Finacial Markets SpaceX IPO

Shares of SpaceX soared 19% in their Wall Street debut, making the rocket maker’s founder and CEO Elon Musk the first-ever trillionaire. The shares opened at $150 and finished Friday slightly below $161. That price gave the company a market value of around $2.1 trillion. Forbes estimates that Musk, who is also a major shareholder in Tesla, is now worth $1.1 trillion. Musk says SpaceX is going public because it needs money to fund its ambitions of putting satellites and data centers in space and eventually establishing a colony of people on Mars. The $75 billion in proceeds from the IPO tops the previous high of $26 billion for Saudi Aramco's IPO in 2019.

Rising gas prices pushed inflation to its highest level in three years, new data showed this week, a headache for the Federal Reserve and a potential political challenge for the Trump administration as midterm elections near.  The Labor Department says consumer prices rose 4.2% in May from a year earlier, up from 3.8% in April and the third straight monthly increase. Meanwhile, U.S. producer prices, inflation measured before it gets to consumers, climbed last month at the fastest pace since November 2022, fueled by a surge in energy prices after the start of the Iran war. That didn't slow down U.S. markets, which notched another winning week.