Market UpdatesJun 16, 20262 Min

Global market wrap: Asian stocks flat as investors turn cautious; SpaceX shares surge 20% in first full day of trading

We are back with quick updates on global stock markets, commodities and some key corporate developments across the world.

The optimism seen in the global stock markets on Monday after the announcement of the end of the US-Iran war couldn’t gather much steam as investors turned cautious about the details of the peace deal. On Tuesday, Asian markets were mostly trading in the flat to negative zone.

China’s Shanghai Composite index was down 0.04% at 4,094 and Hong Kong’s Hang Seng dropped 1.6% to 24,435. Meanwhile, Japan’s Nikkei 225 was marginally up by 0.3% to 69,562 and Singapore’s Straits Times was up 0.5% to 5,106. Australia’s S&P/ASX 200 was flat (0.04% to 8,909).

However, South Korea’s Kospi bucked the trend, gaining 1.6% to 8,678.

US stock futures also hinted at a lacklustre session on Wall Street on Tuesday. S&P 500 futures traded unchanged from Monday’s close. Nasdaq 100 futures were down 0.1%, while futures tied to the Dow inched up just 0.01%. In the previous session, the Dow Jones Industrial Average had gained 0.9% to close at a record high of 51,671. The S&P 500 had surged 1.65% to 7,554, while Nasdaq 100 had climbed 3% to 30,543.

Oil prices dropped for a second day after falling over 5% in the previous session. However, the decline was not as sharp because investors remained concerned about the ​resumption of supply through the key Strait of Hormuz. The US crude oil futures for July delivery were down 0.4% to $80.41 per barrel. Brent futures, the international benchmark, for August delivery fell 0.5% to $82.73 per barrel.

Meanwhile, some stability was seen in the precious metal market as gold prices continued to trade in the green on Tuesday. Spot gold had gained 0.4% to $4,322 per ounce (at 0431 GMT), registering its highest level since June 5. US gold futures for ​August delivery were down 0.2% at $4,343 per ounce.

Here's a look at some other major developments across global markets:

SpaceX shares surge 20% in first full day of trading

SpaceX shares on Monday rallied another 20% to close at $192.50 apiece on their first full day of trading. The stock had closed at $161 apiece in its debut trading session, jumping 19% from the offer price of $135. Heavy trading volume was seen in the stock, with around 244 million shares changing hands.

Meanwhile, in an investor relations update released on Monday, SpaceX underwriters informed that they have officially exercised their greenshoe option in the mega initial public offering (IPO). This brings the total amount raised in the SpaceX IPO to $85.7 billion compared with the initial $75 billion.

Under the greenshoe option, SpaceX’s brokers like Goldman Sachs and Morgan Stanley had the option to buy an additional 83.3 million shares as part of the overallotment.

Nvidia planning to raise $20 billion

According to a CNBC report, US chipmaker Nvidia aims to raise at least $20 billion in debt in its first bond sale since the start of the AI boom. The debt sale could end up closer to $25 billion, the report highlighted.

Though Nvidia officially informed the markets about the fundraising plan through a filing with the US Securities and Exchange Commission (SEC) on Monday, it didn’t disclose the exact dollar amount.

Fox to buy Roku for $22 billion

Fox Corp. announced on Monday that it would acquire streaming device maker Roku for around $22 billion. The deal is expected to close in the first half of 2027.

The combination will bring together Roku with Fox’s news and sports channels as well as its free ad-supported streamer Tubi.

Fertiliser prices on a rise in Japan

Prices of imported fertiliser products have risen in Japan due to the closure of the Strait of Hormuz. This has created food security concerns in Japan as farmers are being charged more for these products.

Experts say that naphtha supply chains have been hit, while similar shortage fears are yet to become a major issue in the fertiliser industry. The Japan government, meanwhile, is stockpiling fertiliser products and making moves to diversify its import sources.

Singapore to develop water efficiency solutions

Singapore’s deputy Prime Minister Gan Kim Yong announced on Tuesday that the country’s national water agency will channel $9.36 million in funding to the development of water-saving solutions for wafer fabrication and data centres. These two sectors are among the most water-intensive, but provide critical components and services for artificial intelligence.