What’s News in Markets: AI Whiplash, SpaceX’s Historic IPO, Knicks Fever

Imani Moise· Host0:00

[upbeat music] Hey, listeners. It's Saturday, June 13th. I'm Imani Moise for the Wall Street Journal, and this is What's News in Markets, our look at the biggest stock moves of the week and the news that drove them. Let's dive in. Markets went on a roller coaster ride this week. The Dow suffered its worst day of the year on Wednesday after escalating conflict in the Middle East raised concerns that higher oil prices could reignite inflation. But less than 24 hours later, sentiment flipped. On Thursday, President Trump said he was canceling planned strikes on Iran as negotiators worked toward a broader agreement, and stocks soared, with the Dow adding 930 points. Whether the ceasefire holds is an open question, but geopolitics wasn't the only thing driving markets. Investors were also grappling with growing questions about the AI trade and preparing for the largest IPO in history. After all the back and forth, major indexes ended the week slightly higher. The S&P rose .65%, while the Dow grew .66%. The Nasdaq gained .7%. [upbeat music] Recent volatility has also reminded investors of the risks of a top-heavy market. The Nasdaq has swung more than 2% a day on average over the past week, more than double its typical pace. Chip stocks were at the center of the turbulence. After months