Markets are rallying as the U.S. and Iran move closer to an interim agreement, but the biggest question is whether the Strait of Hormuz will actually reopen fast enough to relieve pressure on global oil supplies.

Chuck Zodda and Mike Armstrong break down what is known about the proposed Iran deal, why energy markets still face a tight timeline, and how continued inventory drawdowns could keep pressure on gas prices later this summer. They also discuss Kevin Warsh’s first Fed meeting as chair, why the Fed may need to communicate less while proving its inflation credibility, why Americans remain unhappy with the economy despite low unemployment, and how SpaceX’s IPO is fueling renewed investor interest in the broader space sector.

SpaceX has officially started trading after the largest IPO in history, giving investors their first real look at how much demand there is for Elon Musk’s newly public space and technology empire.

Chuck Zodda and Mike Armstrong break down the first trades in SpaceX, why IPOs often bring major volatility, and how retail investors were able to access shares through select platforms and pre-IPO funds. They also discuss renewed uncertainty around a potential U.S.-Iran deal, the growing price war between OpenAI and Anthropic, why AI costs may be forcing companies to rethink how they use different models, and Paul LaMonica of Barron’s joins the show to explain which ETFs already had SpaceX exposure before the IPO.

SpaceX is making its long-awaited public debut in the largest IPO ever, with investors watching to see how the market absorbs a massive new stock offering and whether the excitement around Elon Musk’s space company can hold up once trading begins.

Chuck Zodda and Mike Armstrong break down the SpaceX IPO, why the stock is expected to open well above its offering price, and what the surge in related space stocks says about investor enthusiasm. They also discuss the latest signs of progress and uncertainty in U.S.-Iran negotiations, why oil executives are still warning about a potential energy crunch, what the G7 can realistically accomplish on trade imbalances, and whether AI is more likely to create a golden age or a major labor market shock.

The largest IPO in history is set to hit the market, and SpaceX is bringing an unusual mix of massive investor demand, limited public float, Elon Musk control, and sky-high expectations.

Chuck Zodda and Mike Armstrong break down what makes the SpaceX IPO so unique, why oversubscription does not guarantee smooth trading, and why major IPOs often come with huge first-year drawdowns even when they ultimately perform well. They also discuss Meta’s struggle to build a subscription business beyond advertising, whether retirees may be too cautious with their spending, the massive logistics challenge behind the World Cup, how AI is changing hiring and job references, and why a potential super El Niño could create new risks for global food supplies.

Oil executives are warning that gas prices could get worse this summer, even as prices at the pump have eased in recent weeks and investors continue to question why crude markets are not reflecting the pressure building in U.S. inventories.

Chuck Zodda and Mike Armstrong break down why the U.S. oil system may be approaching a critical inventory window, what continued export demand could mean for gas prices later this summer, and why China’s reduced oil imports may be one of the biggest unknowns in the market. They also discuss the Federal Reserve’s credibility problem as inflation moves back above 4%, whether the Fed can still defend its 2% target, why AI data center costs are creating new concerns for Oracle and other tech companies, and what OpenAI price cuts could signal about competition with Anthropic.

Markets are getting increasingly unstable as investors react to hotter inflation, violent sector rotation, and new concerns about how long the U.S. oil system can keep drawing down commercial inventories.

Chuck Zodda and Marc Fandetti break down why the latest CPI report is keeping pressure on the Fed, how crude oil inventories actually work, and why the U.S. may be closer to minimum operating levels than the headline numbers suggest. They also discuss what continued oil drawdowns could mean for late-summer prices, why Social Security’s projected shortfall has moved earlier, how airlines are preparing for possible winter capacity cuts, and why Anthropic’s new Claude Fable 5 rollout may be tied to its coming IPO.

Inflation is back above 4% for the first time in three years, raising new questions about whether the Federal Reserve can even consider rate cuts with prices moving higher again.

Chuck Zodda and Marc Fandetti break down the latest CPI report, why headline inflation is being driven by food and energy, and why core inflation remains a major concern for the Fed. They also discuss Kevin Warsh’s first major credibility test as Fed chair, renewed volatility in semiconductor stocks after a massive AI-driven rally, where investors are rotating as chip stocks stumble, and Todd Lutsky joins for Ask Todd to explain the differences between revocable trusts, Medicaid irrevocable trusts, and life insurance trusts.

The AI boom is still driving investor enthusiasm, but the question is whether today’s earnings growth can justify historically high valuations and whether the companies spending billions on AI infrastructure will be the ones that ultimately benefit.

Mike Armstrong and Marc Fandetti break down why earnings have helped support the market, why valuations remain stretched by historical standards, and how AI-related fundraising and data center spending could ripple through bonds, labor markets, and inflation. They also discuss Robert Half’s latest survey on AI in the workplace, why some companies are rehiring roles they cut too quickly, how oil prices are responding to signs of increased Hormuz traffic, and why Meta is launching a workforce academy to train electricians, HVAC technicians, and other workers needed for the data center buildout.

The AI investment boom is entering a major new phase as OpenAI files to go public, SpaceX prepares for one of the largest IPOs in market history, and investors question where hundreds of billions of dollars in new capital will come from.

Mike Armstrong and Marc Fandetti break down the wave of AI-related fundraising, why SpaceX, OpenAI, Anthropic, and Alphabet are all testing investor demand at the same time, and how that money could affect other parts of the market. They also discuss the latest existing home sales data, why higher mortgage rates continue to pressure the housing market, how AI spending may be adding to inflationary forces, and what the bond market is telling new Fed Chair Kevin Warsh about interest rates.