Good morning.
The Fast Five → SpaceX rockets past Amazon in sprint to $3T, Fed expected to hold rates steady, Goldman tops $1 trillion of M&A, Anthropic’s conflict with Washington complicates IPO, and traditional finance firms are starting to embrace round-the-clock trading…
📌 Everyone read the SpaceX S-1, but nobody read page 339. The 14-word footnote that exposes Elon’s next move →
(from Behind the Markets)
Calendar: Full Calendar »
Today:
Retail Sales, 8:30A
Pending Home Sales, 10:00A
Fed Interest Rate Decision, 2:00P
Fed Chair Warsh Presser, 2:30P
Tomorrow:
Unemployment Claims, 8:30A
Your 5-minute briefing for Wednesday, June 17:
BEFORE THE OPEN
As of market close 6/16/2026.
Pre-Market:
Market Wrap:
Dow +329 (+0.64%) closed at a record high, just below 52,000
S&P -0.57%, Nasdaq -1.15% as tech stocks pulled back
SpaceX gained 4%, now up nearly 50% from its IPO price
Markets continued digesting the announced US-Iran peace dealy high
Investors remain constructive on AI and broader market participation
Fed decision due Wednesday; rates expected to stay unchanged
Futures were little changed after the close
EARNINGS
Here’s what we’re watching today:
Today: *CarMax $KMX ( ▼ 7.71% )
*Jabil $JBL ( ▲ 1.15% ) - $3.10 EPS (+21.6% YoY) on $8.61B (+9.9% YoY)
THU: *Kroger $KR ( ▼ 3.95% )
The $705M Wager Wall Street Hasn’t Noticed
A Chicago wealth manager runs $31.7 billion across 471 holdings.
Top positions? Apple. Microsoft. Nvidia. The usual.
Then there’s one position that breaks the entire pattern.
$705 million in a single small-cap industrial company.
19% of the entire company. So large the SEC requires them to publicly disclose every move.
Their most recent filing? They didn’t trim.
They added another 42.2% — in one quarter.
When a fund that never makes concentrated bets makes its most aggressive one — in a company tied to Elon Musk’s physical power crisis — it’s worth knowing why.
Dylan Jovine knows exactly why.
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HEADLINES
SpaceX is one of the fastest new entrants ever into the top tier of the US market, as it also briefly surpassed Microsoft's market value.
Traditional finance firms are starting to embrace round-the-clock trading for a range of assets in a way that has disrupted schedules in crypto for years.
Nasdaq and S&P 500 slip while Dow hits record close (more)
Read the 14-point draft memorandum between the US and Iran (more)
Fed expected to hold rates steady (more)
Lutnick’s letter to Anthropic warned of curbs on top AI models (more)
Gas prices edge toward $4 as 'real test' looms (more)
Dollar on the defensive ahead of first Fed decision under Warsh (more)
Gold edges up as rate-hike fears ease (more)
Anthropic’s conflict with Washington complicates its IPO (more)
Goldman tops $1 trillion of M&A, fastest ever to reach the mark (more)
Amazon faces billions in penalties from potential FTC ad suit (more)
Microsoft weighs DeepSeek for Copilot Cowork (more)
Netflix wades into the M&A game (more)
Race to turn AI compute into a commodity spurs new crypto boom (more)
World Cup exposes growing global prediction market rift (more)
Robinhood to cut 10% of workforce in restructuring (more)
GameStop investor brings suit over CEO’s $35B pay package (more)
DEALFLOW
M+A | Investments
SpaceX pounces on $60B Cursor takeover days after IPO
Ripple buys stake in Flutterwave valuing it at $3.3B
Yum to offload struggling Pizza Hut chain for $2.7B
LEBEC secures strategic investment from Community Capital Management
Elektrik receives growth investment from Lead Edge Capital
Eileen receives strategic investment from DisPact Ventures
Horwitz receives investment from Truelink Capital
VC
Atom Computing, a creator of a quantum computer, raised $100M in Series C funding
Ent, an intent-aware workspace security company, raised $100M in Seed funding
Arcade, an action layer for production AI agents, raised $60M in Series A funding
AttoTude Inc., a company leveraging interconnect technology for AI infrastructure, raised $52M in Series C funding
Bland, a voice AI platform providing production-grade AI agents, raised $50M in Series C funding
Copia Automation, a company specializing in industrial code management, raised $26M in add'l funding
Rejoni, Inc., a clinical-stage company specializing in uterine health, raised $25M in funding
Foundation Alloy, a metallurgical company developing new methods for designing alloys, raised $22M in Series A funding
Aston Power, a large-scale power delivery and energy infrastructure platform for data centers, raised $20M in equity funding
Magnitude, an autonomous governance and defense system for managing third- and Nth-party risk, raised $10M in Seed funding
Receipts Depositary Corporation, a depository firm enabling the issuance of DR on digital and alternative assets, has raised $7M in funding
Kimba, a sleep technology company, raised $6.5M in funding
HeyMilo AI, an agentic recruiting platform provider, raised $6M in total funding
Mantle Energy, an activated geothermal and enhanced energy recovery platform, raised $5M in Seed funding
CRYPTO
Tokenized asset market tops $43B as institutions accelerate blockchain adoption (more)
Coinbase lets users transfer stock portfolios as exchange expands beyond crypto (more)
SpaceX crypto short squeeze briefly sends value to $3 trillion (more)
The real cowboys of crypto: Wyoming ropes a $1 stablecoin (more)
BULLISH BITES
🫣 SpaceX stock has climbed about 50%. The ‘flippers’ are kicking themselves.
📈 The new oil? The effort to turn AI computing power into a tradeable commodity.
💰 The 5% freakout: Inside tech elites’ war against the California billionaire tax.
✨ Inside a luxe new wellness sanctuary from London's most infamous nightclub.
DAILY SHARES
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