Crypto News: SpaceX draws bulls

Good morning. SpaceX wins some bullish ratings as it joins the Nasdaq. Maine’s Graham Platner is under pressure to end his bid for the Senate. And why some honeymoon hideaways are trading romance for family fun. Listen to the day’s top stories.

— Marcus Wright and Emily Nicolle

Market Snapshot
S&P 500 Futures	7,581.50	-0.1%
Nasdaq 100 Futures	29,668.00	-0.9%
Bloomberg Dollar Spot Index	1,219.59	+0.1%
Market data as of 05:34 AM ET. Data is subject to provider delays.	Your watchlist

SpaceX won bullish ratings from at least six Wall Street brokers after its IPO quiet period ended for analysts from banks that helped underwrite its listing. Morgan Stanley expects the shares to gain 87%. The ratings are timely as the Elon Musk-led company is also set to join the Nasdaq 100 today. US tech shares led futures lower after earnings from Samsung left global investors wanting even more.

Maine Democrat Graham Platner is under pressure from party leaders and allies to end his bid for a Senate seat in Maine, following a sexual assault allegation he has denied. Democrats consider ousting Republican incumbent Susan Collins as central to their effort to retake the Senate majority in November’s midterms. Meanwhile the Michigan seat now held by retiring Democrat Gary Peters is another must-win.

A laden LNG carrier was hit by a projectile as it exited the Strait of Hormuz, heightening unease among shipowners and testing a US-Iran agreement intended to halt attacks in the waterway. The attack came as Donald Trump headed to a NATO summit in Turkey where the war with Iran is expected to be a major topic of discussion. US allies are bracing for unpleasant surprises.

Trump’s $40 Billion Travel Slump

Volodymyr Zelenskyy is said to be in good spirits ahead of talks with Trump at the NATO summit, his confidence bolstered by Ukraine’s recent missile and drone strikes on Russian supply routes. Canada’s PM Mark Carney stressed the importance of working with NATO allies to defend against threats in the Arctic as he chose a German-Norwegian bid to build a new fleet of submarines for Canada’s navy.

Team USA’s run in the World Cup came to an end, losing 4-1 to Belgium who will face Spain in the next round. FIFA’s reversal of US striker Folarin Balogun’s one-game ban hung over the game, after soccer’s global governing body denied a Belgian appeal of the decision. Earlier, Spain beat Portugal 1-0 bringing soccer legend Cristiano Ronaldo’s World Cup career to an end.

Deep Dive: Back in Fashion

Maggie Burns browses the aisles at a Michaels store in Columbus, Ohio. — A Michaels store in Columbus, Ohio.

Arts and crafts store Michaels has staged an unlikely comeback under the guidance of owner Apollo, seizing upon rivals’ bankruptcies to win new customers and shake off tariff threats.

The hobbyist retailer is having a moment. After struggling under the prospect of high US tariffs last year, buying out the brands of collapsed fabrics retailer Joann has proved a crucial tailwind for earnings.
Credit is getting easier to come by. Michaels’ bond prices have jumped, giving the company opportunities to bolster its finances. Apollo, too, is emerging as an early winner from the recent private credit panic, spying an opportunity to widen its lead and reshape the market.
Some observers chalk Michaels’ current success up to Apollo’s reputation for throwing sharp elbows in distressed bets and corporate turnarounds. The investment giant bought Michaels five years ago for $3.3 billion.
Now it’s nearing the time when private equity usually starts looking for an exit, and the retailer could soon be eyeing an IPO. Watch here to see how the company once known as “your grandmother’s store” has transformed itself.

The Big Take

Abu Dhabi ruler Sheikh Mohammed bin Zayed Al Nahyan.

While its name is rarely spoken in public, the family office of Abu Dhabi’s ruler is a global force with a huge appetite for deals. AC Limited operates with such discretion that the identity of its backer was a mystery to at least one long-time employee.

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Before You Go

Classic honeymoon hideaways are increasingly trading romance for family fun. Couples who once escaped to destinations such as Bora Bora, Santorini and the Maldives in search of seclusion are now returning — this time with toddlers, teenagers and even grandparents in tow.

A Couple More