MARKET WRAPS
STOCKS: Stocks rose after SpaceX gained on its stock-market debut, having raised $75 billion in the largest initial public offering in history.
TREASURYS: Treasury yields rose as traders awaited confirmation of a peace deal in Iran.
FOREX: The U.S. dollar slipped as inflation fears eased.
COMMODITIES: Oil futures fell in anticipation of a peace deal between the U.S. and Iran, which could be signed over the weekend. Gold futures gained as interest-rate fears subsided.
HEADLINES
What the SpaceX IPO Means for the Stock Market
The SpaceX initial public offering didn't mean all that much to the stock market this past week-but it could mark the start of the countdown to the end of the bull market sometime in the year ahead.
SpaceX, which began trading on Friday, was the market's focus this past week. And how could it not be? It is the biggest IPO in history; it's building a business that seems based on a sci-fi novel; and it's led by a controversial CEO in Elon Musk, who attracts attention-good and bad-wherever he goes.
Before the offering, predictions abounded that SpaceX would be too big for the stock market to handle. Instead, it has looked like a nonevent. The S&P 500 was heading into the end of the week up 0.5%, while the Dow Jones Industrial Average had risen 0.8%, and the Nasdaq Composite had advanced 0.3%. The IPO came, it was digested, and it went.
Consumer Sentiment Improves Slightly in June but Remains Sluggish
Consumer sentiment improved to begin June, according to the University of Michigan's monthly survey, as a retreat in gasoline prices boosted Americans' economic spirits
The Michigan consumer-sentiment index bounced off its all-time low set in May to rise to 48.9 in the initial June reading, from 44.8 a month earlier. Economists polled by The Wall Street Journal had been expecting a reading of 46.
A final June figure will be published later this month, based on additional interviews.
BlackRock Private-Credit Fund Faces 13% Redemption Requests
Investors in BlackRock's flagship private-credit fund asked to redeem a collective 13.3% of the fund's shares in the second quarter, an increase from 9.3% in the previous period.
BlackRock will repurchase 5% of the shares, it said in a letter Friday, sticking with the previously stated threshold and cashing out shareholders on a prorated basis.
The higher requests are the latest evidence that the once-booming private-credit industry is still under investor pressure, following concerns about loan losses, fraud and exposure to software companies that are looking vulnerable to artificial intelligence. Earlier this month, Blackstone said investors in its fund, known as Bcred, asked to redeem 10% of their shares in the second quarter and Cliffwater said its investors requested to redeem 17% of the shares in its $31 billion fund.
Sleep Number Files for Bankruptcy, Plans to Combine With Sleep Country Canada
Mattress maker Sleep Number has filed for chapter 11 bankruptcy with a deal in hand to be acquired by Sleep Country Canada for $415 million.
Sleep Number said Sleep Country Canada, which was taken private in 2024 by Canadian insurance-focused conglomerate Fairfax Financial, has agreed to act as the stalking horse, or lead, bidder in a bankruptcy court-supervised sale process for the Minneapolis company.
Sleep Number said its stores will remain open and operating during their regular business hours and that its online channel is accepting new orders during the bankruptcy process, adding that it expects to secure up to $260 million of debtor-in-possession financing to support its business.
JBS to Close Beef Plant in Pennsylvania
JBS, the world's largest meatpacker, is preparing to close a beef-processing plant in Pennsylvania, the latest facility to close as a cattle shortage in the U.S. squeezes meatpacking companies.
The single-shift Souderton, Pa., plant employs about 1,700 people and can slaughter roughly 2,000 cattle a day. The facility, located just outside of Philadelphia, is one of JBS's smaller slaughter facilities. JBS is the largest beef processor in the U.S. by volume.
Meatpacking companies including JBS, Tyson Foods and Cargill are under tremendous financial pressure with the U.S. cattle herd at its lowest level since 1951. Meatpackers are losing around $300 per head of cattle that runs through their plant, according to analyst estimates, as livestock prices continue to rise. The cattle shortage has resulted in record-high beef prices for American consumers.
Flutter Entertainment to Delist From London, Trade Solely in New York
Flutter Entertainment plans to delist from the London Stock Exchange, leaving New York as its sole listing venue in a fresh blow to the U.K. market.
The online sports betting and gaming company said trading volumes and regulatory costs meant that delisting from the U.K. exchange was in the best interests of the company and shareholders.
The owner of FanDuel, PokerStars, and Paddy Power said July 31 would be its last day of trading on the LSE. The company said in May that it was undertaking a review of its U.K. listing after its first-quarter net profit fell to $218 million from $283 million the year before.
Adobe to Focus on 'Freemium' User Growth Over Short-Term Revenue Gains as CFO Exits
Adobe plans to focus on its "freemium" artificial-intelligence offerings in an effort to grow its user base at the expense of short-term annualized recurring revenue growth amid plans for its finance chief to step down.
Acquiring new customers through a frictionless onboarding process without immediate paywalls will be the best way to drive adoption of Adobe's AI products, Chief Executive Officer Shantanu Narayen said on an analyst call.
The company's second-quarter user numbers provide proof points for this shift, Narayen said. Acrobat and Express monthly active users grew to more than 850 million from 700 million year-over-year, while creative freemium monthly active users grew to more than 90 million from 50 million.
TALKING POINT Worried About a Tech-Stock Bubble? Here's Where You Can Take Cover
If you're worried about overconcentration and overvaluation in the U.S. stock market, Europe isn't just a place to vacation. It's a place to invest.
Dozens of readers have emailed me with their worries about being overexposed to U.S. stocks or to the artificial-intelligence boom, which they fear is a bubble. This week's initial public offering by SpaceX, and the pending IPOs of OpenAI and Anthropic, intensify that angst with stratospheric prices for innovation and potential growth.
Many of those readers have asked whether emerging markets offer a "safer" alternative.
The answer is no. In May, nearly 8% of the return of all the world's stock markets combined came from South Korea's SK Hynix, says Owen Lamont of Acadian Asset Management. South Korea and Taiwan, among other developing markets, are at least as exposed to the AI boom as the U.S.
Europe isn't.
In an S&P 500 index fund, 47% of your money sits in only two industries, technology and communications, with nearly 8% in Nvidia alone. U.S. stocks are valued at 41 times their long-term, inflation-adjusted earnings, nearing their all-time peak more than a quarter-century ago.
Despite a few exceptions like Denmark, European markets are much less concentrated than the U.S.
--Jason Zweig
Expected Major Events for Monday
04:30/JPN: Apr Tertiary Industry Index
04:30/JPN: Apr Revised Retail Sales
06:00/GER: May WPI
08:00/ITA: Apr Foreign Trade EU
10:00/FRA: 1Q OECD Quarterly National Accounts G20 GDP growth
12:15/CAN: May Housing Starts
12:30/CAN: Apr Monthly Survey of Manufacturing
12:30/CAN: Apr Wholesale trade
12:30/US: Jun Empire State Manufacturing Survey
13:15/US: May Industrial Production and Capacity Utilization
14:00/US: Jun NAHB Housing Market Index
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Monday
Aberdeen International Inc (AAB.T,AABVF) is expected to report for 1Q.
Canopy Growth Corp (CGC,WEED.T) is expected to report for 4Q.
Coda Octopus Group Inc (CODA) is expected to report for 2Q.
Comtech Telecommunications Corp $(CMTL)$ is expected to report $-0.54 for 3Q.
Dave & Buster's Entertainment Inc $(PLAY)$ is expected to report $0.60 for 1Q.
Domo Inc $(DOMO)$ is expected to report $-0.41 for 1Q.
Keyera Corp (KEY.T,KEYUF) is expected to report for Full year.
Lyra Therapeutics Inc $(LYRA)$ is expected to report for 1Q.
PowerFleet Inc $(AIOT)$ is expected to report $0.00 for 4Q.
Quantum Corp (QMCO) is expected to report for 4Q.
RF Industries Ltd (RFIL) is expected to report $0.02 for 2Q.
Sonoma Pharmaceuticals Inc $(SNOA)$ is expected to report for 4Q.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
June 12, 2026 16:41 ET (20:41 GMT)
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