What’s News in Markets: SpaceX’s Rocky Flight, Oil Slides, Fed Fallout - WSJ Your Money Briefing

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WSJ Your Money Briefing — “What’s News in Markets: SpaceX’s Rocky Flight, Oil Slides, Fed Fallout”

Date: June 20, 2026
Host: Imani Moiz (The Wall Street Journal)

Episode Overview

Imani Moiz offers a brisk roundup of major stories moving financial markets in the past week, covering pivotal topics like the US-Iran peace deal and its effect on oil prices, shifting Federal Reserve policies, and the post-IPO rollercoaster of SpaceX stock. Listeners get insights into how these developments impact indices, sectors, and investor sentiment.

Key Discussion Points & Insights

1. US-Iran Peace Deal and Oil Market Reaction

Peace Prospects:
- “Investors cheered the strongest sign yet that the US and Iran are moving closer to a lasting peace deal.” (00:55)
- The anticipated reopening of the Strait of Hormuz—a vital passage for global oil shipments—could increase oil supply globally.
Market Impact:
- Energy was the worst-performing S&P 500 sector, sliding almost 7% as bets on continued Middle East conflict unwound and supply concerns eased.
- Brent crude fell roughly 9% for the week, landing at $79/barrel, just above pre-war levels.
- “The International Energy Agency warned that oil production could eventually outpace demand growth if the peace deal holds, raising the possibility of an oil glut next year.” (01:45)
Oil Company Resilience:
- Despite the drop, the S&P energy index is still up 21% year-to-date, leaving energy companies better off than pre-conflict days.

2. Federal Reserve Leadership Shift and Market Fallout

Fed’s New Direction:
- President Trump’s appointee, Kevin Warsh, held his first Fed meeting, signaling a less transparent, less predictable approach to monetary policy.
- Contrary to previous expectations, the central bank could raise interest rates later this year instead of cutting them.
Quotes & Data:
- “Markets started out the year expecting lower borrowing costs. Instead, nine out of 19 Fed officials now expect at least one rate increase before year end, because inflation remains stubbornly high and the economy continues to run hotter than expected.” (02:25)
- Earlier in the year, zero officials expected a hike. Now, only one predicts a cut, down from twelve.
- Two-year Treasury note yields rose 10 basis points to their highest in over a year as investors adjusted to the Fed’s new hawkish tone.
- “In his comments... the new Fed chairman, Kevin Warsh, repeatedly emphasized the Fed’s commitment to bringing inflation back down to its 2% target, even as President Trump has pushed for lower rates.” (02:50)

3. SpaceX’s IPO and Stock Volatility

IPO Surge and Pullback:
- SpaceX, after a meteoric IPO, cooled midweek but remains 37% above its $135 offering price.
- “After soaring earlier this week, shares of Elon Musk’s rocket and satellite company pulled back on Wednesday and Thursday. Despite that, SpaceX remains roughly 37% above its $135 offering price and is still one of the strongest IPO debuts in recent memory.” (03:25)
Market Status:
- At its high, SpaceX’s market cap temporarily surpassed Amazon’s, becoming the world’s fifth largest public company.
- The AI-fueled tech rally continued to boost the market; Nasdaq gained nearly 2.5%, S&P 500 up 0.9%, Dow up 0.7% for the week.
Options Market Mania:
- Investors dived into aggressive bets as options trading for SpaceX launched, breaking the previous first-day market volume record.
- “Tuesday marked the first day they could trade options tied to SpaceX, and roughly 1.8 million contracts changed hands, shattering the first day record previously set by Meta in 2012.” (03:58)
- Analysts suggest continued volatility ahead as the stock’s fair value settles.

Notable Quotes & Memorable Moments

“The peace deal between the US and Iran means that the Strait of Hormuz, a crucial global highway for oil, will be coming back online. But that’s not necessarily good news for oil stocks.” (01:15)
“The rally briefly pushed SpaceX past Amazon to become the world’s fifth largest public company by market value.” (03:50)
“Analysts say investors should brace for continued volatility as the stock settles into a more normal trading pattern and buyers and sellers search for a fair value.” (04:05)

Important Segment Timestamps

00:55 — US-Iran peace deal importance and immediate market reaction
01:45 — IEA warning about possible oil glut and sector performance
02:25 — New Fed chair signals possible rate hike; shift in policymaker expectations
02:50 — Warsh’s inflation focus and political pressure for lower rates
03:25 — Recap of SpaceX’s IPO volatility and historical debut
03:58 — SpaceX options market record volume and volatility expectation

Conclusion

This week’s market update pulled together global geopolitics, central bank policy pivots, and headline-grabbing IPOs to provide investors with perspective on what’s driving volatility. The tone was clear, concise, and insightful, with a forward-looking focus on areas for continued watching, especially as markets digest the implications of ongoing events.

“And now you know what’s news in markets this week.” (04:16) — Imani Moiz

For more details and real-time updates, visit WSJ’s live markets coverage online.

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Transcript3 lines

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Hey listeners, your money briefing is still on a break, but we'll be back with more personal finance information for you in the future. Until then, here's the news moving the markets this week hey listeners, it's Saturday, June 20th. I'm Imani Moiz for the Wall Street Journal and this is what's News in Markets, Our look at the biggest stock moves of the week and the news that drove them. Let's dive in. It was a short week for markets due to the Juneteenth holiday, but there was no shortage of market moving headlines. Investors cheered the strongest sign yet that the US And Iran are moving closer to a lasting peace deal. They also got a reality check from the new chair of the Federal Reserve, who made it clear that he wants a less predictable and less talkative central bank. And in the background, the AI fueled rally that has powered markets for much of this year showed no sign of slowing. Overall, markets ended higher. The tech heavy Nasdaq led the way, gaining nearly 2.5% for the week. The S&P 500 added 0.9% while the Dow rose 0.7%. The peace deal between the US And Iran means that the Strait of Hormuz, a crucial global highway for oil, will be coming back online. But that's not necessarily good news for oil stocks. The International Energy Agency warned that oil production could eventually outpace demand growth if the peace deal holds, raising the possibility of an oil glut next year. That would mean lower prices and potentially lower profit for oil companies. Energy was the worst performing sector in the S&P 500 this week, sliding almost 7% as investors unwound bets tied to conflict in the Middle east and began pricing in a potential surge in supply. Brent crude futures finished the week about 9% lower at around $79 a barrel, just a few dollars above their pre war level. But oil companies are still in a better place than they were before the war began. Even after this week's decline, the S and P energy index is still up about 21% for the year. President Trump's pick to lead the Federal Reserve hosted his first meeting on Wednesday, and investors didn't like what they heard. The central bank left interest rates unchanged, as expected, but policymakers signaled that their next move could be a rate hike instead of a cut. Markets started out the year expecting lower borrowing costs. Instead, nine out of 19 Fed officials now expect at least one rate increase before year end because inflation remains stubbornly high and the economy continues to run hotter than expected. For context, zero officials expected a hike back in March, and just one is now predicting a cut down from 12. In his comments on Wednesday, the new Fed chairman, Kevin Warsh, repeatedly emphasized the Fed's commitment to bringing inflation back down to its 2% target, even as President Trump has pushed for lower rates. The Yield on the two year treasury note climbed roughly 10 basis points this week, hitting its highest level in more than a year as traders adjusted to the possibility that interest rates could stay higher for longer. And after its meteoric rise following its historic IPO, it's looking like SpaceX may be coming back to Earth. It's common for stocks to surge on their first day of trading and then lose steam. And after soaring earlier this week, shares of Elon Musk's rocket and satellite company pulled back on Wednesday and Thursday. Despite that, SpaceX remains roughly 37% above its $135 offering price and is still one of the strongest IPO debuts in recent memory. The rally briefly pushed SpaceX past Amazon to become the world's fifth largest public company by market value. Analysts say investors should brace for continued volatility as the stock settles into a more normal trading pattern and buyers and sellers search for a fair value. And traders are making increasingly aggressive bets on where the stock will go. Next Tuesday marked the first day they could trade options tied to SpaceX, and roughly 1.8 million contracts changed hands, shattering the first day record previously set by Meta in 2012. And now you know what's news in markets this week. You could read about more stocks that moved on the week's news in our live markets coverage on WSJ.com today's show was produced by Danny Lewis with Deputy editor Chris Sinsley. I'm Imani Moiz. Have a great weekend and catch you next Saturday.
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