Today’s Market Recap: Trump Halt to Sanctions Sent US Stocks and Gold Soaring, While SpaceX Raised a Record $75 Billion and Received a 22% Cryptocurrency Premium

Tracking the Market Trend

Tradingkey - On June 11, Eastern Time, Trump announced the cancellation of plans to strike Iran, easing concerns over geopolitical conflict and significantly boosting market sentiment. All three major U.S. stock indices rose, with technology stocks leading the gains.

At the close, the Dow Jones Industrial Average rose 1.86% to 50,848.75 points, the S&P 500 gained 1.75% to 7,394.30 points, and the Nasdaq Composite climbed 2.54% to 25,809.66 points.

Tesla（TSLA） rose 4.60%, leading the tech giants; Intel（INTC） surged nearly 10%. Memory-related stocks led the gains: SanDisk (SNDK) rose 14.50%, Micron Technology (MU) rose 11.66%, Western Digital (WDC) rose 8.00%, and Seagate Technology (STX) rose 6.38%.

Bitcoin rose 2.5%, while Ethereum gained 3%. A weaker U.S. dollar provided support for precious metals, which had been under pressure recently: spot gold surged 3.5%, reclaiming the $4,200 level; silver soared 6.3%. Crude oil, however, fell sharply, retreating 5.4% from its intraday high, with WTI crude closing at $85.86 per barrel in New York.

Market Headline

U.S. PPI rose 6.5% year-over-year in May, marking the largest increase in more than three years, though core PPI unexpectedly slowed. As the energy price shock triggered by the war in Iran continued to ripple through the supply chain, U.S. PPI rose 1.1% month-over-month in May, far exceeding expectations; energy prices surged 10.7% year-over-year, and combined with rising transportation and warehousing costs, these factors collectively drove up overall PPI. Core PPI rose 4.9% year-over-year, falling short of expectations, while the widening gap between CPI and PPI is putting pressure on corporate profit margins.

On the eve of SpaceX’s preparations for the largest IPO in history, Musk appeared via video at ASML’s Technology Conference, emphasizing to employees the critical role of chip manufacturing in his rocket, AI, and Tesla businesses. Boosted by this news, ASML’s stock closed up 9.53% that day at $1,899, hitting a recent high. He plans to build a massive chip factory, Terafab, in Texas, and ASML, as the world’s sole supplier capable of producing extreme ultraviolet (EUV) lithography machines, is likely to provide the core equipment for Terafab. Musk also recently stated publicly that “ASML should be cherished,” underscoring his determination to enter the chip manufacturing sector.

SpaceX set a record for the largest IPO in history with $75 billion in fundraising. Retail investors rushed to subscribe, but are expected to receive allocations of just over 20%. SpaceX set the offering price at $135, and underwriters hold an over-allotment option for more than 83 million shares. Reports indicate that retail investor orders far exceeded the allocated quota, and the final allocation ratio may be lower than the previously expected 30%. To raise funds for the IPO, retail investors have been net sellers of tech stocks, putting pressure on chip and AI-related stocks. Market liquidity has undergone a temporary redistribution, with capital shifting from the secondary market to the IPO.

The crypto market has already begun betting on SpaceX’s valuation, with related perpetual contracts trading at a 22% premium to the IPO price. On cryptocurrency exchanges such as Binance, the price of SpaceX-linked perpetual contracts stands at approximately $165, a 22% premium over the $135 offering price confirmed by SpaceX on Thursday, once again reflecting the frenzied premiums associated with the “Musk effect.”

Asset management giants are flocking to the SpaceX IPO, with BlackRock reportedly committing at least $5 billion to the offering. Additionally, numerous large asset management firms, pension funds, and sovereign wealth funds are actively participating, with institutional demand far exceeding the available shares. According to reports, one family office even submitted a subscription request exceeding $1 billion.

OpenAI is considering a significant price cut to lower token fees, aiming to counter its fierce rival Anthropic, with a costly price war looming. Both companies are already mired in billions of dollars in losses, and price cuts will further erode their already slim profit margins. More critically, with both on the eve of their IPOs, how to capture market share without substantially widening losses will become the ultimate test for investors when valuing the companies.

Top 10 Most Traded Stocks

The table below lists the ten most actively traded stocks on Thursday. With their massive trading volumes and excellent liquidity, these assets have become key indicators for tracking global market trends.