Daily Market Briefing — 12 June 2026
SpaceX's $75 billion IPO dominates the narrative this morning as Wall Street prepares for the largest public offering in history. US markets closed higher on Thursday — the S&P 500 gained 1.75% to 7,394.30, while the Nasdaq 100 surged 3.29% to 29,446.18 — but today's focus shifts to whether retail investors can secure their slice of the 555.6 million shares priced at $135 each. Oil prices slipped overnight on hopes of a US-Iran framework agreement, though Tehran's pushback keeps geopolitical risk alive.
Market Recap
US equities rallied on Thursday, with tech leading the charge ahead of the SpaceX debut. The S&P 500 closed up 1.75% at 7,394.30, while the Nasdaq 100 jumped 3.29% to 29,446.18 — its strongest session in weeks. The Dow Jones added 1.86% to 50,848.75. Honeywell surged 6.43% and Boeing climbed 6.04%, lifting industrials, while Caterpillar gained 4.84%.
Key Movers & Themes
SpaceX IPO Frenzy: Elon Musk's rocket maker is raising $75 billion in the largest IPO on record, seeking a valuation near $1.8 trillion. The company has cut retail allocation to the low 20% range, directing the majority to institutional investors. Early venture capital backers are poised for some of the biggest paper gains in VC history, and the offering is drawing historic demand from foreign investors. The Nasdaq debut today could make Musk the world's first trillionaire.
Oil Retreats on Iran Deal Hopes: WTI crude fell 2.06% to $85.90 and Brent dropped 2.19% to $88.40 on Thursday after President Trump claimed a framework agreement with Iran had been reached, raising hopes that Middle East tensions could ease. Trump stated the deal was "subject to finalization" and expected signing within days, though hours earlier he had warned the US would attack Iran "very hard tonight." The conflicting signals kept traders cautious, but the prospect of reduced supply risk weighed on prices.
Inflation Pressures Build: US wholesale prices rose 1.1% in May, exceeding the 0.7% forecast, driven by a surge in energy costs. The producer price index reading underscores persistent inflation pressures as the Federal Reserve weighs its next move. Meanwhile, the European Central Bank hiked interest rates for the first time since 2023, citing elevated energy costs from the Iran conflict, and raised its inflation forecasts while cutting growth outlooks.
The Big Question
Bears highlight the 0.1% GDP contraction in April and manufacturing's struggle to gain momentum despite a 0.4% monthly rise in production.
Economic Calendar — What to Watch Today
- 06:00 GMT — UK GDP MoM (Apr): Actual -0.1%, matching forecasts but confirming the economy contracted in April after a 0.3% gain in March. The three-month average came in at 0.7%, showing resilience over the longer term.
- 06:00 GMT — UK Industrial Production MoM (Apr): Flat at 0% versus 0.1% expected, following a 0.2% decline in March. Manufacturing production rose 0.4%, beating the -0.2% forecast.
- 06:00 GMT — UK Goods Trade Balance (Apr): Forecast -22.5 billion pounds versus -27.22 billion previous. A narrower deficit would support sterling.
- 14:00 GMT — US Michigan Consumer Sentiment Prel (Jun): Forecast 46.0 versus 44.8 previous. This is the key event today — a miss could reignite recession fears, while a beat might calm nerves after Trump's "I love the inflation" comment sparked confusion on Thursday.
Technical Levels to Watch
| Stock | Close | Pivot | Support (S1 / S2) | Resistance (R1 / R2) | Cam S3 / R3 | RSI | Signal |
|---|---|---|---|---|---|---|---|
| AAPL | 295.63 | 294.07 | 291.15 / 286.66 | 298.56 / 301.48 | 293.59 / 297.67 | 48.1 | Neutral |
| MSFT | 390.34 | 390.40 | 383.94 / 377.55 | 396.79 / 403.25 | 386.81 / 393.87 | 36.8 | Weak |
| AMZN | 241.32 | 239.55 | 236.95 / 232.59 | 243.91 / 246.51 | 239.41 / 243.23 | 36.6 | Weak |
| JPM | 313.49 | 312.36 | 310.01 / 306.52 | 315.85 / 318.20 | 311.88 / 315.10 | 59.1 | Bullish |
| GS | 1,035.64 | 1,024.34 | 1,011.75 / 987.87 | 1,048.22 / 1,060.81 | 1,025.61 / 1,045.67 | 57.3 | Bullish |
RSI readings are predominantly neutral with no overbought or oversold extremes, though MSFT and AMZN show weak readings below 37.
Commodities & Currencies
| Instrument | Price | Change | % Change |
|---|---|---|---|
| WTI Oil | $85.90 | -$1.81 | -2.06% |
| Brent Oil | $88.40 | -$1.98 | -2.19% |
| Gold | $4,200.20 | +$109.90 | +2.69% |
| Silver | $66.81 | +$2.93 | +4.57% |
| Natural Gas | $3.080 | -$0.070 | -2.10% |
| GBP/USD | 1.3396 | +0.0060 | +0.45% |
| EUR/USD | 1.1562 | +0.0039 | +0.34% |
| USD/JPY | 160.35 | +0.02 | +0.02% |
| Bitcoin | $63,269.44 | +$1,820.15 | +2.96% |
Gold surged 2.69% to $4,200.20 and silver jumped 4.57% to $66.81 as safe-haven demand intensified despite Trump's claims of an Iran deal framework. The precious metals rally suggests traders remain sceptical of a quick resolution. Oil's 2% decline reflects tentative optimism, but the conflicting signals from Washington — threats of attacks followed by deal announcements — keep the geopolitical premium embedded. Sterling gained 0.45% against the dollar despite weak GDP data, while Bitcoin climbed 2.96% to $63,269.44 on tech sector strength ahead of the SpaceX listing.
Trading Outlook
Cautiously bullish into the US session, with the SpaceX IPO and Michigan sentiment data driving volatility. Watch for profit-taking in tech if the IPO disappoints retail investors or if consumer sentiment misses forecasts. The key flip catalyst is a sharp miss on Michigan sentiment below 44 — that would reignite recession fears and pressure equities. Stay alert around 14:00 GMT when the data drops, and manage position sizes ahead of the weekend with geopolitical uncertainty still elevated.
This briefing is generated using AI analysis of market data and news feeds, reviewed by the ChartsView team. It does not constitute financial advice. Always do your own research before making trading decisions.