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Largest IPO and Thirteen Hours

  • Writer: Doug MacGray
    Doug MacGray
  • Jun 14
  • 4 min read

June 14, 2026


LARGEST EVER AND RICHEST EVER: On Friday, SpaceX debuted as the largest IPO ever. It priced at $135 as it hit the market, but most retail traders were crowded out as trading was halted for a while before reopening at a higher price. The stock ended the day up 19% to close at about $161. SpaceX is already the sixth largest publicly traded company in the U.S. and Elon Musk is a the world's first trillionaire. IPOs for Anthropic and OpenAI are still on their way, and the success of SpaceX may encourage them to get to the public markets quicker.


ANOTHER IRAN DEAL, OIL PRICES FALL: On news of another potential Iran deal, oil prices fell once again. We will see how far this trend goes. It is likely that demand for oil will remain elevated for a while, even if things remain calm, as many countries now have to refill their stockpiles of reserves.



FALLING OIL PRICES AND SPACEX KEEP STOCKS IN THE BLACK: It was another volatile five days, but in the end the markets eked out a positive week due primarily to falling oil prices and SpaceX's encouraging market debut. Inflation came in high, but right about where investors expected. Tech stocks have been under pressure generally, largely due to concerns of prices being too high.



LONGER-TERM PERFORMANCE: Below are the annualized three-year and five-year numbers for these same indices.



CPI AT 4.2%: With all the other news of the week, the new Consumer Price Index report was met with little fanfare. It came in high, but right about where it was expected. Prices in May rose 0.5%. The CPI is up 4.2% from one year ago. Energy prices increased 3.9% in May which surprised no one. Gasoline prices rose 7.0%. Food prices were up 0.2%. "Core" CPI, which the Fed watches more closely, rose only 0.2% (largely because it does not include energy prices). Core CPI is up 2.9% from one year ago.


THE FED: Economic data, including stronger than expected labor reports, along with rising inflation, has made it quite unlikely that we will see another Fed rate cut this year. Goldman Sachs has now changed its prediction to no cuts or increases this year, and two rate cuts next year. The impact of tariffs on prices may be winding down, but we still have to deal with the effects of oil prices, which will take a while, and rising demand caused by AI. These will probably keep inflation higher than the Fed's 2% target for a while.


SALES OF EXISTING HOMES RISE: Sales of existing homes in the U.S. rose by 3.2% in May to the fastest pace so far this year. Sales are still stuck in a low range at about 4 million. Before the COVID-induced shutdowns, the pace was consistently over 5 million. Affordability remains the biggest barrier to growth in this sector.



RUNNING LOW: According to the latest report by the Trustees of Social Security and Medicare, the trust fund is now estimated to be exhausted in the fourth quarter of 2032. If the funds are depleted as projected, then Social Security would be able to pay out at about 78% of scheduled benefits. Congress has time to act, but I have been telling clients for years that it has to become an emergency before anything will get done. What will get done? There will have to either be benefit cuts or tax increases or both. An oft-cited remedy would be to require highly-paid taxpayers to pay Social Security taxes no matter their income. Currently, once a taxpayer has earned $185,500, they pay no further Social Security taxes for the rest of the year. My best guess is that Congress will wait until after the 2028 presidential election before taking this issue seriously.


NOW THAT'S A DELAY!: I had a short business trip to Utah during the latter part of the week (I'm drafting MacGray Matter on the plane). On my way out I had to deal with a bit of a delay.



Have a great week!


Our purpose is to honor God by helping our clients see the objective, find the path, and navigate past the obstacles to a more prosperous future.



Douglas R. MacGray, J.D., C.F.P. ®

President

Stonecrop Wealth Advisors, LLC

Direct | Cell | Fax

(610) 628 4545




"I have tried so hard to do right" Grover Cleveland*


"Command [those who are rich] to do good, to be rich in good deeds, and to be generous and willing to share." I Timothy 6:18 (NIV)


*In commemoration of the 250th anniversary of the United States, I am finding a quote from a president each week, in order. This is the 24th week, and Grover Cleveland was our 24th president.


SOURCES:


(c) 2026 Anno Domini, Stonecrop Wealth Advisors, LLC, All Rights Reserved


Investment advisory services offered through Stonecrop Wealth Advisors, LLC, a Registered Investment Advisor with the U.S. Securities and Exchange Commission.


SDG


*S&P 500: This is a measure of the performance of the 500 largest companies in the United States, and it a common index to track the performance of U.S. equity markets, especially the large cap markets.

*MSCI All Country World Index X US: This is a broad measure of the performance of worldwide equity markets excluding the United States.

*Bloomberg U.S. Aggregate: This is a measure of the U.S. bond markets.

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