The run is over, for now. The S&P snapped a 9-day win streak (-0.74%), and the Dow fell 620 points (-1.21%). The cause was geopolitics. Iran fired missiles at Kuwait and Bahrain, and the US and Iran traded fresh strikes.
Oil moved back near $100 — WTI +2.41% to $96.02, Brent +1.89% to $97.81. Bond yields rose too. Higher oil plus higher yields is the mix that pressures both stocks and the rupee.
The AI trade got its first real test. After the close, Broadcom fell 13% on a revenue miss, and CrowdStrike fell 10% on weak guidance. One bad day doesn’t end a trend, but it’s the first check in weeks.
The big one: SpaceX IPO is priced. 555.6 million shares at $135 each, raising about $75 billion - the largest IPO by money raised ever, more than Aramco, Alibaba, and Facebook combined. It lists June 12, 8 days away.
For India: Oil near $100 and higher yields weigh on the rupee, so some caution is fair. The streak ending is healthy, not alarming. And the SpaceX price is now real. (IPO price may differ at listing.)