across the top 50, with SOL and XRP firm while ETH and BTC lag, is classic early-stage bounce behavior: speculative capital tests the higher-beta names first. Whether it broadens depends on the same ETF flows still weighing on the majors.

M&A, Partnerships, Deals

Dealmaking ran hot beneath the headlines. Reports surfaced Friday that the Department of Justice is set to clear the Paramount-Warner Bros. Discovery merger, the cash deal that values WBD around $31 per share and reshapes the streaming and studio landscape, per TheStreet. In the index world, Rocket Lab will join the Nasdaq-100 effective June 22, a milestone that pushed the space launch stock higher and underscored how the SpaceX listing is lifting the entire space sector, per Rocket Lab. And the Intel-Google chip arrangement, while technically a supply agreement rather than an acquisition, was the most consequential corporate tie-up of the week for the AI hardware map.

Regulatory and Macro

The macro story was inflation and oil. The May Consumer Price Index rose 4.2 percent year over year and 0.5 percent on the month, the hottest annual pace in three years and the highest since April 2023, driven heavily by a 3.9 percent jump in energy prices tied to the Iran conflict, per CNBC. The print killed any lingering hope of near-term easing: markets now price roughly a 96 to 98 percent chance the Fed holds at 3.50 to 3.75 percent at its June meeting, while CME FedWatch shows about a 70 percent probability of at least one rate hike by year-end, per Benzinga. We previewed the print in our June 11 analysis. The offsetting force was oil: WTI drained its war premium from about $92 toward $83.80, with Brent near $86.45, on reports of a US-Iran framework that would reopen the Strait of Hormuz within 30 days, though Tehran is still pushing back on the draft text, per CNBC. Cheaper crude points to softer headline inflation ahead, which is exactly why gold steadied near $4,210 after touching a seven-month low.

Week Ahead: What to Watch

• US-Iran peace text (next few days): a signed framework reopening Hormuz would keep oil pressing the high $70s; a breakdown puts $90 back in play.
• XRP Ledger 3.2.0 upgrade (June 15): watch whether the efficiency upgrade and the Mastercard tie-up sustain XRP's outperformance.
• SPCX's second week: how SpaceX trades after the debut pop will set the tone for the reopening IPO pipeline and the broader space complex.
• Rocket Lab Nasdaq-100 entry (June 22): index inclusion brings forced passive buying; watch for pre-positioning into the rebalance.
• Crypto ETF flows: a reversal of the bitcoin and ether outflow streak is the signal needed to confirm the bounce has legs.