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DAILY STACK
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Five stories ranked by Real-Life Impact
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Friday, June 12, 2026
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Today's Thesis: SpaceX starts trading today at a $1.75 trillion valuation with $250 billion in demand chasing $75 billion in shares, wholesale inflation beat estimates at 6.5% yesterday, the ECB just hiked rates for the first time since 2023, the Bank of Japan is expected to follow Monday, the Fed meets Wednesday, Iran closed parts of the Strait of Hormuz, and your 401(k) allocation, your mortgage rate, your gas price, and the cost of everything that ships through the Persian Gulf are all repricing in the same five-day window.
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Strange Elon Crates Spotted Near the Hoover Dam
And Adam O'Dell, the analyst who recommended Palantir before it became the top performer in the S&P 500, has the scoop…
He says they are part of a new "super startup" that has nothing to do with electric vehicles, space, social media, crypto, biotech, robots or AI…
But it could go down as Elon's greatest ever disruption…
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1
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Markets
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$1.75T · $250B demand · $100B retail · largest IPO ever
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SpaceX starts trading today — the biggest IPO in history hits the tape
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SpaceX priced last night at $135 a share, valuing the company at $1.75 trillion — the largest IPO in US history. More than $250 billion in investor demand chased $75 billion in shares, over three times oversubscribed, and retail investors alone submitted more than $100 billion in orders through Robinhood and SoFi. The debut arrives after the worst week for tech stocks since April 2025: the Nasdaq lost 2% Wednesday, Oracle fell 12% on heavy AI debt, and chip stocks had four selloffs in five sessions before bouncing Thursday. If SpaceX holds or rises, risk appetite is alive — if it fades, the market loses its last bullish anchor heading into the Fed on Wednesday. Senator Warren called on the SEC to delay the listing over concerns about the xAI acquisition, but the IPO went ahead.
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The other side: Intel jumped 10%, Applied Materials gained 8%, and the Nasdaq 100 recovered 0.8% on Thursday — meaning the chip trade bounced the day before SpaceX listed, and momentum may carry into the open.
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2
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Your wallet
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PPI +1.1% vs 0.7% est · 6.5% YoY · fastest since Nov 2022
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Wholesale prices beat estimates — and what factories pay today, you pay next month
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The May Producer Price Index rose 1.1% — well above the 0.7% Wall Street expected — putting the 12-month rate at 6.5%, the highest since November 2022. Nearly 80% of the gain came from a 2.8% jump in goods prices, led by energy. PPI measures what producers pay before they pass costs to you, and the gap between Wednesday's 4.2% CPI and Thursday's 6.5% PPI says the squeeze on your grocery and gas bills is still widening, not shrinking. The number also puts more pressure on Warsh heading into the FOMC on Wednesday — two hot inflation reads in two days is hard to ignore.
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The other side: Services PPI rose just 0.3% and core CPI came in below estimates on Wednesday — the hottest inflation is concentrated in energy, which would cool fast if a deal with Iran lands.
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3
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Travel
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WTI $92 · Hormuz restricted · World Cup started · ECB hiked
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Iran restricted Hormuz, oil is at $92, and the World Cup just started
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Iran announced restrictions on the Strait of Hormuz in response to US strikes on Thursday, pushing Brent crude above $94 and WTI to $92. Trump then threatened to seize Kharg Island — Iran's main oil export terminal — and take "total control" of its energy infrastructure. Add in the FIFA World Cup kicking off across the US this week, driving a surge in domestic travel demand, and summer airfares have two new upward pressures that weren't there a week ago.
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The other side: Trump also said he would "soon sign a deal with Iran" — the same day he threatened Kharg Island — and oil actually pulled back from its highs by the close, suggesting the market sees the threat as negotiating pressure, not operational intent.
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4
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Your job
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ECB hiked Thu · BOJ Mon · Fed Wed · 3 banks in 5 days
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Three central banks are tightening in the same week — that hasn't happened in years
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The ECB raised rates to 2.25% on Thursday — the first G7 hike since the Iran war started — the Bank of Japan is expected to lift rates to 1% on Monday, and the Fed meets Wednesday. When three major central banks tighten in five days, global borrowing costs rise fast, and companies that were hiring on cheap money slow down.
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The other side: The US added 172,000 jobs last week and JOLTS showed 7.6 million openings — the labor market is absorbing rate pressure better than anyone expected this deep into a war.
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5
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Your vote
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UMich 44.8 · near all-time lows · Day 104
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Consumer confidence is near record lows — and today's reading tells you how people feel about all of this
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The preliminary June University of Michigan Consumer Sentiment reading drops this morning, with the prior at 44.8 — near all-time lows — and the consensus at 46.0. This is the survey that asks regular people how they feel about gas prices, job prospects, and the economy — and on Day 104 of the Iran war, with CPI at 4.2% and PPI at 6.5%, the number is not going to be cheerful.
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The other side: The consensus expects a slight rebound from 44.8 to 46.0 — and if the SpaceX IPO pops and a deal with Iran moves forward over the weekend, the July read could look very different.
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Off The Stack
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Oracle fell 12% after revealing it will take on heavy debt to finance AI data centers despite flat sales. — A warning sign for AI spending limits, but one stock doesn't change the sector thesis yet.
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Gold traded near $4,000 and Bitcoin held at $62,700 as both tracked risk-off sentiment. — Safe-haven flows are elevated, but no new catalyst beyond the broader war and inflation backdrop.
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Senator Elizabeth Warren called on the SEC to delay the SpaceX IPO over xAI valuation and governance concerns. — The listing went ahead anyway; political friction, no regulatory action.
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Daily Stack · Five stories ranked by Real-Life Impact
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