The Federal Reserve raised the federal funds target range by 25 basis points to 3.75%-4.00% on Wednesday, its first increase since July 2023, and the bond market answered by buying duration. The 10-year Treasury yield fell about 5 basis points to roughly 4.95%, one session after touching 5.04%, its highest level since 2007. In the first stretch after the statement the Nasdaq Composite traded up about 0.8%, the S&P 500 about 0.3%, and the Dow sat just under flat. A rate hike pulled the long end lower. That reaction is the story.

Bloomberg reported on Tuesday that Samsung Electronics is in the early stages of exploring an offering of American depositary receipts, having held preliminary discussions with banks without reaching a decision. Sources characterised the process as a review rather than a plan — no bank mandated, no commitment made, and a real possibility that nothing comes of it.

Samsung denied it. A company spokesperson said flatly that Samsung Electronics is not reviewing the possibility of issuing American depositary receipts.

On June 12, Space Exploration Technologies Corp. lists on the Nasdaq under the ticker SPCX. The offering is already oversubscribed. It is priced at a fixed $135 per share with no bookbuilding range — a deliberate break from convention that tells you the company believes demand exceeds anything price discovery would surface. SpaceX is selling roughly 555.6 million shares to raise $75 billion at a $1.75 trillion valuation, more than twice Saudi Aramco’s 2019 record and the largest IPO in market history by a wide margin. Morningstar’s independent fair value estimate is $780 billion. The 55% gap between those two numbers is not a footnote. It is the entire question, and on June 12 it stops being theoretical for everyone holding a Nasdaq index fund.