Today’s Market Recap: Trump Taps Warsh for Fed, Geopolitical Tensions Calm, and Space Stocks Surge

Trump stated that Iran is eager to reach an agreement. However, the Chairman of the U.S. Senate Armed Services Committee expressed that the U.S. military should complete the destruction of Iran's conventional military capabilities rather than seeking a deal. Meanwhile, Iranian Foreign Ministry Spokesperson Esmaeil Baghaei noted that serious differences remain between the U.S. and Iran, cautioning that results cannot be expected within weeks or months through just a few rounds of back-and-forth consultations. Baghaei emphasized that the current focus of negotiations is on ending the war, and nuclear-related issues will not be discussed at this stage.

Trump told Warsh to "just go do it," expecting him to be a great Federal Reserve Chairman and expressing hope for his complete independence. Speaking at the swearing-in ceremony, Trump said, "I expect Kevin Warsh to be a great Chairman of the Federal Reserve, and he will lead the Fed starting today. I want him to be completely independent and just do a great job. Don’t look at me, don't look at anyone, just go do it and do a great job. He will defend the integrity of the Fed. He understands that when the economy is booming, that is a good thing." Following Friday's U.S. stock market close, Trump declared, "I now have an excellent Fed Chairman in Warsh, and we will move quickly to lower interest rates."

Sworn in as the Chairman of the Federal Reserve, Warsh stated that the Fed will be reform-oriented and will bring unparalleled prosperity to America in the coming years. Delivering a brief speech on Friday, Warsh called it "the honor of a lifetime to be called back into public service." To fulfill this mission, he pledged to lead a reform-oriented Fed that learns from past successes and mistakes, moving away from rigid frameworks and models while upholding clear standards of integrity and performance. Warsh emphasized that the Fed must fulfill its duties to control inflation and achieve full employment with "independence, clarity of judgment, and resolve." He added that the Fed's mandate remains "maintaining price stability and achieving maximum employment."

The China Securities Regulatory Commission (CSRC) announced intentions to impose severe administrative penalties on Tiger Brokers, Futu, and Longbridge in accordance with the law. The CSRC plans to confiscate all illegal gains from the relevant domestic and offshore entities of Tiger, Futu, and Longbridge due to their illegal cross-border business operations that violated laws and regulations. The State Council has approved a joint plan by eight departments establishing a two-year concentrated rectification period to clean up illegal existing business. Investors' legitimate rights and interests will not be affected, and they can still conduct overseas investments through legitimate channels such as Stock Connect and QDII.

Reports indicate that Anthropic’s valuation could surpass $900 billion, overtaking OpenAI, with a financing round exceeding $300 billion expected to close as early as next week. Sequoia Capital, Dragoneer Investment Group, Altimeter Capital, and Greenoaks Capital Partners are expected to co-lead the round, with each party planning an investment size of approximately $2 billion. Existing investors, including Peter Thiel's Founders Fund and General Catalyst, also plan to participate.

SpaceX successfully launched Starship, marking a critical test for Musk's IPO empire. Attracting $1.3 billion in a single month, the anticipated SpaceX listing ignited Wall Street as U.S. space-themed ETFs are being aggressively bought up. Expectations for the SpaceX IPO have triggered a space investment boom; over the past month, U.S. space-themed ETFs pulled in $1.3 billion, driving total assets under management up to $33 billion, with six new products launching in rapid succession. Concept stocks like Rocket Lab surged ahead of time, but with fund holding overlaps exceeding 50%, analysts warn of homogenization and valuation overheating risks behind chasing the SpaceX narrative.

Microsoft revoked its internal authorization for Claude Code due to excessively high token billing costs. Despite having heavily invested in OpenAI and providing cloud resources to Anthropic, Microsoft chose to "cut ties" when faced with the actual pay-as-you-go invoices. This move stems from AI usage costs significantly exceeding expectations, as well as Claude Code internally cannibalizing the market share of Microsoft's own GitHub Copilot.

The chart below lists the ten most actively traded stocks in the market last Friday. Bolstered by massive trading volume and exceptional liquidity, these assets have become key benchmarks for tracking global market dynamics.