Economy

SpaceX, Elon Musk's rocket and satellite company, announced on Wednesday it plans to raise approximately $75 billion in an initial public offering, valuing the company at $1.765 trillion. The offering of 555.6 million shares at $135 each would surpass Saudi Aramco's record $25.6 billion IPO in 2019.

The U.S. Senate has confirmed Kevin Warsh to serve a four-year term as the next chair of the Federal Reserve Board of Governors.

Jerome Powell concludes his final press conference as Chair of the Federal Reserve.

President Donald Trump stated that a US naval blockade against Iran could persist for months, an announcement that triggered a surge in oil prices to their highest level in over four years.

Spirit Airlines has initiated an orderly wind-down of its operations, resulting in the cancellation of all flights. The company has advised passengers to refrain from traveling to airports.

The United Arab Emirates has announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC).

US credit card stress has reached its worst level since the 2008 financial crisis, with outstanding balances surging to $1.3 trillion and average interest rates hitting 22%.

Gold has replaced US Treasuries as the world's top reserve asset, according to the European Central Bank.

Iran war puts RBI in razor-edge policy bind over inflation, growth and rupee.

Japan's cabinet has approved a $19 billion supplementary budget in response to the war in Iran, according to the source.

China is training hundreds of students annually in rare earth mining and processing, an unmatched expertise that gives Beijing significant leverage in its trade conflict with President Trump, according to Reuters.

Google parent Alphabet increased its equity raise to $84.75 billion from $80 billion announced two days earlier, aiming to fund growing AI spending plans.

Treasury Bessent said the Trump tax bill averted over $5 trillion in tax increases.

U.S. Treasury Bessent estimated annual budget fraud at at least $500 billion.

Gold held a decline after renewed hostilities between the US and Iran jeopardized talks to end the war, keeping energy prices and inflation risks elevated.

Donald Trump announced plans to suspend the 18-cent federal gasoline tax to address rising fuel costs, while warning that the ceasefire agreement with Iran is currently on "life support."

SpaceX is considering a record IPO at a $1.76 trillion valuation.