Trading Day: US stocks mixed, oil slides, SpaceX continues its ascent

US stock markets opened mixed on June 16, with the Dow Jones Industrial Average hitting another record closing high, while the S&P 500 and Nasdaq faced downward pressure from tech stocks. SpaceX’s valuation exceeded Amazon’s for the first time, driven by strong investor demand and recent stock performance. Oil prices fell further, continuing a decline since the announcement of a potential Middle East peace deal, with WTI crude settling 5.8% lower and Brent down 5.1%. The Federal Reserve convened for its first policy meeting under new Chair Kevin Warsh, with expectations that policymakers would maintain steady interest rates for the remainder of the year. Economic data showed single-family housing starts dropped to an eight-month low in May, while import prices surged, adding to inflation concerns. The G7 summit addressed global challenges, including Ukraine’s defense needs, escalating debt risks, and the Ebola outbreak in Congo. Yum Brands announced plans to sell its struggling Pizza Hut chain for $2.7 billion, reflecting ongoing struggles in the restaurant sector. Commodities saw gold prices rise, while wholesale gasoline futures formed a reversal pattern, signaling potential further declines in fuel costs. The Federal Reserve’s upcoming economic projections and Warsh’s first public Q&A session will shape market expectations for monetary policy. Key events for the following day include the Fed’s rate decision, Middle East developments, and US economic data releases such as retail sales and pending home sales. Traders will also monitor social media activity from former President Donald Trump, whose comments could influence market sentiment.