Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Wednesday, June 3rd, and I'm your host, Kim Kahn. Our top story so far, SpaceX plans to price its IPO and $135 a share, raising about $75 billion, according to multiple reports.

The offering would value the company at roughly $1.75 trillion, making it the largest IPO on record.

Elon Musk will reportedly be subject to a 366-day lock-up period following the offering,

preventing him from selling SpaceX shares during that time.

SpaceX is expected to list on the NASDAQ under the ticker-sible SPCX,

with trading expected to begin as early as June 12th.

Goldman Sachs, Morgan, Stanley, B of A, Citigroup, and J.P. Morgan are serving as joint bookrunners.

In today's trading, President Trump's statements on the Iran conflict aren't having the market

impact they once did. On the Pod Force One podcast released before the open, Trump said Iran had

agreed to forego a nuclear weapon, a key sticky point in recent negotiations. He also said the

situation remained fluid. Stocks initially moved higher and treasury yields move lower following the

comments, but most of those moves were quickly retraced.

S&P 500 futures failed to hold gains, while prediction markets showed little change in the odds of a reopening of the straight-or-form moves.

Markets did react to the May ADP jobs report, however, with futures moving lower and yields moving higher.

ADP said the economy added 122,000 private sector jobs last

month, the strongest reading since March 2025. Pantheon macros said official payrolls have

recently tended to come in above the ADP report, but argued the latest jump is not consistent

with other labor market indicators. Among active stocks, GameStop, which is still pursuing eBay, is rallying

after reporting 14% Q1 revenue growth and delivering the highest first quarter net income

and operating income in company history. Private credit names KKR, Ares Management, and Blackstone

are among the biggest S&P decliners, after a report that Cliffwater Corporate Lending Fund

...