U.S. stock futures were little changed ahead of Friday’s highly anticipated SpaceX IPO, with S&P 500 and Nasdaq 100 futures both up 0.2% and Dow futures gaining 70 points (+0.1%). Markets rallied strongly on Thursday after optimism over a potential U.S.-Iran peace deal and a rebound in chip stocks, lifting the S&P 500 1.75%, Nasdaq 2.54%, and Dow 930 points (+1.86%).

Investors are focused on SpaceX’s Nasdaq debut under ticker SPCX, priced at $135 per share, valuing the company at $1.77 trillion. The IPO aims to raise $75 billion through the sale of 555.6 million shares, making it the largest IPO in history and more than triple the size of Alibaba Group’s $22 billion record offering in 2014. While the IPO could boost market sentiment, analysts warn that its sheer size may increase volatility and draw capital away from existing stocks.

For the week, the S&P 500 and Nasdaq are on track to gain 0.14% and 0.39%, respectively, while the Dow is down 0.04%. In after-hours trading, Adobe fell nearly 6%, RH slipped 1%, and Lennar dropped more than 2% after earnings-related updates.

Markets were encouraged after Donald Trump announced he had canceled planned strikes on Iran and said a nuclear agreement was close to being finalized. Oil prices fell in response, with WTI crude dropping 2.58% to $87.71 per barrel and Brent crude down 2.92% to $90.38. Semiconductor stocks led the rally, with the SOXX gaining more than 8%, helped by strong moves in Micron, AMD, and Intel, whose shares rose 9% after an analyst upgrade.

Oracle fell 8% after announcing plans to raise $20 billion for AI-related investments.

CVS Health is increasingly using AI and real-time data sharing to simplify healthcare, reduce administrative burdens, and provide more personalized patient support. The company believes broader interoperability between insurers, providers, pharmacies, and healthcare systems could transform the industry over the next 3–5 years by enabling real-time information sharing and faster patient access to care. CVS’s conversational AI assistant, available through Aetna’s website and app, goes beyond traditional chatbots by helping members understand coverage, out-of-pocket costs, prior authorization requirements, and care options. The technology is already having a significant impact: CVS’s pharmacy business previously handled over 500 million calls annually, and about 75% of those interactions are now fully resolved through AI, freeing staff to focus on more complex issues.

Looking ahead, CVS and Google Cloud are developing the Health100 platform, which will feature a persistent AI health assistant that can analyze a member’s insurance, pharmacy, and clinical data (with consent) to proactively manage care. The system aims to anticipate patient needs, flag issues such as missed medication refills, recommend follow-up actions, integrate data from claims, medical records, and wearable devices, and ultimately improve health outcomes while lowering healthcare costs. The broader goal is to shift healthcare from a reactive model to a proactive one, reducing the “homework” patients must do to navigate the system.

SpaceX’s ~$1.8T IPO is set to generate major gains for early investors including Ron Baron, Cathie Wood, and Fidelity, plus venture firms like Sequoia Capital and Andreessen Horowitz. Baron invested about $2B in 2017 when SpaceX was under $22B valuation, and his stake is now around $12B.
Wood’s fund holds SpaceX as its top position (~11.4%), while Fidelity Investments has ~4.7% exposure after early entry near a $10B valuation.
Pension funds and universities also benefit from large early stakes, with strong global investor interest ahead
SpaceX tells investors it has lined up blue-chip credit ratings.
SpaceX is reportedly telling investors it has secured investment-grade ratings from three major credit agencies, which could lower borrowing costs as it prepares for post-IPO financing. The company’s IPO is expected to raise about $75 billion, with trading set to begin shortly after pricing.
Analysts expect SpaceX may issue new debt soon after the IPO, especially as it carries about $29.1 billion in long-term debt, including a $20 billion bridge loan due in 2027. Despite reporting a $4.28 billion net loss on $4.69 billion in revenue in the first quarter, investors are focusing on its strong contracted revenue pipeline.
Key deals include a $30 billion cloud computing agreement with Google and a $45 billion contract with Anthropic, which analysts say could support an investment-grade rating even if not formally confirmed. The move would help SpaceX access cheaper financing and expand borrowing capacity after going public.

Gold fell to a six-month low, with August futures touching about $4,046/oz and down 6.3% for the week, as markets priced in the risk of higher-for-longer U.S. interest rates or even a potential Fed hike. The decline was driven by strong inflation and jobs data, partly linked to higher energy costs from geopolitical tensions, which raised the probability of a ~67% chance of a rate hike by December. Technical weakness also weighed on sentiment after gold dropped below its 200-day moving average for the first time since 2023. Investor flows added pressure, with roughly $20 billion in gold ETF outflows and continued unwinding of “debasement trade” positions. Despite the selloff, some analysts remain positive long term, citing geopolitical risks, debt concerns, and central bank buying as structural support for gold.

Thai hospitality group Minor International said to mull Singapore IPO instead of Hong Kong

Sembcorp completes purchase of Alinta Energy

Frasers makes US$2.3 bil offer to buy rest of Hugo Boss

Chinese e-commerce stocks fell sharply after regulators cracked down on alleged misleading promotions during the “618” shopping festival. Alibaba Group shares dropped as much as 6.5%, while JD.com fell nearly 6%, both marking their worst declines in months.

The selloff followed a warning from Beijing’s State Administration for Market Regulation, which summoned several major platforms—including Alibaba, JD.com, PDD Holdings, ByteDance, and Xiaohongshu—over concerns about false advertising and unclear subsidy claims. Authorities said some companies promoted tens of billions of yuan in discounts during the “618” online shopping festival without clearly disclosing the actual subsidies provided. The crackdown reflects China’s ongoing efforts to curb aggressive competition and enforce stricter transparency in the e-commerce sector.

Keppel Corporation is targeting data centre markets with tight land and power constraints, arguing scarcity lets it charge premium prices and achieve higher margins. It operates in markets like Taiwan, Japan, and South Korea, funding growth through its balance sheet, the Keppel Data Centre Fund, and its REIT structure, which together manage about S$13 billion in assets. To address global power shortages, it is developing solutions such as a 25 MW floating data centre in Singapore using seawater cooling, already fully leased and set to launch in 2028, while also positioning for Singapore’s 200 MW data centre expansion.

Global tech stocks fell on Jun 5, with the S&P 500 down 2.6% and the Nasdaq dropping 4.2%, triggering debate over whether this is a market correction or the start of a bear market. Experts say it currently looks like a correction within a bull market, driven by strong U.S. jobs data, rising rate expectations, higher bond yields, and geopolitical tensions rather than a broad economic breakdown. A correction is typically a 10%+ decline, while a bear market requires a 20%+ sustained fall tied to weakening fundamentals like earnings or recession. Analysts noted that corporate earnings remain relatively resilient and conditions such as recession-level stress or sharp commodity spikes are not present. Instead, markets are becoming more selective, which is seen as healthy after a strong rally. While buying the dip may still work selectively, experts warn against chasing all AI-related stocks indiscriminately. They suggest focusing on high-quality companies with strong balance sheets, cash flow, and clear monetisation, such as Nvidia and Microsoft. Overall, the outlook depends more on macro factors like interest rates, earnings, and geopolitics than any single event like the upcoming SpaceX IPO.

Hong Kong stocks closed lower, with the Hang Seng Index (HSI) down 0.65% to 24,249.29, the HSTECH down 1.46%, and the HSCEI falling 1.22%. Financials outperformed after JPMorgan and Goldman Sachs said new mainland cross-border investment rules would have limited impact. HSBC Holdings and Standard Chartered both rose over 2%, while AIA Group jumped nearly 5%, leading blue-chip gains. Tech stocks weakened after Chinese regulators summoned major e-commerce firms over pricing concerns. Alibaba Group fell 5.37%, while JD.com dropped 2.94%, and Baidu slid 3.08%. Chip stocks were a bright spot, with gains led by firms like SMIC and Gigadevice, and some names surging over 5–7%, supported by ongoing strength in semiconductor sentiment.

Capital A said a Singapore court seizure involving BigPay and Teleport won’t cause losses, as the units are not major and a US$14.7M claim is already accounted for. Coastal Contracts won a US$204.8M Pemex contract in Mexico, while Bermaz Auto more than doubled profit to RM46.6M and raised dividends. Titijaya Land will build 1,202 affordable homes, and Kerjaya Prospek Group is developing a large mixed-use project in Penang. FACB Industries will be suspended for low public shareholding, while Shin Yang Group and Malaysia Marine and Heavy Engineering Holdings face legal disputes over unpaid fees and contract termination claims.

Thank you