👀 SpaceX Goes Public, Iran Deal Saves the Rally, and a Director Quietly Loads Up on $3.75 YEXT

Good afternoon and happy Sunday! Here is a quick market rundown and an 'inside' peek behind the curtains of what C-Level Execs, Wall St. Hedge Fund Gurus, and politicians are trading right now…!

📊 MARKET PERFORMANCE

The headline numbers look calm. They are lying to you. The S&P swung nearly 400 points intraday this week — from missile-strike panic lows Tuesday to relief-rally highs Thursday after Trump floated an Iran deal. What's notable: the equal-weight RSP barely budged while cap-weight carried the water, meaning the recovery was led by a handful of large-caps again. Small caps (Russell 2000) actually had the best week in percentage terms, up over 3% Thursday alone. Divergence like that usually precedes a rotation.

🔑 KEY DRIVERS

🚀SpaceX Becomes the Biggest IPO in History

SpaceX opened Friday at $150 — above the $135 IPO price — and immediately ran 20%+, closing at $161.11 on a $75 billion raise. Largest public offering on record, full stop. The market absorbed it without flinching, which is itself a data point about risk appetite. AI infrastructure names wobbled on the capital rotation question — if SpaceX is pulling $75B in fresh equity, where does that money come from? The short answer: it came from everywhere, and the broader market shrugged.

🕊️Iran Conflict — From Airstrikes to a Potential Deal in 72 Hours

Monday into Tuesday, Trump teased fresh strikes on Iran. The Dow dropped 900 points. By Thursday, he was tweeting about cancelled strikes and a naval blockade. By Friday, Iranian state media was reporting a draft deal covering oil sanctions and the Strait of Hormuz, with a potential signing in Switzerland over the weekend. Oil fell hard on the deal optimism, with WTI dropping to ~$84.88 — energy was the worst sector of the week. Markets clearly believe the deal is real. If it isn't, you'll want to have a plan.

🤖The Semiconductor Hangover Lingers

Last week's Broadcom-led chip selloff (-13%+ for AVGO, -8.7% AMD, -7.6% MU on June 5) continued to set the tone. The Nasdaq's biggest drop since April 2025 — a 4.18% plunge on June 5 — was caused by Broadcom's refusal to raise its full-year AI chip target. NVDA held better than peers and closed Friday slightly higher. AMD recovered 4.7% Friday. The narrative is clearly in flux: AI infrastructure enthusiasm hit a ceiling, and the market is still deciding where to re-price it.

📊May CPI — Rate-Cut Math Gets Complicated

May jobs came in at 172K vs. the 85K estimate — that number landed on June 6 and sent Treasury yields spiking alongside the Nasdaq selloff. A strong labor market complicates the Fed's rate-cut calculus significantly. The 20Y and 30Y yields both pushed back above 5%. The FOMC meets June 17 — next week — and there is now virtually zero expectation of a cut. The bond market is doing the Fed's work: the 10-year anchoring high is the real tightening mechanism right now.

📉Alphabet — Four Straight Down Weeks and a $85B Capital Raise

GOOGL closed at ~$363, down for its fourth consecutive weekly drop — the longest losing streak in over a year. Antitrust overhang plus AI competition anxiety is the story. The company is raising $85 billion for AI infrastructure, which investors seem to be treating as a sign of desperation rather than dominance right now. One year ago, Alphabet briefly surpassed Nvidia by market cap. Today it's testing technical support levels and watching OpenAI file a confidential IPO at an $852B valuation. Context is everything.

🔍YEXT — A Director Spends $498K at Multi-Year Lows

Director Seth H. Waugh filed a Form 4 on June 11 disclosing an open-market purchase of 133,000 shares of YEXT at a weighted average of $3.746, ranging from $3.69 to $3.845. Total outlay: $498,218. This is not a grant, not options, not a comp award — this is a check written from a director's personal account at a stock that's down 55% over the past year and sitting near its 52-week low. The company went through a failed CEO-led buyout attempt and recently completed a Dutch auction tender offer at $5.75 — buying back nearly 20% of shares outstanding. Bears have a Seeking Alpha piece out this week calling it a "value trap." The director disagrees by $498K.

✅ KEY TAKEAWAYS

🚀SpaceX absorbing $75B in capital without breaking the market is the single most bullish data point of the week — don't miss what it says about risk appetite.

🛢️Oil below $85 on Iran deal optimism is either a gift or a trap. If the deal falls apart over the weekend, crude spikes and energy stocks gap up hard Monday.

⚡The semi selloff isn't over — it paused. AVGO, AMD, and NVDA bounced, but the AI cap-ex thesis needs a new narrative catalyst to reclaim the highs.

💀172K jobs in May plus a FOMC meeting next Tuesday means the rate-cut crowd is going to have a very quiet June. Plan around higher-for-longer.

📊Equal-weight underperforming cap-weight again is a yellow flag — a genuine bull market lifts all boats. This one is still a handful of names doing heavy lifting.

🔍When a director at a beaten-down company spends $498K of personal money near a 52-week low, the market's opinion and that director's opinion are now on the table simultaneously. One of them is wrong.

👀 WHAT WE'RE WATCHING NEXT WEEK

🏦FOMC Decision — Tuesday, June 17

No cut is coming — the market has priced this in cleanly. What matters is the statement language and whether Warsh signals any shift in the dot plot. A hawkish surprise would be a rate-cut timeline pushed to September or later; that hits rate-sensitives (REITs, utilities, AMT specifically) hard. Watch the press conference more than the decision itself.

🕊️Iran Deal Confirmation — Watch Over the Weekend

Reports indicate a signing could happen in Switzerland as early as Sunday. If confirmed before Monday open, expect energy to gap lower, defensives to soften, and the broader market to add another leg. If it falls through, the opposite happens — hard and fast. This is the binary that sets the Monday tone more than anything else on the calendar.

🤖AI Infrastructure Narrative Reset — NVDA $208 Level

Nvidia held its own this week when AMD and MU didn't. The $208 level is now the line in the sand — above it, the AI trade is recovering; below it, the June 5 selloff has a second chapter. JPMorgan reiterated overweight this week. Watch for any data center capex announcements from hyperscalers that could reignite the thesis.

📈GOOGL $345 Support — Four-Week Losing Streak

Alphabet is down four straight weeks and approaching levels that have historically attracted buyers. The $345 support zone — which aligns with the bull put spread levels being trafficked in options markets — is the number to watch. Any positive development on the antitrust front, or a credible AI product announcement, could snap this losing streak in a session.

🔦 INSIDER SPOTLIGHT — Seth Waugh: YEXT

What’s NEXT for YEXT. Waugh filed a Form 4 on June 11, disclosing an open-market purchase of 133,000 shares at prices ranging from $3.69 to $3.845 — right at the lows, spread across multiple trades, totaling $498,218. Following this, he directly owns 319,411 shares.

The bear case on YEXT is easy to find: Seeking Alpha had a piece out this week calling it a "value trap" with declining customer retention and eroding margins from AI investments that haven't moved the revenue needle. The failed CEO-led buyout attempt earlier this year added to the narrative of a company without strategic direction.

The bull case sits inside the Form 4. YEXT ran a Dutch auction tender in March at $5.75 — buying back 24.3 million shares (~20% of the float) for $140M. The company generated $107.3M in Adjusted EBITDA last fiscal year. InvestingPro pegs fair value at $4.63 — a 24% premium to where Waugh just bought. And the company's AI citation research (6.8M citations across ChatGPT, Gemini, Perplexity) puts them in the center of the exact trend that's dominating every conversation in tech right now.

Is it a value trap or a contrarian setup? Waugh just answered that question with nearly half a million dollars. The bear analysts are answering it with words. You decide which one is more expensive to be wrong about. Watch the $3.27 52-week low as the line — if it holds, the director may prove prescient. If it breaks on volume, the bears have it.

That's the week. Stay sharp and have a good Sunday.

— Silas P. Insider Authority | insiderauthority.com

Insider spotlight of the week…#YEXT

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