The S&P said Thursday that it's not changing its rules to fast-track mega-cap IPOs onto its marquee stock index, the S&P 500.
Why it matters: S&P's decision doesn't mention SpaceX, but it means that Elon Musk's company — as well as Anthropic and OpenAI, if they go public as expected — won't be making it into the index for at least a year.
And it's a surprise, coming after other major indexes drew fire for changing their rules to more quickly accommodate Elon Musk's company.
The 1970s oil-shock playbook needs an update: The inflation costs remain, but the employment risks appear far smaller than they did 50 years ago.
Why it matters: As the Iran war continues, there are early signs of renewed strength in the labor market.
If energy disruptions pose less of a risk to jobs, the challenge for central banks shifts from managing stagflation risks to guarding against renewed price pressures.
With a steady labor market and still-high inflation, two Federal Reserve officials are on the record this week noting that the next rate move might be up, not down.
What they're saying: In a speech Wednesday in El Paso, Dallas Fed president Lorie Logan said that consumer spending remains robust, corporate earnings are "going gangbusters" and the AI investment was continuing to boom.
BenchmarkCapital has effectively closed two new funds: $750 million for its 12th flagship early-stage strategy, and $1.25b for its first growth fund.
Why it matters: Both funds are major departures from historical precedent for Benchmark, which has long been considered one of Silicon Valley's most successful VC firms.
Anne Neuberger, the former U.S. deputy national security advisor for cyber and emerging technologies, has joined Andreessen Horowitz as a fulltime partner and the firm's first head of global affairs, Axios has learned exclusively.
Why it matters: This reflects the growing interconnectivity of tech and geopolitics, particularly as sectors like defense-tech become key to venture portfolios.
California is losing people from suburbs year after year, revealing a deeper demographic shift reshaping America's most populous state.
Why it matters: If California's commuter engines keep shrinking, the state risks losing the diverse workforce that powers its economy — while shifting political clout to the states where those families relocate.
Americans are letting it ride, with a record share of their wealth in the stock market.
Why it matters: It means that the AI-driven rally is enriching Americans more than usual and exposing them to potentially painful losses from a reversal.
