MARKET WRAPS
STOCKS: Stocks finished mixed on Tuesday as a rotation out of the technology sector offset gains in other corners of the market ahead of the Federal Reserve's Wednesday statement.
TREASURYS: Treasury yields fell ahead of the Fed's policy decision.
FOREX: The U.S. dollar ticked down against rivals ahead of Fed Chair Kevin Warsh's debut policy statement.
COMMODITIES: Oil tumbled, with U.S.-traded crude futures plunging nearly 6% and settling below $80 a barrel for the first time since March. Traders anticipated a rapid reopening of the Strait of Hormuz.
HEADLINES
SpaceX's $60 Billion Deal to Buy Cursor Gives It More AI Coding Power
SpaceX said it would buy Cursor parent Anysphere for $60 billion, striking a massive deal for an autonomous coding agent that could help the company catch up with its AI rivals after its blockbuster IPO.
Cursor will receive $60 billion worth of SpaceX stock under the agreement, according to a filing released Tuesday.
The deal comes days after SpaceX's historic public offering Friday. SpaceX's market value is now nearing $3 trillion after its shares jumped 19% in their first day trading, another 20% Monday and over 10% Tuesday morning.
Yum Brands to Sell Pizza Hut for $2.7 Billion
New owners are set to move into Pizza Hut.
Yum Brands on Tuesday said it struck a $1.5 billion deal to sell the bulk of the pizza chain's global operations to private-equity firm LongRange Capital. Yum China Holdings agreed in a separate deal to acquire Pizza Hut's mainland China business for $1.2 billion.
The sales are the latest in a string of deals in the restaurant sector, which is struggling with declining sales and pressed consumers who have curbed their eating-out budgets. Yum, which has operated the 68-year-old Pizza Hut brand since the late 1990s, said it would focus on its better-growing Taco Bell and KFC brands.
EV Startup Rivian Lays Off Hundreds of Workers
Electric vehicle automaker Rivian laid off hundreds of employees Tuesday, a move to make the business profitable as it launches a key new model.
The cuts represent less than 2% of Rivian's workforce, a spokesperson said. The company had about 15,200 employees at the end of last year.
"We recently restructured a handful of teams within Rivian as we work to profitably scale our business," the company said.
Import-Price Inflation Remained Firm in May
Prices on U.S. energy imports rose at a slower rate last month as the global economy adjusted to the effects of the Iran conflict, but overall growth in import prices remained elevated, the Labor Department reported Tuesday.
Prices paid for fuel imports climbed by 12.5% in May, after rising by 18.6% in April. On nonpetroleum imports, prices grew by 0.8% last month, versus April's 0.6% increase.
That yielded an overall increase in import prices of 1.9%, versus April's 2%. Analysts polled by The Wall Street Journal were expecting a 1.1% rise.
Robinhood to Cut 10% of Workforce in Restructuring
Robinhood Markets said Tuesday it will slash 10% of its workforce, its first major layoff in three years, in a bid to keep the brokerage firm lean and "maximize its talent density."
The cutbacks will eliminate about 290 jobs. In a note to employees, Chief Executive Officer Vlad Tenev wrote Tuesday that Robinhood's business has never been stronger.
"It is the hardest consequence of committing uncompromisingly to our values of being 'lean & disciplined' and demanding 'high performance,'" Tenev wrote.
Olin, Huntsman to Combine in Stock Swap
Olin has agreed to acquire Huntsman in roughly $2.43 billion stock swap, creating a North American chemicals company that generated combined revenue of about $12.5 billion last year.
The companies on Tuesday said Olin will issue 0.5476 share for each share of Huntsman, resulting in Olin shareholders owning roughly 54.5% of the combined company and Huntsman investors owning about 45.5%.
Based on Olin's closing share price of $25.30, the deal values Huntsman at about $13.85 a share, nearly 13% below Monday's close of $15.89.
U.S. Housing Starts Fell Sharply in May
Housing starts fell sharply below expectations in May as home-building activity declined. Here are the main takeaways from the Commerce Department's report released Tuesday:
-Housing starts, a gauge of new residential construction, fell 15.4% in May to 1.177 million. Economists polled by The Wall Street Journal expected a reading of 1.43 million and for housing starts to fall 2.4% over the month.
-Starts were down 8.7% in May from the same month of 2025.
GM in Talks to Supply Weapons Parts to Lockheed Martin
General Motors is in talks with Lockheed Martin about making parts for the defense contractor's weapons, according to people familiar with the matter.
Under the arrangement, GM would manufacture commonly used parts that could help Lockheed bolster munitions production, the people said. The companies are discussing which components GM could potentially make.
Stocks of missiles and other critical weaponry have dropped because of the wars in Ukraine and Iran. To replenish supplies, Trump administration and Pentagon officials have pressed weapons makers to accelerate production, while seeking to enlist other manufacturers, including GM.
TALKING POINT Recruiting Experienced Financial Advisors Is Expensive. Now More Wealth Firms Are Investing in Training.
For independent wealth management firms, inorganic growth through acquisitions is a proven way to add advisor talent, which is much needed and in short supply. But as valuations soar, buying other firms is increasingly expensive. Luring experienced advisors from competitors is equally costly.
Consequently, RIAs are investing more in training programs, either internally or from third parties. According to a recent survey from Charles Schwab, over half of advisory firms now have a documented process for training and development.
"The growing emphasis we're seeing on professional development reflects a longer-term mind-set among firms, as AI and rapid change reshape the industry," says Lisa Salvi, managing director, business consulting and education at Schwab. "Investing in people is one of the clearest paths to sustained results."
Schwab itself has a year-long executive leadership program that helps next-generation advisors learn management, communication and entrepreneurship skills.
Trade groups also offer training: The Financial Planning Association has an "experiential" residency program for young advisors where they can learn new skills working with both peers and mentors, and the CFP Board sponsors internship and workforce development programs.
Other third-party programs for advisors include ClientWise, which offers online training in sales, leadership, compliance and relationship management and The Ensemble Practice's G2 Leadership Institute, which emphasizes team-based training to help younger advisors learn business development, personnel management, and strategic skills.
A harder choice for firms is whether to institute their own internal training program, which can be costly. Schwab found the median spend per professional staff member was $2,300. It's also time consuming, pulling senior advisors away from time with clients.
--Charles Paikert, Barron's
Expected Major Events for Wednesday
06:00/UK: May Producer Price Index
06:00/UK: May CPI
08:00/FRA: Jun IEA Oil Market Report
08:30/UK: Apr UK House Price Index
11:00/US: 06/12 MBA Weekly Mortgage Applications Survey
12:30/US: May Advance Monthly Sales for Retail & Food Services
12:30/CAN: May New Housing Price Index
14:00/US: ISM Semiannual Supply Chain Planning Forecast
14:00/US: Apr Manufacturing & Trade: Inventories & Sales
14:00/US: May Pending Home Sales Index
14:30/US: 06/12 EIA Weekly Petroleum Status Report
18:00/US: Federal Reserve economic projections
18:00/US: U.S. interest rate decision
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Expected Earnings for Wednesday
CarMax Inc $(KMX)$ is expected to report $0.91 for 1Q.
Jabil Inc $(JBL)$ is expected to report $2.57 for 3Q.
LiveOne Inc (LVO) is expected to report for 4Q.
Progressive Corp $(PGR)$ is expected to report.
Richtech Robotics Inc (RR) is expected to report $-0.06 for 2Q.
Smith & Wesson Brands Inc $(SWBI)$ is expected to report $0.23 for 4Q.
Strata Skin Sciences Inc (SSKN) is expected to report for 1Q.
VivoSim Labs Inc $(VIVS)$ 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 16, 2026 16:44 ET (20:44 GMT)
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