This weekend's Bloomberg program will highlight a significant market downturn, with the NASDAQ and S&P suffering their worst losses of the year as part of a broader selloff that also impacted bonds, Bitcoin, and metals. Bitcoin, specifically, fell below $60,000.
Increased confidence that the Federal Reserve will raise interest rates is a key factor contributing to market concerns. This comes as the latest employment data boosted expectations for a rate hike this year. Bond yields surged in anticipation of this potential move.
President Donald Trump is scheduled to meet with major AI executives next week to discuss a potential public-private partnership, with the possibility of the U.S. government taking equity stakes in leading AI firms. This initiative is being considered ahead of anticipated trillion-dollar IPOs from AI companies like SpaceX, Anthropic, and OpenAI. Trump suggested these government stakes could benefit the American public financially, enabling them to become partners with these companies and share in the success of the AI industry.
Other topics include new proposed U.S. tariffs of at least 10% on imports from 60 trading partners, a Ukrainian drone attack in St. Petersburg, and the advancement of Democrat Javier Baserra in the California governor's race. SpaceX is set for its IPO, with sources indicating over $75 billion in demand for shares in its $75 billion IPO, and Alphabet's Google has agreed to pay SpaceX $920 million per month for cloud services through mid-2029.
