WS #9445

The dominant signal in this window is the SpaceX IPO demand surge, with Reuters reporting the IPO is approaching four times oversubscribed and a $1.5 billion dollar buying demand related to the IPO cleared in South Korea, which caused the Korean won to strengthen. This is a high-significance development that could drive risk-on sentiment and benefit SpaceX-related tickers (TSLA, as Musk-linked) and broader tech. Separately, the US-Iran conflict continues to escalate with Iran releasing footage of missile launches targeting US assets in Jordan, including F-35 hangars at Al-Azraq airbase. This corroborates the previous escalation narrative and keeps oil prices elevated, benefiting energy stocks while pressuring airlines and consumer stocks. The Nasdaq tumbled 250 points with the Fear & Greed Index in 'Fear' zone at 33.5, indicating broad risk-off sentiment. However, the SpaceX IPO demand acts as a counter-signal to the bearish macro, potentially supporting tech and risk assets. Japan's May PPI jumped 6.3% to over a 3-year high, beating forecasts, adding to global inflation concerns and reinforcing the 'higher-for-longer' rate narrative. Meta is teaming up with Mukesh Ambani's Reliance to expand AI infrastructure in India, a bullish signal for META and Indian tech. OpenAI is eyeing a massive $500B Ohio data center campus leased with Nvidia backing, which is bullish for NVDA and AI infrastructure plays. The narrative arc for the US-Iran conflict is ESCALATING, while the SpaceX IPO demand is a new bullish catalyst that could offset some bearish pressure.