CNBC — 2026-06-11#

Lead Story#

SpaceX’s record-setting $75 billion IPO is officially set to debut on the Nasdaq, pricing at $135 a share for a $1.77 trillion valuation in a monumental test of investor appetite for “strategic tech”.

Markets & Economics#

The European Central Bank hiked its key interest rate to 2.25%, marking its first hike since 2023 as the protracted U.S.-Iran war drives up energy costs. In the U.S., the May Producer Price Index reflected this same energy shock, rising a hotter-than-expected 1.1% to push the 12-month wholesale inflation rate to 6.5%. Markets experienced severe whiplash; the Dow initially plunged over 900 points as U.S. forces launched fresh strikes on Iranian targets and President Trump threatened to seize Kharg Island. However, stocks rallied and oil sank after Trump abruptly canceled Thursday evening’s strikes and claimed a peace settlement was subject to finalization.

Business & Earnings#

SpaceX is officially priced for its historic Friday Nasdaq debut at $135 per share, raising $75 billion, with retail allocations reportedly cut to the low 20% range amid massive institutional demand. In earnings, Oracle shares tumbled 11% despite a top- and bottom-line beat, as investors balked at negative free cash flow and plans to raise $40 billion in debt and equity to fund its massive AI buildout. Meanwhile, European fashion house Hugo Boss saw its stock pop 8% after top shareholder Frasers Group launched a $2.28 billion cash takeover offer. Eaton also made moves, spinning off its Mobility unit to merge with Dana in a $5.1 billion deal to focus on its high-growth electrical and aerospace businesses.

Investing & Commentary#

Pimco is warning income investors that the credit loss cycle is here, advising a shift away from lower-quality leveraged lending in favor of intermediate-term bonds and agency MBS. On the AI front, Bank of America double-upgraded Intel to buy with a $135 price target, arguing that the rise of agentic AI will drive a massive $40 billion CPU market by 2030. Ritholtz Wealth Management’s Josh Brown highlighted a broader market rotation toward AI customers rather than infrastructure providers, pointing to Travelers (TRV) as a prime beneficiary expanding margins through AI-driven underwriting.

Also Worth Watching#

• Anthropic, OpenAI, other U.S. AI giants launch major London expansions amid talent and revenue scramble: U.S. AI giants are racing to secure office space and frontier tech talent in the U.K. capital.
• Gold slumps to 6-month low even as inflation fears rise. Here’s why bullion is out of favor: Bullion fell to $4,046.20 as expectations of “higher for longer” rates trigger a retreat from the debasement trade.
• Huge private equity software bets most at risk as investors face returns squeeze, Apollo says: Apollo executives see a systemic risk management failure in the PE industry’s massive 40% capital exposure to the software sector.
• DoorDash lets customers use photos, prompts to order food and book reservations in latest AI push: The new “Ask DoorDash” chatbot lets users order food and book reservations using photos and prompts as gig economy apps lean into agentic AI.