Wall Street banks have high hopes for SpaceX but at the moment shares of Elon Musk’s rocket market appear to be earthbound.

Many of the investment firms that underwrote SpaceX’s initial public offering issued their first research notes about the company Tuesday, and almost all recommended that investors buy the stock and forecast it to trade above $200 in the next 12 to 18 months. But after topping $200 in its first week of trading, the stock is trading around $150 per share, roughly where it opened on June 12, its IPO day.

AI stocks sink and drag markets lower worldwide

The roller-coaster ride for AI stocks snapped back down and dragged Wall Street lower.

The S&P 500 fell 0.4% Tuesday, even though the majority of stocks within the index rose. The drops for stocks in the artificial-

intelligence industry dragged the Nasdaq composite down 1.2%, while the Dow Jones Industrial Average dipped 0.2%. The weakness began in Asia, where Samsung Electronics tumbled 6.9% in Seoul despite offering what analysts called a strong forecast for upcoming results.

Airlines’ monthly fuel spending topped $6B

Government data released Tuesday shows that U.S. airlines spent $6.66 billion on jet fuel in May. This marks an 84% increase from the previous year.

It was the second month in a row with fuel costs exceeding $6 billion, following April’s $6.47 billion. The latest figures show that the rise is mainly due to pricier jet fuel, as consumption in May was slightly lower from a year earlier. The average price per gallon was $4.09. That was down slightly from April but 85% higher than in May 2025.

SKorean law targeting ‘fake news’ takes effect

South Korea is enforcing a law that allows steep punitive damages against news outlets and social media influencers for spreading false information as journalist groups warned it could chill public discourse and invite censorship.

The law that took effect Tuesday allows courts to award damages of up to five times the proven losses against news organizations and large social media channels, such as including YouTube creators, that circulate illegal, false or manipulated information to cause harm or generate profit.

Distributors in addition could be fined $656,000 for repeating falsehoods.

Getty scraps $3.7B Shutterstock deal

Getty Images has scrapped plans to merge with Shutterstock in a $3.7 billion deal. The decision comes after Britain’s antitrust regulator required Shutterstock’s editorial business to be sold to an approved buyer.

Getty notified Shutterstock on Tuesday, stating it did not want to comply with this condition. Britain’s Competition and Markets Authority had approved the deal but expressed concerns about reduced competition, choice, and higher prices for U.K. media outlets. Getty’s board voted unanimously last week against proceeding with the deal under these terms. Both companies license content to major British media and creative industries.

Indonesia to acquire India’s BrahMos missiles

India’s Prime Minister Narendra Modi and Indonesia’s President Prabowo Subianto have sealed a major defense deal, allowing Jakarta to acquire Indian BrahMos supersonic cruise missiles.

The agreement was reached during Modi’s three-day visit to Indonesia, his first stop in a tour of Indo-Pacific nations. The deal, reached a day after China test-launched a long-range ballistic missile, is expected to boost India’s defense exports and strategic cooperation between Jakarta and New Delhi.