Market UpdatesJun 10, 20262 Min

Global Market Wrap: Asian Markets drop on Iran Strikes; SpaceX Rockets Toward Historic IPO Debut

We are back with quick updates on global stock markets and major developments across some of the top companies worldwide.

Asian markets opened the Wednesday session in broad retreat after U.S. forces completed overnight strikes against Iranian military targets near the Strait of Hormuz.

South Korea's Kospi led the losses, slipped at 4.7% at 7,730. While Japan's Nikkei 225 dropped 1.9% to 64,190. It is worth noting that the index had only recently been trading near record highs above 65,000. Australia's S&P/ASX 200 held marginally in the green - 0.6% to 8,653. But Hong Kong's Hang Seng slipped 0.7% to 24,406. While Straits Times declined 1.2% to 4,964, Shanghai Composite was trading in red, 0.4% to 3,993.

Meanwhile, Wall Street closed the session in the red. Dow was down 0.4% to 50,699.

While the S&P 500 slipped 0.3% to 7,386 and Nasdaq dropped nearly 1% to 25,678.

Crude prices were volatile in Wednesday's trading. WTI futures for July dropped 0.19% to $88.03 a barrel, while Brent for August slid 0.2% to $91.27.

Whereas, Gold dropped to an 11-week low on Wednesday, as oil prices ‌rose on renewed hostilities between the U.S. and Iran. Spot gold was down 1.3% at $4,206.08 per ounce. U.S. gold futures ​for August delivery shed 1.4% to $4,228.

SpaceX IPO: History in the Making

The biggest IPO in history is days away. SpaceX has attracted more than $250 billion in investor demand for its planned $75 billion raise - a subscription rate of roughly three-and-a-half to four times the offering size.

GM Turns Your EV Into a Power Plant

General Motors announced on Tuesday that it is rolling out a software update enabling some U.S. EV owners to sell power from their vehicle back to the electricity grid.

The update expands GM's existing vehicle-to-home system, and EV owners would be able to sell electricity to utilities during periods of peak demand, with GM taking a cut of those payments.

Asics Spins Off Onitsuka Tiger

In one of the more eye-catching corporate moves out of Tokyo today, Asics announced it will spin off its Onitsuka Tiger brand into a standalone subsidiary called OT GROUP, effective January 2027.

The board has approved an absorption-type company split, giving the 77-year-old sneaker label its own management structure and faster decision-making.