Market story: Monetary policy, not rockets

The SpaceX IPO is unlikely to be a meaningful macro signal, since its size is too small to change liquidity conditions or broad investor sentiment.

For markets, the more important force remains monetary policy rather than headline-grabbing events. Investors are still focused on whether central banks may move too early or too late.

At present, the backdrop appears more supportive of continued market performance than of a sharp reversal. That said, policy mistakes remain the main risk to watch.