{"id":63279,"date":"2026-06-16T21:08:18","date_gmt":"2026-06-17T01:08:18","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/asia-pacific-markets-slip-as-fed-chair-warsh-debuts-spacex-surpasses-amazon-in-post-ipo-frenzy\/63279\/"},"modified":"2026-06-16T21:08:18","modified_gmt":"2026-06-17T01:08:18","slug":"asia-pacific-markets-slip-as-fed-chair-warsh-debuts-spacex-surpasses-amazon-in-post-ipo-frenzy","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/asia-pacific-markets-slip-as-fed-chair-warsh-debuts-spacex-surpasses-amazon-in-post-ipo-frenzy\/63279\/","title":{"rendered":"Asia-Pacific Markets Slip as Fed Chair Warsh Debuts; SpaceX Surpasses Amazon in Post-IPO Frenzy"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>SpaceX (<a href=\"\/stock\/SPCX\">SPCX<\/a>) market cap briefly topped $3 trillion<\/strong>, leapfrogging <strong>Amazon (<a href=\"\/stock\/AMZN\">AMZN<\/a>)<\/strong> and <strong>Microsoft (<a href=\"\/stock\/MSFT\">MSFT<\/a>)<\/strong> to become the world&#39;s fourth-largest company just days after its record-breaking <strong>$85.7 billion IPO<\/strong>.<\/li>\n<li><strong>Federal Reserve Chair Kevin Warsh<\/strong> leads his first policy meeting today; while rates are expected to remain steady at <strong>5.25%-5.50%<\/strong>, investors are bracing for a hawkish shift in communication and potential future hikes.<\/li>\n<li><strong>President Trump invoked the Defense Production Act<\/strong> to accelerate munitions manufacturing, citing &quot;systemic constraints&quot; in U.S. weapons stockpiles depleted by the ongoing <strong>Iran conflict<\/strong>.<\/li>\n<li><strong>Reliance Jio Infocomm<\/strong> is reportedly preparing to file draft papers for a <strong>$4 billion IPO<\/strong>, which would be the largest listing in Indian history, ahead of the <strong>Reliance Industries (<a href=\"\/stock\/RELIANCE\">RELIANCE<\/a>)<\/strong> AGM on June 19.<\/li>\n<li><strong>Asia-Pacific stocks opened lower<\/strong> following a tech-led selloff on Wall Street, with the <strong>KOSPI (-0.8%)<\/strong> and <strong>Nikkei 225 (-0.1%)<\/strong> retreating as investors reduced exposure to chipmakers.<\/li>\n<\/ul>\n<h2>Global Markets and Central Bank Policy<\/h2>\n<p>Asia-Pacific equity markets began Wednesday&#39;s session in the red, tracking a mixed lead from Wall Street where the <strong>Nasdaq 100<\/strong> fell nearly <strong>2%<\/strong>. While the <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average<\/strong> extended its record run, the broader market remains cautious ahead of <strong>Fed Chair Kevin Warsh\u2019s<\/strong> first press conference. <em>Market participants are closely watching for a departure from former Chair Jerome Powell&#39;s forward guidance<\/em>, with some analysts predicting Warsh may scrap the &quot;dot plot&quot; in favor of less explicit rate commitments.<\/p>\n<p>In the bond market, <strong>Japanese Government Bond (JGB)<\/strong> yields eased across the curve as inflation concerns softened following a reported <strong>US-Iran peace memorandum<\/strong>. The <strong>10-year JGB yield<\/strong> fell <strong>1.5 basis points to 2.630%<\/strong>, while the <strong>20-year yield<\/strong> declined <strong>3.5 basis points to 3.500%<\/strong>. Meanwhile, the <strong>Australian Dollar (AUD)<\/strong> held gains above <strong>0.7050<\/strong> after the <strong>Reserve Bank of Australia (RBA)<\/strong> maintained interest rates and signaled a persistent hawkish stance to combat domestic price pressures.<\/p>\n<h2>Corporate Developments and IPO Mania<\/h2>\n<p><strong>SpaceX (<a href=\"\/stock\/SPCX\">SPCX<\/a>)<\/strong> continues its historic post-IPO rally, with shares surging over <strong>50%<\/strong> from their <strong>$135<\/strong> debut price. The company\u2019s market valuation reached approximately <strong>$2.8 trillion<\/strong> on Tuesday, fueled by the launch of options trading and the announcement of a <strong>$60 billion<\/strong> acquisition of AI coding startup <strong>Cursor<\/strong>. <em>Despite generating a $9 billion net loss on $19 billion in sales over the last year<\/em>, investors are pricing the company at over <strong>150x sales<\/strong>, reflecting massive bets on its AI and Starlink connectivity divisions.<\/p>\n<p>In India, <strong>Reliance Industries (<a href=\"\/stock\/RELIANCE\">RELIANCE<\/a>)<\/strong> is expected to provide a definitive update on the <strong>Reliance Jio<\/strong> IPO at its upcoming Annual General Meeting. The <strong>$4 billion<\/strong> offering is rumored to involve a <strong>2.5% stake sale<\/strong>, aimed at creating &quot;pricing tension&quot; among institutional investors. <strong>Nvidia (<a href=\"\/stock\/NVDA\">NVDA<\/a>)<\/strong> CEO <strong>Jensen Huang<\/strong> also made headlines, stating in a recent interview that society must develop &quot;new social norms&quot; to adapt to the rapid integration of <strong>Agentic AI<\/strong> in daily life and industry.<\/p>\n<h2>Geopolitical and Regulatory Risks<\/h2>\n<p>Geopolitical tensions remain a primary driver of market volatility. <strong>President Trump&#39;s<\/strong> invocation of the <strong>Defense Production Act<\/strong> allows the Pentagon to bypass certain antitrust laws to facilitate collaboration among defense contractors like <strong>Lockheed Martin (<a href=\"\/stock\/LMT\">LMT<\/a>)<\/strong> and <strong>RTX Corp (<a href=\"\/stock\/RTX\">RTX<\/a>)<\/strong>. The move is intended to address a critical shortage of long-range missiles and artillery that analysts warn could take at least three years to replenish.<\/p>\n<p>In the regulatory sphere, the <strong>Australian Securities Exchange (ASX)<\/strong> has moved to protect shareholders by proposing a <strong>25% ceiling<\/strong> on new shares issued for company takeovers without prior investor approval. Simultaneously, <strong>South Korean watchdogs<\/strong> have intensified surveillance of leveraged positions following a spike in market volatility. The <strong>Financial Supervisory Service (FSS)<\/strong> issued a stern warning to retail investors to avoid &quot;risky, leveraged bets&quot; as they probe potential price manipulation in the cryptocurrency and tech sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways SpaceX (SPCX) market cap briefly topped $3 trillion, leapfrogging Amazon (AMZN) and Microsoft (MSFT) to become the world&#39;s 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