The Point, 6.13.26: Market drama subsides

SpaceX landed without incident and oil fell below $90. Is this what normal feels like?

You don’t need to follow financial news every day to keep up with markets and the economy. You just need a sharp weekly summary of what really matters. Here’s The Point:

The most important development in financial markets right now isn’t in the headlines: Things are getting back to normal.

Here’s what is in the headlines: Elon Musk is the world’s first trillionaire. His rocket company SpaceX blasted onto public markets with a staggering $2 trillion valuation. Musk’s stake is worth more than $800 billion, with his ownership in Tesla bumping him over the trillion-dollar threshold. Capitalists cheer; Musk-haters jeer.

The Iran war devolved to shooting again, with Iran downing a US helicopter, US forces retaliating and Iran re-retaliating. Then there was talk of a peace deal, for at least the 38th time.

President Trump’s war with Iran has pushed inflation to the highest level in three years. At the start of the year, investors thought the Federal Reserve would be cutting interest rates in 2026. Now it looks like they’ll have to raise rates, to combat inflation. The change in expectations has already pushed mortgage rates up by half a point, making housing affordability worse.

[Why Elon Musk is a trillionaire]

And yet: Markets are calm. Iran war drama seems to be fading. And it’s possible the second half of 2026 will be less volatile than the first.