Weekly Market Recap | June 16 – June 22

IPO’s in the week

• Jyong Biotech Ltd. (MENS, Nasdaq) – A Taiwan-based biotech firm developing botanical drugs for prostate-related diseases went public on June 17, offering 2.67 million shares at $7.50, raising $20 million. Despite four Phase III trials, FDA approval remains pending due to efficacy concerns and ongoing efforts to establish API comparability.
• Axiom Intelligence Acquisition Corp 1 (AXINU, Nasdaq) – A London-based SPAC targeting European infrastructure deals went public on June 18, offering 17.5 million shares at $10.00, raising $175 million. Backed by a five-person team, the company aims to capitalize on EU priorities like clean energy, digital connectivity, and supply chain resilience under programs such as NextGenerationEU and the European Green Deal.
• Caris Life Sciences (CAI, Nasdaq) – A precision medicine and AI-driven biotech firm went public on June 18, offering 23.53 million shares at $21.00, raising $494 million. Priced above range, Caris positions itself as a “TechBio” pioneer with a vast clinico-genomic database and proprietary AI platforms to drive next-gen cancer diagnostics and treatment personalization.
• Enigmatig Ltd. (EGG, NYSE American) – A Singapore-based consultancy firm specializing in cross-border licensing and regulatory services went public on June 18, offering 2.85 million shares at $5.00, raising $14.2 million. With operations spanning Singapore, Hong Kong, Shanghai, and London, the firm serves brokerage and financial clients across Asia-Pacific, though it remains heavily reliant on a small number of customers for most of its revenue.
• Pioneer Acquisition I Corp (PACHU, Nasdaq) – A Brooklyn-based SPAC led by a veteran healthcare-focused team went public on June 18, offering 22 million shares at $10.00, raising $220 million. The company plans to target healthcare or healthcare-related sectors, leveraging its board’s deep experience in capital markets, M&A, and public company leadership.
• Slide Insurance Holdings (SLDE, Nasdaq) – A Florida-based insurtech providing homeowners coverage in high-risk coastal areas went public on June 18, offering 24 million shares at $17.00, raising $408 million and reaching a $2.62 billion valuation. Shares opened at $21, marking the biggest insurance IPO of 2025. Backed by strong underwriting and founder Bruce Lucas, Slide capitalizes on gaps left by insurers exiting Florida’s hurricane-prone market

Markets this week

1. S&P 500 closed at 5,967.84, gaining 28.44 points and 0.48% for the week.
2. Russell 1000 (IWB) closed at 326.29, gaining 0.83 points and 0.26% for the week.
3. Russell 2000 closed at 2,109.27, gaining -6.20 pts (+0.29%) for the week.
4. Russell 3000 closed at 3,393.65, gaining -16.29 pts (+0.48%) for the week.
5. VIX closed at 20.62, rising +0.84 pts (+4.25%) for the week.
6. Dow Jones closed at 42,206.82, down 93.31 pts (-0.22%) for the week.
7. Nasdaq closed at 19,447.41, down 188.66 pts (-0.96%) for the week.
8. Bitcoin closed at $100,153, falling $5,402 (-5.28%) for the week.
9. Ethereum closed at $2,218.95, down $81.55 (-3.54%) for the week.
10. Solana (SOL) closed at $130.67, falling $4.49 (-3.32%) for the week.
11. XRP closed at $1.98, falling $0.0732 (-3.56%) for the week.
12. Gold closed at $3,396.20, rising $28.10 (+0.83%) for the week.
13. Silver closed at $35.86, slipping $0.12 (-0.33%) for the week.
14. WTI Crude closed at $76.19, gaining $1.26 (+1.68%) for the week.
15. Brent Crude closed at $79.30, up $2.29 (+2.97%) for the week.

• Retail investors are scaling back exposure to Big Tech amid valuation concerns. Capital is rotating into defensive sectors and international stocks as sentiment cools on the Magnificent Seven.
• Currency traders are dumping the dollar for euro-based options amid US policy risks and trade war fears. The euro has rallied 11% YTD, hitting its highest level since 2021.
• Tesla to open first India showrooms in July with China-made Model Y SUVs, entering the market at a premium price point above $56,000.
• Musk’s AI firm xAI secures $5B debt deal with higher investor yields amid concerns over finances and Trump feud, plans $4.3B equity raise to bolster balance sheet.
• Apollo to raise £4.5B for EDF’s UK nuclear project via private bond placements. The deal secures long-term funding for Hinkley Point C and eases EDF’s reliance on public debt markets.
• LME imposes new rule requiring traders to cut oversized metal bets if their positions exceed available stock. The move, effective immediately, targets recent market squeezes by major energy players like Mercuria.
• AQR’s Cliff Asness backs Jim Chanos in slamming Michael Saylor’s Bitcoin strategy, arguing MicroStrategy’s $10B convertible debt offers no real downside protection.
• All-weather portfolios outperformed in H1 2025, as synchronized gains across stocks, gold, and commodities rewarded diversification over concentrated Big Tech bets.
• Hedge funds sharply raised Brent crude long bets, adding over 76K contracts — the biggest jump since Oct — amid escalating Israel-Iran conflict, signaling rising oil risk premiums.
• Russia’s Rosneft CEO praised OPEC+ output hikes, calling them timely amid Mideast conflict. The group may boost supply further in August to regain market share.
• The Fed’s uncertainty on rates, inflation, and war risk clouds market outlook. With Powell stressing “we don’t know,” investors remain cautious despite the S&P 500 hovering near record highs.
• Congo extended its cobalt export ban by 3 months to curb oversupply and support prices, impacting EV battery supply chains globally.
• US commercial real estate distress hit $116B in March — a 23% YoY jump — with rising delinquencies, looming debt maturities, and office sector turmoil raising systemic risk.
• Bitcoin fell below $100K and Ether plunged 10% after US airstrikes on Iran’s nuclear sites triggered over $1B in crypto liquidations, reflecting broad risk-off sentiment.
• China’s state-run CMRG has become the top iron ore importer, calming a volatile $130B market and reshaping power dynamics with global miners like BHP and Rio Tinto.
• Hong Kong stocks are beating mainland China, with the Hang Seng China Enterprises Index up nearly 20% over the CSI 300, driven by strong listings and Southbound inflows.
• Asian central banks are easing FX interventions amid a weaker dollar and Trump trade pressure, boosting bets on the won, ringgit, and Taiwan dollar.