Listen below or on the go via Apple Podcasts and Spotify

Stocks retract (0:15), U.S. authorizes Iranian oil sales (0:40), Options flashing growing concern (2:20) and Micron partners with Anthropic (4:13)

Transcript

Wall Street’s major averages were mixed on Monday after negotiations for a peace deal between the U.S. and Iran almost fell through during the weekend. In addition, big tech stocks struggled.

The Trump administration has issued a temporary license allowing Iran to sell some of its energy exports through August 21 following “productive talks” between the U.S. and Iran, Treasury Secretary Bessent said Monday, opening the door for eventually ending many sanctions programs as part of negotiations between the two countries.

The waiver allows the U.S. to import Iranian crude oil and other petrochemical and petroleum products, which the U.S. has not done on any meaningful level since imposing measures after the 1979 revolution, and that Iran can be paid in dollars, a boon for the country which is in desperate need of foreign exchange.

“This waiver doesn’t just weaken the pressure campaign, it puts it into reverse,” Obsidian Risk Advisors managing principal Brett Erickson told Bloomberg.

Shipowners, traders, and buyers will now have to evaluate whether they have time to source, finance, and complete such purchases after years of not dealing with Iran because of sanctions.

Vice President Vance said “great progress” was made during the talks in Switzerland, despite Iran’s declaration over the weekend that it had closed the Strait of Hormuz, and that Iran has agreed to allow weapons inspectors from the International Atomic Energy Agency back into the country.

Vance said Iran’s invite to IAEA inspectors was a “major milestone and the first step in “permanently ending a nuclear weapons program in Iran,” but IAEA director general Rafael Grossi – who is attending the talks in Switzerland – has not commented.

The benchmark S&P 500 (SP500) was last -0.3%, while the Nasdaq Composite (COMP:IND) traded -1.1%, and the blue-chip Dow (DJI) was +0.3%.

Treasury yields were higher, with the 10-year Treasury yield (US10Y) 5 basis points higher at 4.51%, while the 2-year Treasury yield (US2Y) rose 4 basis points to 4.23%.

Crude oil futures (CL1:COM) were at $73, while Brent (CO1:COM) was $77 per barrel.

Options markets are flashing growing concern about the stability of technology stocks, particularly companies tied to the artificial intelligence boom, according to Apollo’s chief economist, Torsten Slok.

Slok noted that a key measure of Nasdaq (COMP:IND) volatility relative to the broader S&P 500 (SP500) has climbed to its highest level in years, highlighting a sharp divergence in how investors are pricing risk across the equity market.

The move suggests traders are increasingly seeking protection against potential swings in technology shares, even as broader market volatility remains comparatively subdued.

The widening gap indicates that market participants view the greatest vulnerability as concentrated within growth-oriented and AI-linked stocks rather than the overall market.

Demand for downside protection in the Nasdaq has accelerated, reflecting concerns that elevated valuations and crowded positioning could leave parts of the technology sector exposed to a period of heightened turbulence.

At the same time, the relatively calm volatility profile of the S&P 500 suggests investors are not anticipating a broad-based market selloff. Instead, current options pricing points to fears of a more targeted shakeout centered on high-growth technology names.

The trend underscores how investor sentiment has become increasingly dependent on a narrow group of AI-related companies that have played a major role in driving recent market gains.

Now, here are 4 news stories that broke in the morning to watch out for:

AbbVie acquires Apogee: AbbVie (ABBV) has agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal valued at $135.11 per share, totaling approximately $10.9 billion in equity value. The transaction is expected to strengthen AbbVie’s immunology franchise and expand its presence in respiratory diseases, including atopic dermatitis and asthma. APGE shares rallied 52% in early trading on the news. The deal, expected to close in the third quarter of 2026, adds Apogee’s pipeline of clinical-stage treatments for inflammatory and immunological diseases, including lead asset zumilokibart, a subcutaneous half-life extended monoclonal antibody targeting IL-13.

Micron partners with Anthropic: Micron Technology (MU) and Anthropic have announced a collaboration to develop memory and storage infrastructure optimized for artificial intelligence workloads. Micron shares popped up 5% during early market trading on the news. The partnership establishes Micron as Anthropic’s primary memory and storage component supplier and will research how memory and storage subsystems perform across AI training and inference workloads.

Meta invests in Cred: Meta Platforms (META) has acquired a 20% stake in Indian fintech firm Cred in a $900 million investment that values the platform at $4.5 billion. As part of the deal, Cred founder Kunal Shah will assume the role of head of WhatsApp, replacing Will Cathcart, who is moving to a new AI-focused role at Meta. Cred operates an app that rewards users for paying credit card bills on time. Meta described Shah as “one of India’s most respected entrepreneurs” who brings a deep understanding of how WhatsApp is woven into people’s daily lives.

Nvidia (NVDA) was in focus Monday as Dell Technologies (DELL) and Super Micro Computer (SMCI) unveiled new artificial intelligence servers with the tech giant’s Vera Rubin line of GPUs.

Nvidia also noted that Vera Rubin and its Vera CPU lines would be coming to other server makers and would be available for other science work, such as climate modeling or energy exploration.

Coinbase Global (COIN) is now said to be offering traders pre-IPO perpetual futures tied to Anthropic (ANTHRO) and OpenAI (OPENAI).

Earlier this month, the crypto exchange was letting traders make risky bets on SpaceX’s (SPCX) future share prices through the so-called ‘pre-IPO perpetual futures’, Reuters had reported.

The derivatives did not have a direct link to the underlying shares but were priced with reference to SpaceX’s latest disclosed pre-IPO valuation, the newswire had said.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Large corporations often dominate headlines, but across the UK economy it is specialist SMEs that continue to make a significant impact.

From construction and manufacturing to logistics and personal services, smaller businesses are proving that size is not always the deciding factor when it comes to success.

Many customers today are looking for expertise rather than scale. They want suppliers who understand their specific requirements, can offer practical solutions and are genuinely invested in delivering a high-quality service. This is where specialist SMEs often excel.

The business landscape has also changed considerably in recent years. Economic uncertainty, changing customer expectations and increased competition have encouraged many organisations to seek out suppliers that can respond quickly and adapt to evolving needs.

As a result, specialist businesses across a wide range of sectors continue to outperform larger competitors by focusing on what they do best. Their combination of expertise, agility and customer service is helping them win contracts, build loyalty and achieve sustainable growth.

Expertise Beats Scale

One of the greatest strengths specialist SMEs possess is their ability to develop deep expertise within a particular niche.

While larger organisations often spread their resources across multiple departments and service lines, specialist businesses dedicate themselves to mastering a specific trade or industry. This allows them to provide a level of knowledge, craftsmanship and attention to detail that is often difficult for larger competitors to match.

The manufacturing and engineering sector provides a good example. Bespoke fabrication projects frequently require technical expertise, precision and practical problem-solving that can only come from years of hands-on experience. Companies such as Mark Steel Fabrication Ltd. demonstrate how specialist knowledge enables SMEs to deliver tailored solutions for commercial and industrial clients.

Customers increasingly recognise the value of working with experts who understand the unique challenges of their industry. This trust often translates into stronger long-term relationships and repeat business.

Agility Creates Competitive Advantage

One of the most common frustrations clients experience when dealing with larger organisations is the lack of flexibility.

Decision-making processes can be slow, communication may pass through multiple departments and adapting to changing requirements often becomes difficult. Specialist SMEs typically operate very differently.

Their smaller structure allows them to react quickly and provide solutions without unnecessary delays. This flexibility is particularly valuable in industries where timelines, budgets and project requirements can change at short notice.

Key advantages often include:

• Faster decision-making and approvals
• Direct access to experienced professionals
• Greater flexibility when project requirements change
• Personalised solutions rather than standardised packages
• The ability to respond quickly to urgent requests

This agility can provide a significant competitive advantage. For example, equipment hire businesses such as Eveready Hire help contractors access the machinery they need without the financial burden of ownership, allowing projects to move forward efficiently and cost-effectively.

In today’s business environment, responsiveness is often just as important as price.

Personal Service Still Matters

Despite advances in technology and automation, business remains fundamentally about relationships.

Customers continue to value honest advice, responsive communication and suppliers who genuinely understand their operational requirements. While larger organisations often rely on centralised systems and standardised processes, specialist SMEs frequently build their reputation through personal service and long-term client relationships.

This is particularly important in sectors where purchasing decisions involve significant investment. Businesses want suppliers who can provide guidance, answer technical questions and recommend solutions that suit their specific needs rather than simply selling products from a catalogue.

The commercial interiors and salon sector provides a good example. Companies such as Pretty Salon support salon owners and beauty businesses by supplying specialist furniture and equipment tailored to the needs of modern salons. Their industry knowledge and ability to offer personalised recommendations can make a significant difference when businesses are investing in new premises or refurbishing existing spaces.

For many customers, access to knowledgeable professionals and a more personalised level of service remains one of the biggest advantages of working with a specialist SME.

Specialist Supply Chains Drive Growth

Many of the UK’s most successful projects depend on networks of specialist SMEs working together behind the scenes.

Whether constructing commercial developments, delivering infrastructure improvements or supporting local building projects, specialist suppliers play a crucial role in keeping work on track.

These businesses contribute expertise and services that larger contractors often rely upon to complete projects efficiently and cost-effectively.

Examples of this contribution include:

• Reliable transport and logistics services
• Timely delivery of essential construction materials
• Specialist manufacturing and fabrication support
• Flexible equipment hire solutions
• Responsive local service provision

For instance, suppliers such as Mix N Go help construction firms maintain project momentum through dependable concrete supply, ensuring materials arrive on schedule and projects remain productive.

Likewise, specialist transport providers such as Mason Trucking play a vital role in supporting construction, infrastructure and commercial developments. Through professional HIAB transport, haulage and grab hire services, they help businesses move heavy materials, remove waste efficiently and coordinate site logistics safely and effectively.

These specialist services allow contractors to focus on delivering projects while relying on experienced supply chain partners to handle critical transportation and material management requirements. Although these businesses may not always receive public recognition, their contribution to economic growth and project success should not be underestimated.

Innovation Happens at Every Level

There is a common assumption that innovation is driven exclusively by large corporations with substantial research and development budgets.

In reality, SMEs are often among the most innovative businesses in the market.

Their smaller size allows them to implement changes quickly, trial new technologies and adapt processes without lengthy approval procedures. Many specialist businesses continually refine their operations to improve efficiency, reduce costs and enhance customer experiences.

Because they work closely with clients, SMEs are often able to identify emerging challenges and develop practical solutions long before larger organisations react.

Innovation is not always about groundbreaking technology. Often it is about finding better ways to serve customers, improve operations and solve problems.

The Future Belongs to Specialist Businesses

As businesses and consumers continue to prioritise expertise, reliability and service quality, specialist SMEs are well positioned for continued success.

While larger organisations will always benefit from greater resources and broader reach, smaller businesses frequently outperform them in the areas that matter most to customers. Their specialist knowledge, flexibility, responsiveness and commitment to service create genuine competitive advantages.

Across industries ranging from construction and manufacturing to logistics and personal services, SMEs continue to demonstrate that success is not determined by size alone.

In many cases, the businesses that achieve the strongest long-term growth are those that focus on doing one thing exceptionally well and delivering consistent value to every customer they serve.

California Gov. Gavin Newsom is blaming politics for a Department of Justice investigation into his and his wife Jennifer Siebel Newsom’s finances, but one critic says that explanation does little to address the conduct that drew federal scrutiny in the first place.

“We don’t know whether these investigations are politically motivated or not,” California Post opinion editor Joel Pollak told FOX Business.

“It didn’t help John Bolton when he said that the investigation into his misuse of classified information was politically motivated. He just recently pleaded guilty, so that doesn’t actually explain whether Newsom is guilty or not.”

Pollak said the controversy extends beyond charitable donations and centers on so-called “behested payments” — contributions solicited by elected officials for causes or organizations they support.

GAVIN NEWSOM CLAIMS TRUMP ORDERED DOJ PROBE TARGETING HIM AND HIS WIFE

California Gov. Gavin Newsom looks on during a bill signing event related to redrawing the state’s congressional maps on Aug. 21, 2025, in Sacramento, Calif.  (Justin Sullivan / Getty Images)

In Newsom’s case, Pollak noted that some of the payments were directed to organizations linked to Newsom’s wife, Jennifer Siebel Newsom, raising questions about potential conflicts of interest.

“It wasn’t just charitable donations,” Pollak said.

“He was fined for failing to report what are called behested payments… and if Newsom were being honest with the voters of California, he would come clean about what these behested payments are, instead of waiting until beyond the deadline to account for them,” he added.

Pollak argued that the arrangement creates the appearance that donors could receive favorable treatment from the governor.

CNN PANELIST COMPARES HUNTER BIDEN, GAVIN NEWSOM MASH UP TO ‘WEIRD TEENAGE MUTANT NINJA TURTLES’

California Governor Gavin Newsom and his wife, Jennifer Siebel Newsom, attend a black-tie dinner for US governors and their spouses following the National Governors Association meetings in Washington, D.C., Feb. 24, 2024. (SAUL LOEB/AFP via Getty Images)

The governor has accused the Trump Department of Justice’s investigation of being politically motivated and linked it to his expected 2028 presidential run.

“After calling for my arrest last year, Donald Trump directed his Department of Justice to investigate me,” Newsom said in a video statement. “And just in the last week, I’ve learned his campaign has reached my own home: to get me, he’s coming after my wife, Jen.”

In a statement to Fox News, Jennifer Siebel Newsom blasted the Trump administration for the alleged overreach.

“There are clearly no boundaries to what Donald Trump will do to get his way or to challenge those who get in his way. This is not presidential behavior, and the Governor and I will continue to speak truth to power because the American people deserve so much more,” she said.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The California governor’s office previously referred Fox News Digital to a fact sheet claiming that federal investigators spent months trying to indict Newsom and, upon failing, widened their search for criminal activity. The fact sheet also asserts that federal agents have subpoenaed records and conducted interviews covering years of activity.

Sources familiar with the matter told Fox News that the investigation has been ongoing since 2025 and that the probe is based on whistleblower complaints related to Newsom and his wife’s personal finances. The case is being handled by the U.S. Attorney’s Office in Sacramento. 

Fox News Digital’s Bonny Chu and Robert Schmad contributed to this report.

Streaming platforms continue expanding their libraries with fresh content as summer viewing preferences shift toward varied narratives and established franchises. Amazon Prime and HBO Max have scheduled several notable additions for late June and early July, ranging from historical dramas to animated adventures and reality series. These releases provide options for different audience interests while capitalizing on popular intellectual properties and timely themes.

Amazon Prime leads with several confirmed premieres that blend romance, animation and biographical storytelling. The platform’s strategy emphasizes accessible entertainment that appeals to broad demographics while leveraging established brands.

The romantic drama expansion “Your Fault: London” arrives on Prime on June 17. This installment transports familiar relationship dynamics from Mercedes Ron’s novels to a British setting. Produced by Pokeepsie Films, the film explores emotional complexities within its established universe. The narrative promises deeper character development and cultural adaptation that could attract fans of the original series.

Animated audiences will find interest in “The SpongeBob Movie: Search for SquarePants,” scheduled for June 19. The feature follows SpongeBob and his friends confronting the Flying Dutchman in dangerous ocean depths to save Bikini Bottom. Directed by Derek Drymon, the movie brings beloved characters into new territories while maintaining the franchise’s signature humor and visual style. Paramount Animation’s involvement ensures quality consistent with previous entries.

Historical drama enthusiasts can stream “Race” starting June 16. The biographical film chronicles track and field athlete Jesse Owens’ journey through racial tensions and political challenges at the 1936 Berlin Olympics. Directed by Stephen Hopkins, the production features strong performances and period detail that illuminate this significant chapter in sports and civil rights history.

HBO Max complements these offerings with a mix of reality programming, documentaries and returning series. The platform’s approach balances educational content with entertainment while capitalizing on popular franchises.

The documentary special “Disaster: The Chernobyl Meltdown” premieres June 16. Produced by CNN, the program examines the 1986 nuclear accident’s aftermath and global cleanup efforts. The special provides detailed analysis of one of modern history’s most significant environmental disasters, highlighting first responders’ sacrifices and long-term consequences.

Reality television fans can follow “Little Singles” beginning June 16. The TLC series documents unique individuals navigating contemporary dating challenges. The unscripted program captures emotional milestones and relationship hurdles as participants seek meaningful connections. Its focus on personal growth and modern matchmaking offers relatable storytelling for audiences interested in real-life experiences.

“Kara Swisher Wants to Live Forever” arrives June 18. The CNN investigative special explores Silicon Valley billionaires’ investments in life extension science. Featuring technology journalist Kara Swisher, the documentary examines ethical boundaries and scientific ambitions in the pursuit of longevity. This examination of technological hubris addresses timely questions about wealth, mortality and innovation.

Returning series provide continuity for established viewers. “House of the Dragon” premieres a new installment June 21. The HBO fantasy drama continues chronicling Targaryen succession conflicts known as the Dance of the Dragons. The epic series combines political intrigue, family dynamics and spectacular dragon sequences within George R.R. Martin’s fictional universe.

“Rick and Morty” becomes available on HBO Max starting June 15. The animated science fiction comedy follows a dysfunctional family through chaotic interdimensional adventures. Produced by Williams Street, the series blends philosophical themes with irreverent humor across multiple seasons. Its arrival expands access for fans of adult animation.

These releases demonstrate streaming platforms’ commitment to diverse content strategies. Amazon Prime focuses on franchise extensions and accessible entertainment while HBO Max balances prestige documentaries with popular series. The timing aligns with summer viewing patterns when audiences seek varied options for different moods and occasions.

Industry analysts note increasing competition among streaming services drives content investment. Platforms seek exclusive programming that attracts and retains subscribers while justifying monthly fees. The current slate reflects calculated approaches to audience engagement through familiar properties and timely topics.

Viewer preferences continue evolving toward personalized experiences. Streaming libraries allow on-demand access that traditional television cannot match. These new additions provide fresh options for subscribers seeking specific genres or familiar characters.

The romantic drama expansion appeals to audiences invested in serialized storytelling. “Your Fault: London” builds upon established narratives while introducing new cultural contexts. Such adaptations often succeed by maintaining core emotional elements while refreshing settings.

Animated features like “The SpongeBob Movie: Search for SquarePants” target family audiences and longtime fans. The franchise’s enduring popularity ensures built-in interest while new adventures maintain relevance. Visual storytelling and humor transcend age demographics.

Biographical films such as “Race” offer educational value alongside entertainment. Historical context enriches narratives while highlighting important social themes. Period dramas continue attracting audiences interested in authentic representations of past events.

Documentaries on HBO Max address serious topics with journalistic rigor. “Disaster: The Chernobyl Meltdown” and “Kara Swisher Wants to Live Forever” tackle complex issues through detailed examination. Such programming serves dual purposes of informing and engaging viewers.

Reality series like “Little Singles” provide relatable content focused on personal relationships. Unscripted formats allow authentic emotional moments that resonate with audiences navigating similar experiences. The genre’s popularity demonstrates sustained demand for real-life storytelling.

Established series bring continuity and fan engagement. “House of the Dragon” and “Rick and Morty” leverage existing audiences while introducing new viewers. Franchise extensions maintain platform relevance through proven intellectual properties.

Streaming content strategies increasingly emphasize diversity across genres and formats. This approach maximizes subscriber retention by offering options for different preferences and occasions. The current releases exemplify balanced programming philosophies.

As summer progresses, additional content announcements will likely follow. Platforms compete for attention through exclusive premieres and strategic timing. Viewers benefit from expanded choices while navigating abundant options.

The entertainment industry’s evolution toward streaming dominance continues reshaping consumption patterns. Traditional release windows have adapted to digital-first strategies. These developments affect how audiences discover and engage with content.

Critical reception and audience response will ultimately determine each release’s success. Word-of-mouth and social media discussions amplify visibility while professional reviews provide context. The diverse slate offers multiple opportunities for positive engagement.

Platforms continue investing in original programming alongside licensed content. This balance maintains variety while building exclusive libraries. Future releases will likely follow similar patterns of genre diversity and franchise utilization.

The upcoming period promises engaging options for streaming subscribers. Whether seeking dramatic romance, animated adventure or thoughtful documentaries, viewers have compelling choices across platforms. The content reflects ongoing efforts to meet varied entertainment needs.

Florida Attorney General James Uthmeier has opened a formal investigation into Major League Baseball over allegations of religious discrimination against Christian players’ display of Bible verses. He issued an investigative subpoena that orders the league to produce extensive records by July 23.

The Core Allegation

The subpoena questions whether MLB selectively enforces its uniform rules, punishing Christian players for displaying Bible verses while permitting secular, social justice and ideological messages, the attorney general’s office said in a statement.

Uthmeier said MLB’s claim that it tolerates no religious discrimination doesn’t match its conduct. “If MLB applauds ideological messages it prefers while reprimanding expressions of Christian faith, that is not neutral rule enforcement — it is religious discrimination that cannot stand in Florida,” he said.

The subpoena added that the state wouldn’t hesitate to take all necessary action to protect the religious liberty of players and employees working in Florida.

The Incident That Sparked the Probe

The investigation follows MLB’s warning to three Giants pitchers, including Landen Roupp, over Bible verses written on their caps during a Pride Night game, when the team wore rainbow colors that have come to symbolize LGBT advocacy.

The Bible passage cited was Genesis 9:12-16, which recounts God’s covenant with humanity and the rainbow as its sign.

MLB’s Response to the Players

Three days after the players wore the Bible verses on their caps, MLB Chief Communications Officer Pat Courtney said in a statement that the writings on the caps violated league rules and that, consistent with normal practice, the players were warned about future violations.

Another Giants player, J.T. Brubaker, wrote a shorter version of the passage, Genesis 9:13-15, on his cap.

An Offer From Hollywood

The incident drew attention beyond the baseball world as well. Actor and comedian Rob Schneider offered to pay any fines the players incur in response to reports that MLB had threatened consequences for future Bible verses on caps.

Comparing MLB’s Treatment of Other Causes

Central to the investigation is the question of whether MLB has applied its uniform rules inconsistently across different types of messaging. The subpoena said MLB has approved or overlooked similar modifications for other causes, including Black Lives Matter patches on sleeves, “United for Change” messaging, social justice statements on cleats, and etchings on the pitcher’s mound.

The Legal Basis for the Subpoena

The subpoena was issued under the Florida Civil Rights Act, the state’s primary law against discrimination. It also cites the Florida Deceptive and Unfair Trade Practices Act, a consumer protection statute.

What Records the State Is Seeking

The subpoena seeks MLB’s uniform and equipment rules along with the specific provisions cited for the June warnings, and the league’s complete enforcement history since 2020, covering markings that drew discipline as well as those allowed without action. Separately, it seeks documents on how MLB distinguishes religious messages from what the league calls permitted expression.

Additional categories cover MLB’s policies on Pride Night and themed apparel, any adverse action taken against players who declined to participate, and internal deliberations, complaints, and compliance analysis tied to the June warnings. It further requests personnel records from the Rays, the Marlins, and 15 clubs in the Grapefruit League, MLB’s spring training circuit in Florida.

A Public Lead-Up to the Investigation

Uthmeier had publicly questioned MLB on social media days before announcing the probe. The investigation marks his most recent action against a major professional sports league.

A Pattern of Scrutiny on Professional Sports Leagues

Monday’s announcement is not the first time Uthmeier’s office has turned its attention to a major sports organization over discrimination-related concerns. Earlier this year, Uthmeier subpoenaed the National Football League over diversity-related hiring practices, including the Rooney Rule, which requires teams to interview candidates from underrepresented groups for head coaching and senior front office jobs. He argued some NFL practices could constitute discrimination based on race or sex.

NFL Commissioner Roger Goodell said the league was cooperating and regularly reviews its policies to ensure legal compliance.

Background on Uthmeier

Uthmeier was named Florida attorney general by Gov. Ron DeSantis in February 2025, succeeding Ashley Moody after she was appointed to the U.S. Senate seat vacated by Marco Rubio. He had previously served as DeSantis’s chief of staff and is a graduate of Georgetown University Law Center.

With MLB facing a July 23 deadline to produce the requested records, the league’s response — and whether it complies fully, partially, or contests the subpoena — will likely shape the next phase of the investigation. Given the parallel scrutiny Uthmeier has already directed at the NFL over its diversity hiring practices, MLB’s handling of the inquiry may serve as a bellwether for how other major professional sports leagues navigate similar state-level investigations into their uniform and conduct policies in the months ahead. For now, MLB has not issued a detailed public response to the specific allegations raised in the subpoena beyond its earlier statement explaining the original warnings issued to the Giants players.

SpaceX shares tumbled 8.55% to $169.18 on Monday, extending a sharp pullback that has now erased much of the spectacular rally that briefly made Elon Musk’s rocket and AI company more valuable than Amazon and Microsoft in the days following its record-setting initial public offering.

A Steep Two-Day Slide

Space Exploration Technologies Corporation stock pulled back again on Thursday, falling 3.6% to close at $185 per share. That followed a 5% drop on Wednesday. It was down by about 5% in pre-market trading on Monday as well. Combined, the slide has erased most of the spectacular post-IPO rally that briefly pushed SpaceX past both Amazon and Microsoft in market cap.

The numbers tell the story clearly. SpaceX stock peaked at over $225 intraday the prior Tuesday — up nearly 67% from the $135 IPO price. Since then, shares have retreated by about 20% from that high, bringing the stock back to where it traded on day two after the IPO.

A New Catalyst for Monday’s Decline

SpaceX shares tumbled about 7% Monday after KeyBanc adopted a more cautious stance on the stock, arguing that its current valuation has run well ahead of the company’s underlying fundamentals — adding fresh analyst skepticism to a stock already grappling with post-IPO profit-taking.

A Reality Check After Frenzied Retail Buying

The decline marks a notable shift after a period of extraordinary retail investor enthusiasm that characterized the stock’s first days of trading. “We’re running out of superlatives to describe retail enthusiasm for SpaceX. SPCX has now topped the leaderboard as the most bought stock by retail investors for three consecutive sessions,” Vanda Research said in a note. “In total, retail investors have bought $369.8 million of SPCX over the last three sessions. To put that into perspective, retail bought just $100 million of QQQ and $88.2 million of NVDA over the same period.”

That buying intensity, the firm noted, has been roughly four times larger than what flows into traditionally retail-favored names like the Nasdaq ETF or Nvidia over a comparable stretch.

A Skeptical Voice From a Former Nasdaq Chief

As the rally has cooled, prominent voices in the financial industry have grown more vocal about questioning whether the stock’s valuation reflects genuine business fundamentals. Former Nasdaq CEO Robert Greifeld said publicly that SPCX trades on hopes instead of fundamentals. SpaceX’s journey from $135 to $225.64 to its subsequent pullback over the span of roughly a week represents the clearest evidence yet that SPCX today is a float-and-sentiment stock overlaying a fundamental Starlink and Starship story.

Why the Stock Has Been So Volatile

Much of the extreme price action tracing through SpaceX’s first weeks as a public company stems from a structural feature of the IPO itself: an unusually small float of tradable shares. It is noteworthy that only about 4.2% of total shares are free to trade, meaning the stock’s tiny float amplified its upward moves — and, more recently, its downward ones as well.

The Financial Picture Behind the Volatility

Beneath the dramatic price swings, SpaceX’s underlying financial disclosures have continued drawing scrutiny from analysts and investors alike. SpaceX disclosed in its IPO filing that it posted a net loss of $4.9 billion in 2025 and another $4.28 billion in the first quarter of 2026, with Starlink remaining its only profitable segment. Within 48 hours of trading, the stock had already surpassed the highest analyst price target published at the time.

A Drop Despite Strength in the Broader Market

Monday’s session continued a pattern in which SpaceX has significantly underperformed broader market benchmarks even during periods of overall market strength. The S&P 500, Dow Jones, and Nasdaq have all posted gains on days when SpaceX continued declining, highlighting how sharply the stock has decoupled from broader market sentiment in recent sessions.

The Bull Case Hasn’t Disappeared Entirely

Despite the recent weakness, some analysts have continued to make the case for significant additional upside, even after the pullback. Arete analyst Andrew Beale initiated coverage of SpaceX with a buy rating, highlighting that Starlink’s V3 satellites create a substantial opportunity in suburban broadband. Beale set a street-high price target of $401 for SPCX stock, implying significant upside from the stock’s recent trading levels even after accounting for the post-IPO retracement.

Other Space Stocks Also Felt the Pressure

The selloff in SpaceX shares has rippled across the broader space and satellite sector, with several related companies posting declines of their own in recent sessions. Other space sector companies also declined, including Intuitive Machines, Planet Labs, Satellogic, and Virgin Galactic, which fell between 3% and 5%. AST SpaceMobile dropped more than 8%, while satellite communications company EchoStar, which held SpaceX shares before the IPO, fell more than 6%.

Falling Below Amazon Once Again

The scale of the pullback has been enough to reverse SpaceX’s brief tenure among the world’s most valuable publicly traded companies. The SpaceX stock drop pushed the company’s market cap to roughly $2.43 trillion, slipping back below Amazon, which closed at $2.63 trillion. Just days earlier, SpaceX had briefly surpassed both Amazon and Microsoft to become one of the most valuable companies in the world.

A Board Addition Amid the Volatility

Amid the share price turbulence, the company also made a notable governance move. SpaceX announced it has added Roelof Botha — a longtime Elon Musk ally — to its board as an independent director and audit committee member. Botha becomes the eighth board member at the company. Musk controls more than 82% of voting rights and owns shares worth over $1 trillion, which means outside shareholders have limited influence regardless of board composition.

What Analysts Say Investors Should Watch

Given the structural factors driving the stock’s volatility, several analysts have suggested investors temper their expectations for stability in the near term. High volatility will likely persist until the December 2026 lockup expiration, when significantly more shares become available for trading, or until the company’s first post-IPO earnings release, expected in early August, provides the market with a clearer fundamentals-based anchor for the stock.

With SpaceX’s market capitalization having now retreated below Amazon’s after briefly overtaking both Amazon and Microsoft just days into its public trading life, the coming weeks are likely to test whether the stock can stabilize around current levels or continue retracing further toward the lower end of its 52-week range. Given the combination of a still-tiny tradable float, a widening range of analyst price targets, and a business that remains unprofitable on a net income basis despite Starlink’s strength, SpaceX’s next major test will likely come either from its scheduled August earnings report or from the gradual unlocking of additional shares later this year — both of which analysts expect to bring considerably more clarity to a stock that has, so far, traded primarily on sentiment rather than fundamentals.

CUPERTINO, Calif. — Apple Inc. is accelerating development of special iPhone models to mark the device’s 20th anniversary next year, with plans for two sizes featuring advanced display technology. The company also intends to launch a second-generation foldable iPhone simultaneously, according to industry reports, as it continues pushing boundaries in smartphone design and manufacturing processes.

The anniversary models will reportedly feature nearly borderless displays with curved glass on all sides, creating an immersive visual experience. These devices will come in sizes comparable to current premium iPhones, approximately 6.3 inches and 6.9 inches, offering consumers choices within the high-end segment. Apple aims to celebrate two decades of iPhone innovation with distinctive hardware that builds upon established design language while introducing fresh elements.

This development aligns with Apple’s tradition of milestone celebrations through special editions. The original iPhone revolutionized personal computing and communication when introduced in 2007. Two decades later, the company continues refining the product line while exploring new form factors like foldable designs.

Manufacturing preparations for the anniversary iPhones are reportedly intensifying, with suppliers ramping up production capabilities for advanced components. The devices will incorporate Apple’s latest A21 chip built on a 2-nanometer process, representing a significant advancement in semiconductor technology. This chip will power both anniversary models and the second-generation foldable iPhone, showcasing Apple’s vertical integration strategy.

The foldable iPhone represents Apple’s entry into a growing market segment where competitors have already established presence. The second-generation device aims to address limitations observed in early foldable phones while maintaining Apple’s emphasis on premium materials and user experience. Industry observers anticipate the foldable model will complement rather than replace traditional iPhone designs.

Apple’s broader iPhone roadmap includes the standard iPhone 18 launching in spring 2027 with a less powerful A20 chip. This staggered release schedule allows the company to differentiate product tiers while managing supply chain complexities. The iPhone 18 Pro and Pro Max expected this September will feature A20 Pro processors, marking Apple’s transition to more advanced manufacturing processes.

The 2-nanometer technology promises improved efficiency and performance compared to previous generations. Apple’s chip development has consistently delivered advantages in power consumption and processing capabilities, contributing to the iPhone’s reputation for longevity and reliability. These advancements support increasingly sophisticated features while maintaining battery life expectations.

Display technology for the anniversary models focuses on minimizing bezels through curved glass construction. This design approach could create more immersive viewing experiences for media consumption and gaming while maintaining structural integrity. Suppliers are reportedly developing specialized manufacturing techniques to produce these complex components at scale.

The foldable iPhone’s development reflects Apple’s methodical approach to emerging categories. Rather than rushing into the market, the company has observed competitor implementations while refining its own vision. The second-generation model benefits from accumulated learnings and technological maturation in flexible displays and hinge mechanisms.

Industry analysts anticipate strong consumer interest in Apple’s foldable offering given the company’s brand strength and ecosystem integration. The device could appeal to users seeking enhanced productivity through larger screens while maintaining portability. Pricing and specific features will determine market reception upon launch.

Apple’s annual iPhone releases remain central to its financial performance. The product line consistently generates substantial revenue while driving services and accessory sales. Milestone celebrations like the 20th anniversary provide opportunities for marketing differentiation and consumer excitement.

Supply chain partners are preparing for increased production demands across multiple device variants. Advanced manufacturing processes require significant capital investment and technical expertise. Apple’s supplier relationships have evolved to support increasingly sophisticated product requirements.

Consumer expectations for iPhones continue evolving toward greater integration of artificial intelligence and enhanced durability. The anniversary models and foldable device will likely incorporate these trends while maintaining core iPhone characteristics that have defined the product category.

The technology sector watches Apple’s innovations closely as indicators of broader industry direction. The company’s design choices often influence competitor roadmaps and consumer preferences. The upcoming releases could set new standards for smartphone aesthetics and functionality.

Market projections suggest continued growth in premium smartphone segments despite economic uncertainties. Apple’s brand loyalty and ecosystem lock-in provide resilience against competitive pressures. The 20th anniversary celebration could generate additional marketing momentum.

Global supply chains supporting iPhone production have demonstrated adaptability through recent challenges. Component sourcing and assembly operations continue scaling to meet anticipated demand for new models. Apple’s manufacturing partnerships remain crucial to timely product launches.

The foldable iPhone’s development timeline aligns with maturing flexible display technology. Early challenges in durability and user experience have prompted iterative improvements across the industry. Apple’s entry could accelerate mainstream adoption if execution meets high standards.

Software integration represents another critical aspect of upcoming releases. iOS updates will likely optimize experiences for new hardware configurations while maintaining compatibility with existing devices. Apple’s unified ecosystem approach enhances user satisfaction across product generations.

The anniversary iPhones’ design language may influence future models beyond 2027. Successful elements could become standard features while experimental aspects inform subsequent iterations. Apple’s iterative development philosophy balances innovation with reliability.

Consumer interest in iPhone upgrades remains strong despite lengthening replacement cycles. Special editions and significant technological leaps encourage periodic refreshes. The 20th anniversary timing provides compelling reasons for upgrades among longtime users.

Industry observers anticipate comprehensive coverage of Apple’s fall event where current-generation iPhones will debut. The 20th anniversary models and foldable device will likely feature prominently in subsequent announcements. Strategic communication will shape market expectations.

Apple’s commitment to innovation continues driving product evolution. The upcoming releases demonstrate ongoing investment in research and development across multiple form factors. Consumers and competitors alike await detailed specifications and availability timelines.

The technology landscape evolves rapidly, with Apple maintaining leadership through strategic execution. The 20th anniversary iPhones and foldable device represent significant milestones in the company’s smartphone journey. Market reception will influence future directions in mobile computing.