Trump Cancels Iran Strikes, SpaceX Goes Public: Markets Just Had the Most Insane Monday in Years

Let's set the scene: markets opened bracing for Middle East chaos — Hormuz closure threats, Kharg Island seizure talk, Saudi Aramco's CEO literally bailing on a conference. Then Trump posted on Truth Social that strikes were called off and a deal was close. S&P 500 up 1%, Dow up 700+ points, WTI crude down over 3% to ~$87 a barrel. The whiplash was real.

The biggest winners? Airlines. $DAL surged 4.5% and $UAL jumped 6% on lower fuel cost hopes — the most straightforward trade of the year. Meanwhile $ORCL got bodied, dropping ~9.5% after earnings showed data center costs eating margins alive. RBC's Helima Croft is right to flag that Iran's Supreme Leader hasn't confirmed squat yet, so don't get too comfortable.

Oh, and SpaceX priced its IPO at $135/share, raising $75 billion — the biggest debut of all time, 4x oversubscribed. Retail got ~25% of the allocation. ARK wants $300B valuation. Some analysts call the $28 trillion TAM 'absolute fantasy.' Either way, Elon is about to make every other rich person feel broke.