Capital Floods Growth, While Rates and Housing Tighten

The month centered on a capital race: SpaceX escalated toward a record IPO, while AI companies and suppliers drew funding through stock sales, IPO plans, bonds, and infrastructure financing. That appetite broadened beyond technology, but it also exposed rising costs, employment effects, and valuation tests.

Housing split between resilient demand and mounting pressure from construction costs, credit rules, and commercial distress. Strong hiring pushed investors toward higher Treasury yields and fewer near-term rate cuts, leaving capital-intensive growth facing a tougher financing backdrop.