Markets bounced around a lot last week, but focus was mostly on the SpaceX IPO, the largest IPO ever which successfully priced on Thursday evening. The war between the US and Iran continues, oil and gold were lower, and bonds improved.

The pending IPO of Elon Musk-controlled SpaceX (symbol SPCX) is grabbing all of the headlines at the moment, and for good reason – it is not only expected to be the largest IPO ever, but also the largest company (by market cap) to ever do an IPO. The proposed offering is also unique in other ways. For starters, the IPO marketing process is unconventional. For example, the offer price per share – normally provided as a range once investor meetings are well underway – has al

US stocks lost ground and are performing poorly YtD, especially compared to stocks in the UK, Europe and Japan, all of which closed at record highs on Friday. US Treasuries suddenly have a safe haven bid, with the yield on the 10y finally dropping below 4%. Gold remains strongly bid, Bitcoin remains largely without a bid.

DeepSeek wrecks outlook for AI companies; Mag 7 companies MSFT, META, TSLA and AAPL report earnings; FOMC expected to hold rates

US stocks and gold hit more record highs. S&P 500 earnings mixed: banks strong, chip companies mixed, luxury struggles.

Chinese stimulus measures buoyed stocks globally, and US Treasuries were stable. Gold paused and oil fell. The Dollar was weaker.

Last week was brilliant for UST investors in duration, and horrible for investors in global equities. Culprits: Mag & and US economic data.

We have some US data coming that might matter today (CPI), but the FOMC will sit tight (also today). Discusses Apple's run and GameStop.