Note: Filmed Tuesday 16 June

↑ WHAT'S UP: The S&P 500 +0.65%, Nasdaq +0.70%, ASX 200 +2.1%, and NZX 50 +1.8%, semiconductors surged over 9% and SpaceX raised US$75B in the largest IPO in history.

↓ WHAT'S DOWN: Software fell over 5% and big tech lagged as capital rotated toward the SpaceX IPO, with Microsoft and Apple among the weaker performers for the week.

! SURPRISES: SpaceX shares surged ~40% above their IPO price in the first days of trading, and reports emerged of a US–Iran memorandum of understanding taking shape.

◎ WHAT TO WATCH: Wednesday's Fed rate decision and updated projections; the Bank of England and Swiss National Bank follow suit on Thursday, and US retail sales land this week.

◈ BIGGER PICTURE: A recovering market and landmark IPO lift sentiment, but uncertainty remains with the Fed's pending announcement and an evolving Iran situation.

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