what to watch for
Whether SpaceX’s losing streak persists on Tuesday. Shares of Elon Musk’s rocket maker stumbled another 2.6% in early trading after plunging by more than 16.4% on Monday, as a three-day decline for the stock all but wiped out its post-IPO gains. Another selloff for SpaceX could lower its shares below the debut trading price of $150, and Swissquote analyst Ipek Ozkardeskaya told Reuters the company’s decision to open bond trading may have revived concerns that tech companies may be spending too much on AI infrastructure.
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key background
Investors appear to have grown increasingly worried that memory chip supply could outpace demand amid a surge in spending for AI infrastructure. Chip makers like Micron, Samsung and SK Hynix have ramped up production to meet the soaring demand from AI data centers. The global market has also been weighed down by rising oil prices during the war in Iran, which has driven up consumer prices and inflation in the U.S. to a three-year high.
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further reading
ForbesFed Holds Interest Rates Unchanged In Kevin Warsh’s First Meeting—But Higher Rates Are ExpectedBy Ty Roush