To The Moon

01 Stock Market

The U.S. major indexes closed as follows: Dow Jones declined 1.35% at 50,866.78; S&P 500 fell 2.64% at 7,383.74; NASDAQ dropped 4.18% at 25,709.43. A swift rotation out of technology and other growth favorites weighed on all three benchmarks, with the tech-heavy NASDAQ suffering its sharpest single-day retreat since mid-April.

Semiconductor-linked names dominated the session’s unusual moves. Leveraged fund SOXL fell 30.51% at $182.54 amid a broad chip sell-off, while its bearish counterpart SOXS jumped 31.54% at $6.84. Key suppliers slumped: Micron down 13.25% at $864.01; Marvell Technology down 16.74% at $263.47; Intel down 11.28% at $99.17; Advanced Micro Devices down 10.86% at $466.38; and Broadcom down 7.92% at $385.73. Market bellwethers also retreated, including NVIDIA down 6.20% at $205.10, Tesla down 6.56% at $391.00, Apple down 1.25% at $307.34, and Meta Platforms down 5.51% at $593.00. Inverse tech vehicle SQQQ rallied 14.38% at $43.19 as traders sought downside protection.

Pressure mounted as rising Treasury yields and hawkish rate expectations compounded sector-specific headwinds. Profit-taking in crowded AI and memory-chip trades, plus fresh supply from secondary offerings, accelerated late-day selling. Despite the rout, defensive and value-oriented pockets such as energy and utilities provided partial ballast, helping the Dow outperform its growth-heavy peers.

02 Other Markets

U.S. 10-year Treasury yield rose by 1.32%, latest at 4.54%.

USD/CNH rose 0.04%, at 6.83; USD/HKD fell 0.00%, at 7.83.

U.S. Dollar Index rose 0.65%, at 100.07.

WTI crude futures fell 3.00%, at 90.25 USD/bbl; COMEX gold futures fell 3.35%, at 4,353.90 USD/oz.

03 Top News

1. SpaceX pitches record-setting IPO targeting a roughly $1.8 trillion valuation. Elon Musk told prospective investors that the company plans to deploy about 100,000 Starlink satellites and build space-based AI data centers to power future growth. Bankers’ materials suggest revenue could reach trillions over the next two decades.

2. Apple readies a revamped artificial-intelligence push for its upcoming developer conference. Media reports say the firm will unveil an upgraded Siri and new on-device AI features across iPhone, iPad, Mac, Watch and Vision Pro software. The focus will be on performance, battery life and reliability, with investors watching for clues on long-term AI monetisation.

3. JPMorgan upgrades Tesla to neutral, citing unrivaled vertical integration. Analysts argue the company’s tight control over hardware and software positions it to scale efficiently as EV and autonomous initiatives expand. The change removes a longstanding “underperform” view ahead of mid-year delivery updates.

4. Berenberg downgrades CrowdStrike to hold on valuation concerns. The broker says the cybersecurity leader’s recent results were strong but left little room for upside after a rapid share-price ascent. Management’s solid execution keeps the long-term story intact, yet near-term risk-reward now appears balanced.

5. Keel Infrastructure prices an upsized $400 million convertible note offering due 2032. Proceeds will fund capped-call transactions and bolster liquidity, but the prospect of future dilution weighed on the share price in post-announcement trading.

6. ServiceTitan lifts fiscal-2027 revenue and profit forecasts, sending shares up double digits. The software provider for tradespeople now sees sales as high as $1.14 billion and operating income up to $147 million, topping prior guidance and analyst estimates. Management cited robust demand from plumbing and HVAC contractors.

7. U.S. nonfarm payrolls increased by 172,000, keeping unemployment at 4.3%. The stronger-than-expected hiring pace suggests resilient economic momentum despite higher borrowing costs. Economists note that “slow-hire, slow-fire” dynamics persist as firms limit both layoffs and new additions.

8. Rate-futures traders now assign a 65% probability of a Federal Reserve hike by year-end. The shift from below-50% odds before the jobs release underscores mounting expectations that policymakers may tighten again if inflationary pressures endure.

9. Innio Holding’s NYSE debut raises $2.73 billion and closes up over 23%. The German energy-equipment maker targets booming demand for natural-gas-powered generators at AI data centers. Its upsized share float and profitable track record drew strong investor interest, outshining quantum-computing peer Quantinuum’s launch.

10. A U.S. House committee drafts legislation to overhaul digital-asset taxation. The proposal would set clear rules for taxing mined or staked tokens and extends wash-sale restrictions to crypto, aiming to reduce compliance uncertainty and bring virtual currencies closer to traditional securities treatment.