Summary

• The S&P 500 closed Friday at 7,473.47, up 0.37% on the day and 0.9% for the week, notching its eighth straight winning week.
• The VIX closed at 16.78, below 17 and consistent with an orderly tape. Gold slipped 0.76% to $4,508 as the safe-haven bid faded with the Iran headlines.
• The SpaceX IPO will be the largest in history and is priced in less than three weeks.
• Hot-market IPOs decline 4% to 8% by day one’s closing print. By week one, prices have faded 8% to 18% from the peak.
• The hype is enormous, the index distortion is real, and the post-IPO fade is one of the most consistent patterns in market history.

Market Brief – Warsh Takes The Helm

The week opened on the back foot and ended at a record high. The S&P 500 closed Friday at 7,473.47, up 0.37% on the day and 0.9% for the week, notching

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