Market UpdatesJun 11, 20262 Min

Global Market Wrap: Gold Rebounds, SpaceX IPO May Create 4,000 Millionaires

Global Market Wrap

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

Asian markets opened lower on Thursday as fresh US military strikes against Iranian targets near the Strait of Hormuz deepened fears of a prolonged regional conflict.

Japan’s Nikkei 225 dropped 0.1% to 64,117 and Hong Kong’s Hang Seng slid 0.7% to 24,216. Shanghai Composite also edged down 0.1% to 3,987. Meanwhile, South Korea’s Kospi recovered from a steep plunge in early trading and closed 0.4% higher at 7,763. Singapore’s Straits Times Index too edged in the green at 0.5% to 4,987, while Australia’s S&P/ASX 200 dropped 0.2% to 8,633.

Wall Street closed the session firmly in the red after the Consumer Price Index showed headline inflation surged to 4.2% in May, its fastest pace in three years. S&P 500 dropped 1.6% to 7,266, marking its first back-to-back decline in three weeks.

Nasdaq bore the steepest losses, closing down nearly 2% at 25,169 as AI-linked and semiconductor stocks continued their slide. Dow sank 1.8% to close at 49,918.

Oil prices too rose on Thursday after the U.S. launched another round of military strikes against Iran. WTI crude futures for July rose 0.8% to $90 per barrel. Brent futures for August, meanwhile, rose 0.6% to $93 per barrel.

Gold prices rebounded from a six-month low on Thursday. Spot gold rose 0.5% to $4,095.64 per ​ounce, after hitting its lowest since November 21 ​at $4,022.09 earlier in the day. U.S. gold futures for August delivery ⁠were down 0.4% at $4,116.20.

Here are the other top stories of the day:

SpaceX’s Mega IPO May Turn Thousands Of Employees Into Millionaires Overnight

The most anticipated market debut of a generation is days away. SpaceX is set to list on Nasdaq under the ticker SPCX on June 12, targeting a valuation of $1.75–$1.8 trillion and aiming to raise up to $75 billion.

The listing is set to mint roughly 4,000 new millionaires from SpaceX’s 22,000-strong workforce, with an estimated 400 employees expected to see their net worth cross $100 million.

Oracle Smashes Revenue Records, But Massive Capital Plans Unsettle Markets

Oracle delivered a record fourth quarter for fiscal year 2026, with revenue rising 21% year-over-year to $19.2 billion, topping consensus estimates of $19.1 billion. Adjusted EPS of $2.11 is up 24% year-on-year, beating expectations of $1.96. Cloud revenue surged 47% to $9.9 billion, with Cloud Infrastructure (IaaS) revenue nearly doubling, up 93% to $5.8 billion, driven by a flood of large-scale AI contracts.

Applied Materials Opens $500M Tampines Campus to Power AI Chip Buildout

Applied Materials has inaugurated its new Tampines Campus in Singapore. The $500 million (S$600 million) state-of-the-art manufacturing and R&D facility has been designed to support the global buildout of AI chip infrastructure.

Japan Races to Secure Russian LNG Exemption as Hormuz Blockade Squeezes Supplies

Japan is finalising negotiations with the U.S. Treasury Department to extend a sanctions exemption allowing Japanese companies to continue settling transactions related to the Sakhalin 2 oil and gas project in Russia’s Far East.

With the June 18 deadline approaching, Japan is pressing to maintain the carve-out as Middle East shipments have plummeted amid the near-total closure of the Strait of Hormuz.