Today’s Market Recap: Greenspan Passes Away, Tech Volatility Intensifies as SpaceX Bond Launch Triggers 16% Plunge

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TradingKey - Driven by investor interest in defensive blue-chip equities, the Dow Jones Industrial Average advanced 0.29% to finish at 51,712.71. Conversely, a pullback in mega-cap tech shares dragged down the broader market, with the S&P 500 easing 0.37% to 7,472.79 and the Nasdaq Composite dropping 1.32% to 26,166.60.

Micron Technology (MU) jumped nearly 7% following reports of a strategic agreement with Anthropic, providing a strong lift ahead of its quarterly financial report due later this week. The positive momentum extended to other memory chipmakers, including SanDisk (SNDK).

On the downside, Space Exploration Technologies (SPCX) plunged more than 16%, marking its third consecutive day of losses after announcing a new bond offering. Alphabet shares tumbled 5% following news of a prominent departure from its DeepMind AI division, while Accenture fell after analysts aggressively cut their price targets for the firm.

Super Micro Computer (SMCI), a leading provider of AI-optimized server and storage architectures, surged 15.66% to close at $35.46. Investors remain focused on the company's expanding AI server backlogs and potential margin expansion as it rolls out new systems integrated with hardware from Nvidia (NVDA).

Market Headline

The Iranian negotiating team announced that the Iran-U.S. talks have reached agreements on 5 key points. To solidify the ceasefire in Lebanon, a monitoring mechanism will be established with Iran's direct participation. Regarding the management of the Strait of Hormuz, a dedicated liaison hotline will be set up to ensure the gradual reopening of the strait. Iran will only enter the final phase of negotiations after the implementation of Article 13 of the Iran-U.S. memorandum of understanding. Meanwhile, the United States has issued a document lifting sanctions on Iranian oil, petrochemical products, and their derivatives for a 60-day period.

Former Federal Reserve Chairman Alan Greenspan has passed away: the market rules he scripted are now being rewritten by Kevin Warsh. Greenspan died at the age of 100 due to complications from Parkinson's disease. He left behind the legendary "Greenspan Put" myth and the "don't fight the Fed" creed, which together dominated financial markets for three decades. Just days before his passing, the newly appointed Chairman Kevin Warsh quietly initiated a comprehensive overhaul of the Federal Reserve's DNA, signaling the end of an era where central banks acted as a permanent backstop for the market.

Keir Starmer has announced his resignation, triggering another leadership change in the UK, which is now set to welcome its seventh Prime Minister in a decade. The British Prime Minister resigned as leader of the Labour Party, though he will remain in office until a successor is chosen. This move follows persistent internal party pressure and a decline in approval ratings, arriving less than two years after his general election victory. The Labour Party will launch the candidate nomination process in July, with a new leader expected to emerge by September. The frontrunner to succeed him is Andy Burnham, the former Mayor of Greater Manchester. Following this transition, the United Kingdom will swear in its seventh Prime Minister in just over ten years.

Borrowing after the IPO! SpaceX issues its first investment-grade bonds, securing 20 billion dollars in financial ammunition to bet on the future of AI. SpaceX has launched its inaugural investment-grade bond offering, targeting a fundraising scale of at least 20 billion dollars. The proceeds will primarily be utilized to repay bridge loans and optimize the company's debt architecture. Following its 750 billion dollar initial public offering, SpaceX is accelerating its capital deployment. The big three credit rating agencies have assigned investment-grade ratings to the company, paving the way for future large-scale financing and providing critical funding to support the expansion of its AI operations.

Micron has reached an agreement with Anthropic, securing a long-term memory supply contract. Micron and Anthropic have entered into a strategic partnership. On the technical side, both companies will collaborate to optimize AI system architectures, enhancing the synergy and efficiency between storage and computation. Regarding supply, Micron will provide Anthropic with a long-term supply of its full range of storage products, including HBM, DRAM, and SSDs, ensuring a steady foundation for Anthropic's computational expansion. At the application level, Micron has already deployed the Claude model internally to boost research and development efficiency, while on the capital front, Micron participated in Anthropic's latest funding round.

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